Scott CU Headquarters Project Gets $800,000 Tax Abatement Boost
EDWARDSVILLE, Ill. – City officials voted to expand the local enterprise zone to include a proposed headquarters for Scott CU, which would save the $600 million credit union as much as $800,000 in property taxes over 10 years.
But the enterprise zone would divert 100% of the property tax increase for the first seven years and some will be abated for the following three years, a total of more than $800,000, part of the inducement for the credit union’s $10 million project.
The new three-story building could house as many as 120 employees, and the 13-plus-acre site would allow future construction.
Scott, chartered in 1943 at Scott Air Force Base, is currently headquartered in nearby Collinsville.