Richland agrees with Exelon on assessed value for Clinton Power Station

DECATUR, Jan 16, 2008 (Herald & Review - McClatchy-Tribune Information Services via COMTEX) -- EXC | news | PowerRating | PR Charts -- An agreement has been reached between the taxing bodies in DeWitt County and Exelon Corp., which owns the Clinton Power Station.

The Richland Community College Board of Trustees approved the agreement Tuesday, which sets an equalized assessed valuation for the plant until 2010. The agreement states that neither the taxing bodies nor Exelon will appeal the assessment.

Greg Florian, vice president of finance, said that, in the past, the plant accounted for as much as 25 percent of the college's tax revenue but recently has contributed only about 8 percent, though it remains the single largest taxable unit.

"We'll start to see some (revenue) growth," he said.

The agreement also allows for increased assessment with new construction, he said, and the plant is building a new office complex that could add as much as $5 million to its value.

In other business, the board approved the issue of funding bonds in the amount of $2.6 million. The funds will pay for projects at the college, including the costs of the joint-use facility with University of Illinois Extension, culinary arts institute and computer hardware and software.

David Pistorius of First Midstate Inc. told the board that the interest rate on the bonds will be 4.4157 percent. The original rates, he said, were between 5.5 and 5.75 percent, so the lower interest rate represents a savings of $220,000 for the college. Because the college's previous bonds were paid off in November, the new bonds will not raise the tax rate.

Terry Robinson, dean of continuing and professional education, gave a presentation on the new Workforce Readiness program, which will begin Feb. 4. The first offering will be in conjunction with Archer Daniels Midland Co. and will include a mentor for each student in the program.

Workforce Readiness helps the college directly respond to employers' needs, he said. Employers struggle to fill entry-level positions with baby boomers retiring in large numbers. New employees are needed, but many applicants lack basic work skills.

"Schools don't have the same career preparation they used to have," he said, citing soft skills such as a work ethic, being on time, not arguing with the boss and the ability to take orders. The work force readiness program will address those needs and specific employers' needs, with small classes to allow instructors one-on-one time with students.

Valerie Wells can be reached at vwells@herald-review.com or 421-7982.

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