MATTOON (JG-TC) — The Lake Land College Board of Trustees will meet today to approve the 2012 tax levy request at $9.4 million to be collected in 2013. The trustees will meet at 6 p.m. today in Webb Hall.
Lake Land’s 2011 levy rate was about 50 cents per $100 equalized assessed value (EAV), according to the school records.
“We will not know the actual 2012 rate until late spring when EAV’s are finally determined by the 15 individual counties in the Lake Land College district,” according to a memo from Ray Rieck, vice president for business services.
For the individual taxpayer, the school’s tax is about 5 percent of the total bill, the memo says.
Also during tonight’s meeting the trustees will host a public hearing regarding the school’s intent to pay off the short-term $5.4 million note incurred while renovating campus’s Webb Hall by selling bonds.
During the November trustees meeting Rieck, said the bond agency suggests the college moves quickly to release the funding because rates are currently low.
The bond rate should be around 2 percent, Rieck said.
Legally, the bonds cannot be released until the public hearing takes place.
The project on the 40-year-old building was completed with anticipated energy savings, and those numbers will be available within the year, Rieck noted.
The board also intends to take action on three real estate issues including property in the Mattoon and Effingham, according to the meeting’s agenda. The third property will be for the use by the Center for Business and Industry.
The board is set to take action after entering into executive session to discuss the properties.