Note to readers: This story has been corrected to reflect that businesses, not taxpayers, might receive a tax abatement if District 427 joins an enterprise zone.
SYCAMORE – Incoming Sycamore businesses may have a 90 percent abatement to look forward to in two years if the Sycamore School District 427 Board passes an enterprise zone resolution.
The board will discuss joining an enterprise zone with the city and DeKalb County during its meeting at 7 p.m. Tuesday at the district Administration Building, 245 W. Exchange St.
An enterprise zone is a geographic area where reduced taxes and regulations could encourage businesses to build commercial or industrial space, said Nicole Stuckert, chief financial officer and chief school business official for District 427. With the district being a large portion of the tax bill, she said, businesses would get a 90 percent abatement in the second year, 80 percent into the third year and so on during the five years of the enterprise zone.
“We’re always looking at ways to attract businesses and bring new workers into the city,” Stuckert said.
Stuckert said District 427 was approached about the idea two years ago when DeKalb County first entered the enterprise zone. Back then, she said, the board didn’t feel as if it was in the best interest of the district to take part in it because the district would’ve received less money through the state of Illinois when funds were dwindling at the state level as is.
“Now that has gone away and is no longer around, the city has asked that we reconsider joining that enterprise zone,” Stuckert said.
Superintendent Kathy Countryman said this will be the first reading of the proposed resolution, but talks on the matter have happened over several previous meetings. She said there could be more discussion still or it could pass Tuesday.
“We’ll see how the board chooses to move forward with that,” Countryman said.