Rockton, Illinois, officials look into acquiring former Sonoco paperboard mill in Rockton, Illinois, hopes to sell site for commercial development
October 13, 2011
– Rockton Village officials met with Sonoco Products Co. leaders in efforts to buy the former Rockton, Illinois, paperboard mill, reported the Rockford Register Star on Oct. 10.
Village President Dale Adams said owning the property would be only for middleman purposes and would look to sell the site for commercial development, not industrial or residential.
The village hoped to acquire the site for free yet Sonoco feels the property is worth US$500,000, though the company was still paying property taxes, security, gas and electric.
Sonoco plans to hire an appraiser to assess the property’s value. Adams said the results would be ready within a month.
If acquired, Adams said the ideal situation would be for the site to house a small hotel or restaurant. The village may create a tax increment finance district around the area to help find a buyer.
Sonoco officials will delay the bidding for 60 days to allow the Village Board time to assess whether it will purchase the site.
The Sonoco paper mill was closed in 2008 and later caught fire in 2009, causing major damage. It is unsure whether the building is up to environmental standards, the Rockford Register Star reported.
The primary source of this article is the Rockford Register Star, Rockford, Illinois, on Oct. 10, 2011.