Will County will soon begin receiving the full tax benefit from industrial developments in Shanahan as the tax abatement and rebate agreements that helped fund infrastructure improvements approach their completion dates, village officials told the county Finance Committee on Thursday.

Tom Durkin, Shanahan village administrator, presented an update on two major development projects that the county board had supported through tax incentive agreements in 2015 and 2017.

“We’re happy to announce that next year… the second building, which houses IMC Trucking, will be satisfied this year. The final building constructed, which houses Michelin Tire, will come on board next year,” Durkin explained regarding the 2015 agreement.

The county, along with other taxing bodies, unanimously approved the agreements to support infrastructure improvements necessary for developing the Shanahan Corporate Center and Crossroads 55 Business Park.

The 2015 agreement helped fund $4.2 million in public improvements to the I-55 and Bluff Road interchange and extended water mains to the 118-acre Shanahan Corporate Center. That development now houses three buildings occupied by Michelin Tire, an Amazon sortation facility, and IMC Trucking, with a total equalized assessed value of $14.2 million.

In 2017, a similar agreement supported the 300-acre Crossroads 55 Business Park, funding $10.5 million in public improvements including the reconstruction of Bradley Street, Amoco Road, and the construction of Exchange Boulevard.

That development now contains three additional buildings occupied by an Amazon fulfillment center, Scotts lawn care products, and Cardinal Health, with a current total equalized assessed value of $37.2 million.

Two buildings from the Crossroads 55 development (Cardinal Health and Amazon) will complete their abatement agreements this year, with the Scotts facility following next year.

“All said and done, when all buildings related to these two agreements have been satisfied, the county will realize a little over $282,000 annually in property taxes from these projects,” Durkin told the committee, noting that the undeveloped farmland would have generated only $800 to $1,000 annually in county taxes.

Shanahan Mayor Mike Schumacher and Finance Director Heather Wagenblot also attended the meeting to express their appreciation for the county’s partnership in the developments.

“I think the vision and the commitment of this board and all the other taxing bodies in utilizing this approach is a great example of regional cooperation and it should be emulated,” Durkin said.

The projects benefited the area by strengthening the non-residential tax base, creating jobs, spurring additional economic development, and supporting residential growth in the community, according to village officials.

The committee received the report as informational, with no action required on the completed agreements.