McLean County, Mitsubishi agree to automaker property value

NORMAL, Ill. (AP) — McLean County and Mitsubishi Motors North America have agreed on a value of the automaker’s facilities in Normal for tax reasons. A final agreement is pending, but Mitsubishi’s plant will be valued at $5.9 million for two years and its warehouse at $1.1 million for three years. That’s according to stipulations filed with the county on Wednesday. Mitsubishi ended production in November in Normal and the facility will shut down in May. The company had asked the county for reduced assessed values on its properties. The (Bloomington) Pantagraph reports that taxing bodies could lose about $195,000 a year.