PEORIA COUNTY, Ill. – The home base of a Bartonville manufacturing company could be moving to central Illinois.
Liberty Steel and Wire is asking Peoria County for a loan totaling at around $2.6 million. The funding would be used to add jobs at the facility, as well as capital improvements.
Peoria County Administrator Scott Sorrell tells WMBD’s “The Phil Luciano Show” that Liberty is also seeking a state tax credit that would last around 15 years.
“It’s probably going to be in the neighborhood of $45 million, those are payroll taxes that Liberty will not have to pay. And then they’ll take those dollars and invest them back into the plant,” Sorrell said.
Sorrell says there would be some conditions of the state tax credit, if approved. He says Liberty would need to have a minimum of 700 jobs, higher than the current 500-600 estimated at the facility. Sorrell says Liberty would also have to make $40 million in capital improvements, and move its headquarters from Dallas to within Illinois.
Sorrell says the company is planning to do so with a move to the Peoria-area, which he says could bring “high net” jobs to the area.
“That means they’re going to be able to contribute to our economy, they’re going to contribute to all the social service charities that central Illinois and Peoria is very well known for,” Sorrell said. “We pick up a small dedicated number of folks that will be active and engaged in our community, and that’s a good thing.”
Sorrel says the Peoria County loan will be taken up for a vote by the county board on August 14th.
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