Amsterdam-headquartered Akzo Nobel has asked for five-year tax abatement for the expansion project of its chemical plant located on Tabler Rd. in Grundy County, IL. The project has the potential to bring as much as $138.7 million in investment to the county and other taxing districts.
During its meeting on Sept. 3, the Grundy County Tax Committee gave its approval to the plant expansion project, which will be discussed in full at the County Board meeting on Sept. 9. “They would like to make this plant the flagship plant and they would like to invest here to go another 30, 40 years,” said tax committee chairman Chris Balkema, reports Morrisdailyherald.com.
On approval the project has the potential to generate tax revenue of between $1.8 million and $3 million ― more than double that which the taxing body currently receives from the plant.
According to information from the Grundy Economic Development Council, the firm will retain its current workforce for the expanded plant, but it will likely create a number of local construction jobs during its modernization years.
The expansion and modernization will be done in three to four phases and are expected to be completed in approximately three years.
GEDC chief executive officer Nancy Norton Ammer stated that the firm’s interest in expanding the Morris facility comes from the wish to be more competitive with other firms nationally.
The Akzo Noble Chemical plant was originally built in early 1970s, according to information from the GEDC.