Lake Land board to discuss tax levy

2012-12-09T20:58:00Z 2012-12-09T20:58:06Z Lake Land board to discuss tax levy
December 09, 2012 8:58 pm

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.

Copyright 2015 All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

No Comments Posted.

Add Comment
You must Login to comment.

Click here to get an account it's free and quick

Activate subscription button gif

The JG-TC weekly roundup gives you the highlights of the week.

Get the latest offers and updates from local businesses in this weekly email.

Be among the first to know about special offers from businesses near where you live and work!

Get the latest local headlines from JG-TC. See an example

Don't miss a chance to win big! Get our periodic contest updates to stay in the know.

Receive the current days obituaries in your email!

Speak up


Will you follow, participate, assist with or be a spectator at IHSA state track meets in Charleston over the next two weeks?

View Results

Deals, Offers & Events

More Offers

Follow the JG-TC

Featured Businesses

More Businesses