Local Incentives Available for Your Business
Confidential and Professional Incentive Negotiations
Cost-saving Benefits giving you a Competitive Edge!
Community Leaders in North Central Illinois are committed to providing cost-saving incentives for financially-strong businesses that both expand the tax base of the area economy and create more jobs. Combining federal, state, utility and local programs, cost-saving incentives are available from local communities and counties in North Central Illinois. Incentive packages are company, project, and location-specific and MAY include property tax abatements, sales tax refunds, enterprise zone benefits, Foreign Trade Zone savings, tax-increment financing, employee-training dollars, low-cost financing programs, infrastructure improvements, and utility cost reductions.
Special Consideration is given to firms that:
- Provide new jobs to North Central Illinois
- Provide above-average wages and full benefits to employees
- Provide additional tax revenue to the Community, County and Schools
- Provide significant enhancement to the Community
Programs are available to Expanding Firms desiring to establish a location in North Central Illinois, and existing regional companies with expansion and capital investment needs. Businesses are encouraged to apply BEFORE signing any contracts and BEFORE beginning construction. Many incentive programs have a "BUT FOR CLAUSE" that must be met. This means "the Project cannot be done BUT FOR the assistance of this incentive program."
Prior to confidential incentive negotiations, the Following minimum Details are Required in Writing on Company Letterhead:
- Name and Contact Details of Company
- Project Details, including Specific Location and TIming
- Capital Investment in Land and Building
- Capital Investment in Equipment
- New Jobs to be Created
- Average Wages and Benefits of New Jobs
- Any Project Financial Gap compared to Competition?
- Any specific Infrastructure Improvements required?
Once construction has begun, or a land purchase has been made, it is probably too late to apply for most Incentive Programs. Discuss plans with the local economic development and planning officials Early in the Process. Let the North Central Illinois Economic Development Corporation assist you. We will make certain you are fully aware of available programs for your specific project, and will coordinate the Incentive Negotiation meetings with all state, regional, county and local officials. Public meetings and public votes are required in order to receive approval for any government-funded incentive programs. Call 815-224-0645.