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Mitsubishi plant sold under value

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NORMAL — 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 plant was bought for $2.5 million last month by Maynards Industries, a company that buys commercial properties to resell them. It closed on the 2.5-million-square-foot plant June 1.

Maynards handles about 100 plant auctions and liquidations per year, Maynards Industries USA Division President Taso Sofikitis said earlier this month.

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 said the sale price could mean less money for local schools and other taxing bodies.

Mitsubishi closed the plant late last year.

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