The Kankakee School District 111 Finance Committee discussed the school district's participation in the Kankakee River Valley Enterprise Zone Jan. 28 at the Lincoln Cultural Center.
The district currently participates in the enterprise zone, which is currently scheduled to expire in July 2017, pending approval of a renewal application that was submitted in September.
Michael Van Mill explained the mechanics of the enterprise zone, which provides five years of tax relief for improvement projects carried out by businesses and other organizations located in the district. In the first year, businesses receive 100 percent tax abatement on the value of the improvements followed by 20 percent less abatement each year for five years.
Committee member John Coghlan discussed the pros and cons with Van Mill who said he would request an estimate from the assessor about how much the district stood to gain by continuing to participate.
The committee also motioned to continue its health insurance consulting relationship with CIBC for $24,000 per year and discussed declaring Aroma Park Primary School surplus property in order to give the school board authority to seek bids for an eventual sale.
Karen Johnston and Genevra Walters were absent.
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