Princeville likely to assist new business
By NICK VLAHOS
For The Weekly Post
PRINCEVILLE – The new owners of the old Alcoa Building Products plant in Princeville probably will receive long-term village financial assistance for property improvements.
When it meets June 17, the Princeville Village Board is likely to consider an official agreement with West Jersey Express, according to Village President Jeff Troutman. The board’s Tax Increment Financing Committee discussed an agreement when it met June 2, immediately before the full board convened.
According to Troutman, West Jersey Express probably will be eligible to receive 70% of the increase in property-tax revenue generated in TIF 4, the district in which the plant is located. The funds would reimburse some West Jersey Express expenses.
“There are certain things they do that are not TIF eligible,” Troutman said following the meeting. “It’s so much per year, based off their receipts.”
The reimbursements would be spread over the 15-acre Alcoa property last September. Alcoa closed the plant, at 917 N. Santa Fe Ave., in 2001.
During a TIF Committee meeting in March, West Jersey Express officials submitted an application saying they plan to spend up to $5.2 million to renovate their new property.
Troutman said the company plans to have the work completed in about a year. Some work that is obvious from outside the facility, including demolition of silos, already has taken place.
During a regular meeting last week, board members approved two Residential Rehabilitation Program reimbursements – $2,500 for a roof at 1118 E. Woertz Rd. and $1,697.27 for nine new windows at 108 W. Shawn St.
Also approved was local implementation of a 1% grocery sales tax after that identical state levy expires Jan. 1. Princeville receives limited funds from the current state tax, according to Troutman, because it doesn’t have a supermarket.
“It’s not as big as Peoria and all those places are going to be,” Troutman said. “It’s not a new tax. That’s the biggest thing we have to stress to everybody. It’s just continuing what was there. … We discussed it over a year ago, and the idea was (approval) just so we don’t lose out on any revenue.”
Municipalities have until Oct. 1 to notify the state if they’re retaining the tax.
The board authorized a $1,000 donation to the annual St. Jude Princeville to Peoria Run, a fundraiser scheduled for Aug. 2.
The village issued a building permit for construction of two 6-by-9-foot flat decks in a back yard at 437 N. Walnut Ave.
