By JIM NEWTON
Saying that the city is “still reeling” from the loss of jobs and tax revenue following the closure of the Zion nuclear power plant, state Sen. Melinda Bush announced Thursday that Zion has been approved as a state enterprise zone.
The designation provides potential financial incentives for companies and organizations seeking to develop or create new jobs in the enterprise zone, including property tax reductions, sales tax exemptions on qualifying building materials, investment tax credits and utility tax exemptions.
By the lakefront, meanwhile, officials said that ZionSolutions, which is part of Utah-based EnergySolutions, has almost completed its cleanup of the former plant site, but that there are still casks of spent nuclear rods on the site.
Knabel said the plan is to revert the property to agricultural designation once cleanup is complete. The 267 lakefront acres will remain under the ownership of Exelon.
Zion’s new enterprise zone officially goes into effect Jan. 1. Once designated, an enterprise zone maintains its status for 15 years. The Enterprise Zone Board will review the zone after 13 years to determine if a possible 10-year extension of the designation should be considered.
Read more at ’Still reeling’ from shuttered nuclear site, Zion receives enterprise zone status for state redevelopment incentives