KANKAKEE COUNTY, IL – An undisclosed Chinese battery manufacturer is considering a monumental investment of up to $2 billion in the region.
The tantalizing project, dubbed “Project Unity,” aims to establish a cutting-edge 10-gigawatt pack and 20-gigawatt lithium-ion battery cell production facility tailored for the booming electric vehicle market.
A special assembly of the Kankakee County Board convened on Wednesday to deliberate a proposed tax incentive program that could entice the international behemoth to set up shop in the area, specifically within the former K-Mart Warehouse in Manteno.
Tim Nugent, the dynamic Executive Director and CEO of the Economic Alliance of Kankakee County, shared insights about the ambitious undertaking. “Project Unity” could potentially introduce an infusion of capital and job opportunities into the community. “What they intend to do, if the project in Manteno was selected, is that they intend to invest over $2 billion dollars at this facility and create up to 2600 jobs over two phases,” Nugent explained.
The compensation package attached to these jobs promises an average wage of approximately $55,000, translating to a payroll windfall of around $144 million annually.
While the enigmatic Chinese company has chosen to maintain its cloak of secrecy, they’ve alluded to their presence in China. A critical requirement for their relocation plans hinges on securing substantial tax incentives, without which they’re unlikely to proceed.
A proposal crafted by the Economic Alliance suggests that property taxes stemming from the company’s operations could experience a drastic upswing – possibly more than doubling their current value – while remaining capped for a span of thirty years. At present, the location contributes around $1 million in annual tax revenue to local governmental bodies. The proposed cap, however, will trigger only when tax revenue reaches the $2 million mark. The county board, the last entity to authorize the agreement, has now given its nod.
As anticipation mounts, Nugent remains optimistic about the company’s response to their proposal. The decision could be a turning point for Kankakee County’s economy, catapulting it into the forefront of the EV revolution.
Clues surrounding the mysterious company’s identity are scarce, yet one, Ganfeng Lithium, emerges as a possible contender. The China-based firm is a crucial supplier to industry leader Tesla, contributes 40% of all batteries powering the iconic electric vehicles. Should the plans materialize, a US-based facility would offer Tesla a streamlined supply chain, enhancing efficiency in battery delivery to their assembly plants.
For now, the County awaits the outcome of this cryptic venture promises not only economic advancement but also the prospect of an electrifying partnership that could shape the future of clean transportation.