LAWSUITS NEWS & LEGAL INFORMATION
Tax Negotiations
Chicago, IL: (Mar-20-08) Will County and 10 local taxing bodies brought a lawsuit against Exelon, over a tax dispute. After a yearlong legal wrangle, the parties reached a settlement agreement, which calls for a $370 million assessment on Exelon's Braidwood Generating Station for the year 2007. That is a $150 million increase over the prior expired agreement. Additionally, there will be a $20 million increase each year after 2007, bringing the 2011 equalized assessed valuation to $450 million.
The deal stipulated a limit of the total aggregate tax extension over the life of the agreement to $103,215,260. In a statement, Will County Executive Larry Walsh stated that the agreement, which encompasses five years from 2007-2011, not only allowed for cash grants to the taxing bodies, but will promote fiscal stability for all the districts.
Apart from real property taxes, Exelon also agreed to provide a total of $7.5 million in cash grants to the taxing bodies involved. The cash grants are designated to be payable in two equal installments and includes $4.976 million to the Reed-Custer School District 255, who distinguishes Exelon as 80% of their levy. [THE HERALD NEWS: EXELON, COUNTY REACH TAX AGREEMENT]
Published on Mar-22-08
The deal stipulated a limit of the total aggregate tax extension over the life of the agreement to $103,215,260. In a statement, Will County Executive Larry Walsh stated that the agreement, which encompasses five years from 2007-2011, not only allowed for cash grants to the taxing bodies, but will promote fiscal stability for all the districts.
Apart from real property taxes, Exelon also agreed to provide a total of $7.5 million in cash grants to the taxing bodies involved. The cash grants are designated to be payable in two equal installments and includes $4.976 million to the Reed-Custer School District 255, who distinguishes Exelon as 80% of their levy. [
Legal Help
If you have a similar problem and would like to be contacted by a lawyer at no cost or obligation, please click the link below.Published on Mar-22-08
