Zion power station: equalized assessed value to drop by $3,211,630

The Lake County Board issued its final report from the June 9th meeting.  Along with numerous construction,  maintenance and engineering agreements was item # 35 15-0631, the resolution for lowering the assessed value of the Zion Power Station.  Obviously, this will have a huge impact on the schools, pensions and municipalities that include these property taxes in their annual budgets.excelon

Synopsis:

The Lake County Board of Review and the Lake County Board have passed a resolution authorizing execution of the Zion Power Station Agreement with Exelon Generation Company, LLC (“Exelon”).

Exelon is currently undergoing comprehensive decommissioning of the Zion Nuclear Power Station, referred to as the “Station Parcel”.  The Station Parcel has been a subject of controversy and future litigation.  Electricity is no longer being generated and, as a result, the site has suffered and continues to suffer significant and continuing erosion of value.

An agreement to ameliorate the impact of the increasingly diminished value of the site has been reached by the parties whereby the equalized assessed value will continue to decrease through 2019, as will the annual property tax payments.  Each impacted taxing jurisdiction will need to approve this agreement.  After execution, the agreement is required to be submitted, reviewed and approved by the Nineteenth Judicial Circuit before the agreement can become effective.

Here is the equalized assessed value schedule Exelon is requesting:

Tax Year/Equalized Assessed Valuation

2014        $8,145,046

2015        $7,502,020

2016        $6,860,394

2017        $6,218,068

2018        $5,575,742

2019        $4,933,416

The full agenda:  https://lakecounty.legistar.com/View.ashx?M=A&ID=383970&GUID=8E2EE82E-6B2C-406F-A71B-B1ADD10C83C1

The Exelon agreement: https://lakecounty.legistar.com/View.ashx?M=F&ID=3766217&GUID=9F876753-95F4-4D6D-A8F6-40333AA8C605