TREMONT Ill -- Thursday afternoon, Superintendent of Tremont School District 702, Jeff Hinman was pleased to hear the news that Tazewell County was chosen to receive an investment of $25 million from the Agricultural company, Monsanto.
"From corporations to housing, these are the things we need to see, in order to stimulate some of these local dollars that we can tap into," said District 702 Superintendent, Jeff Hinman, who has worked closely with the county board over the past few months.
Monsanto agreed Wednesday night to the Tazewell County Board's plan, which will have the agricultural company spend $20 million to expand Precision Planting right outside of Tremont and $5 million to build a logistics and manufacturing facility in Morton.
Board officials said the agreement was possible thanks, in part, to District 702's sacrifice.
"The Tremont School District agreed to abate their taxes for five years," said Tazewell County Board Chairman, David Zimmerman. "With a $20 million investment, the property tax revenue that you could take off of something like that would be pretty considerable, so they've agreed to forego that revenue for five years."
The county will also be giving up about $17,000 to 70,000 in tax revenue during the five-year property tax abatement, and the Village of Morton agreed to a 95% tax abatement on their new warehouse facility.
Village officials are hoping it will pay off big in the long-run.
"We have places here in town for people to build homes and there are houses for sale here," said Tremont Mayor, Todd Bong. "Hopefully some of these new jobs will entice people to build here in town."
Monsanto representatives are unsure when construction will begin on the new facilities.
The project is expected to create at least 33 jobs in the county.