The Heartland, Ill., board of trustees approved a five-year property tax break package to assist Bridgestone Americas' expansion efforts at its Bloomington, Ill., OTR tire plant.
Bridgestone Americas, according to local media, was seeking an estimated $353,000 in property tax breaks from nine taxing bodies – Heartland among them – over a five-year period. Bridgestone plans a $20 million expansion that will add 42 new jobs at the plant.
The tax abatement proposal will cost Heartland an estimated $4,300 in tax revenue each year, or about $20,000 for the entire five-year agreement.
Three other taxing bodies have already approved the tax abatement measure, and all nine taxing bodies must sign off for it to become effective.