- Associated Press - Friday, June 24, 2016

NORMAL, Ill. (AP) - The central Illinois plant once owned by Mitsubishi Motors North America has sold for far less than the fair-market value that local taxing bodies had set for it.

The (Bloomington) Pantagraph reports (https://bit.ly/28SIlrf ), the plant was bought for $2.5 million last month by Maynards Industries, company that buys commercial properties to resell them.

Earlier this year Mitsubishi and local taxing bodies set the taxable value of the plant at $5.9 million, making the fair-market value of the building $17.75 million.

McLean County supervisor of assessments Bob Kahman says the sale price could mean less money for local schools and other bodies that rely on the plant for taxes.

Mitsubishi closed the plant late last year. It employed about 1,200 people.

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Information from: The Pantagraph, https://www.pantagraph.com

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