SOUTH BELOIT - The South Beloit City Council approved a sales tax abatement agreement with Mid-States Concrete Industries Monday, which was part of the incentives the city offered to the company so it would annex into the city limits.
The sales tax, or Retailer's Occupation Tax, abatement allows the company to keep 50 percent of the city's portion of sales tax on items the company sells. The agreement term is to last for 10 years. Mid-States Concrete at 500 S. Park Ave., agreed to annex into the city in July of 2017, bringing about 60 acres of property the company owns into the city. The company had operated for years in an unincorporated area which was surrounded by property that already had become part of the city.
The city also is working to form a Tax Increment Finance (TIF) district which will offer further incentives for Mid-States Concrete.