TREMONT Ill -- The Tazewell County Board will vote Wednesday to approve a tax abatement on a $20 million investment, which board members said will pay off in the long run.
Last April, Tazewell County and the Village of Tremont offered the agricultural company, Monsanto a 100% property tax abatement to expand the Precision Planting facility in Tremont.
The board will now vote to approve the five-year tax abatement.
Approval could mean 19 new jobs added at the Tremont facility, with above average pay for Tazewell County.
Currently the company employs 117 people.
The county may lose up to $70,000 in tax revenue over the five year period, but board members said the expanded facility will pay off.
"Once this facility is on there, from year five and on, we will be getting tax revenue based on a $20 million building versus a plain piece of farm ground," said Tazewell County Board Chairman, David Zimmerman.
Construction in Tremont is expected to be completed next April.
Monsanto is also investing about $5 million into a manufacturing facility in Morton.
The village of Morton agreed to a 95% tax abatement on the new building.
It is expected to be operational early November.