The Will County Board approved a tax incentive package for the Lion Electric Company tied to the building of an electric vehicle production facility in Joliet and the creation of about 1,400 jobs.
The deal reduces the county’s portion of property taxes on the future facility by half for the first five years of operation.
The board approved the deal during its meeting Thursday. Although the county’s Executive Committee recommended passage of the package last month, it was delayed before coming up for a vote to the full board until this month.
Will County Board Speaker Mimi Cowan, D-Naperville, said in June industries such as electric vehicle manufacturing are an integral part of the state’s push for more green energy jobs. She said that for such a deal on more manufacturing jobs to come to Will County is “stupendous.”
“This is a really big, big win for Will County,” she said.
Lion Electric is moving into a 906,000-square-foot building under construction at 3835 Youngs Road in the Clarius Business Park. The site is near the Joliet border with Channahon and is near a Whirlpool distribution facility in Joliet and two Amazon facilities in Channahon.
The estimated property taxes for the completed project will reach about $1 million a year, according to county documents. The county’s portion of the future property taxes from the facility will be about $63,000, so the abatement will be worth around $32,000 annually.
Lion Electric said it approached the city of Joliet, Troy School District 30C and the Minooka Community High School District 111 with the same incentive package.
The Canadian company announced its plans for the new facility to much fanfare in May when Gov. JB Pritzker, U.S. Rep. Bill Foster and other county and city officials gathered in Joliet. Pritzker said with the announcement the electric vehicle manufacturing industry in Illinois “is going to be one of the very best in all the nation.”
It is Lion Electric’s first plant in the U.S., where the company plans to expand its business.