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Superintendent Doug O’Riley told the Galva School Board on Jan. 23 that if the wind turbines currently under construction are in operation on Jan. 1, 2013, assessed valuation for Galva School District will raise from $47 million to $68 million – nearly 50 percent.
The increase would bring the Galva district an additional $800,000 in tax revenue, but the State of Illinois would drop its state aid about $500,000.
These figures are based on 77 turbines in phase one of Invenergy’s construction. Galva School District should have an additional 23 turbines in phase two.
Galva School District has $30 million of assessed valuation tied up in the City of Galva’s TIF districts.
In other business Monday night, a public hearing was held before the board’s regular meeting, to discuss selling $540,000 in working cash bonds. No residents attended. The bonds will be sold.
O’Riley noted the board may need a referendum in the future to drop taxes in some funds and raise others.
Superintendent Doug O’Riley told the Galva School Board on Jan. 23 that if the wind turbines currently under construction are in operation on Jan. 1, 2013, assessed valuation for Galva School District will raise from $47 million to $68 million – nearly 50 percent.
The increase would bring the Galva district an additional $800,000 in tax revenue, but the State of Illinois would drop its state aid about $500,000.
These figures are based on 77 turbines in phase one of Invenergy’s construction. Galva School District should have an additional 23 turbines in phase two.
Galva School District has $30 million of assessed valuation tied up in the City of Galva’s TIF districts.
In other business Monday night, a public hearing was held before the board’s regular meeting, to discuss selling $540,000 in working cash bonds. No residents attended. The bonds will be sold.
O’Riley noted the board may need a referendum in the future to drop taxes in some funds and raise others.
