District 202’s property taxes from the planned Diageo warehouse and distribution center could increase by as much as $482,000 a year in the near term as part of an agreement with the Village of Plainfield.
The District 202 Board of Education at its October 22, 2018 regular meeting approved a 10-year intergovernmental agreement for the development known as “Project Jupiter.” The project is planned for farm land at Steiner Road and 143rd Street.
The agreement is tentative pending final land acquisition by the Village of Plainfield and completion of the project.
The project will generate significant local property tax revenues for District 202 without adding students or any student-related costs, like transportation.
Once completed, District 202’s share of property taxes from the site is expected to immediately rise from the current yield of $3,383.79 per year to $485,069 per year.
That amount could increase to as much as $970,000 per year or more depending on the land’s value after the agreement expires.