Getting Down to Business

Bureau County Enterprise Zone

The Zone Administrator* can help provide a "tailored" assistance package, including:

TARGETED FINANCIAL ASSISTANCE
The State of Illinois offers a variety of loan financing with competitive interest rates (as low as 3%) to qualifying firms.

SITE SELECTION
Identifying suitable sites. Depending on the project, the Zone can be expanded to include a site if it's not within the current Zone.

EMPLOYEE SELECTION & TRAINING
Through a superb local training assistance agency and the local community college, a firm can be assisted in selecting and training employees at a substantially reduced cost to your firm.

SMALL BUSINESS ASSISTANCE
The Small Business Development Center at the local community college offers a wealth of information and technical assistance to small and medium sized firms. The Center has established a wide network of information to help you with your needs.

STAFFING NEEDS
Local placement services can assist businesses.

Enterprise Zone Incentives

What is the enterprise zone property tax abatement incentive?
The Bureau/Putnam Area Zone offers a nearly 100% property tax abatement for 10 years of commercial and industrial projects located in the zone on new construction or improvements to existing facilities. There is no property tax abatement on land.

Are taxes reduced on the current value of property?
No. The abatement applies only to taxes on the increase in assessed value attributable to the new construction, renovation, or rehabilitation.

Can my company us the enterprise zone multiple times for future expansion?
Yes. Expansion projects for qualifying employers are eligible but a new application must be completed for each project.

How much is the jobs tax credit?
An employer who conducts a trade or business in an enterprise zone is allowed a credit of $500 per eligible employee hired to work in a zone during the taxable year.

What properties are eligible for an enterprise zone investment tax credit?
Examples include buildings, structural components of buildings, elevators, material tanks, boilers, and major computer installations. Examples of non-qualifying property are land, inventories, small personal computers, trademarks, typewriters, and other small, non-depreciable or intangible assets.

* The Zone Administrator is the North Central Illinois Council of Governments located at 110 North Main Street, Princeton, IL 61356. Call 815-875-3396.

Tax Increment Financing (TIF)

Tax Incremental Financing (TIF) helps local governments attract private development and new businesses.
New businesses mean more jobs and customers, and, in turn, more private investment. In a TIF district, dollars for improvements are generated by businesses–new and old–attracted by the TIF benefits. Specifically, money for infrastructure improvements and other incentives comes from the growth in property tax revenues–the tax increment. A tax increment is the difference between the amount of property tax revenue generated before TIF district designation and the amount of property tax revenue generated after TIF designation.

Are TIFs widely used?
Yes. Tax Increment Financing Districts (TIFs) are used throughout the country in communities large and small, urban and rural. Forty-seven states currently utilize Tax Increment Financing as a catalyst for needed redevelopment projects. TIF helps Illinois stay competitive with neighboring states that intensively use TIF to bolster economic development and attract new businesses.

What towns have TIFs?
Bureau County towns presently with TIFs include Princeton, Spring Valley, Manlius, Ohio, and Dalzell.

What kinds of TIFs are there?
Central Business District, Shopping Mall/ Commercial, Industrial, Mixed Development/Non-Central Business District, and Housing

Location Means Everything

Bureau County is strategically located to serve the nation's market and is at the heart of the nation's transportation network including:

AIRPORTS
Illinois Valley Regional Airport in Peru is within minutes of the area. Mid-size airports in Bloomington/Normal, Peoria, and Rockford are within one hour of the area. O'Hare and Midway airports are only 1-1/2 hours away.

RAILROADS
Most local and major U.S. markets are served by rail including Union Pacific, Burlington Northern/Santa Fe, CSX, Iowa Interstate, Norfolk, Southern, and Amtrak.

MAJOR ROAD NETWORKS
Interstate 80 is the major U.S. East-West interstate transportation route
Interstate 180 links Interstate 80 to 4,500 acres of one of the top industrial sites in the nation.
Nearby Interstate 39 is the major North-South interstate transportation route.

THE ILLINOIS RIVER
The Illinois River is an important link in the Chicago to New Orleans river transportation network.

MAJOR NEARBY MARKETS
Chicago, the Quad-Cities, Rockford, Peoria, and within 4 hours of the St. Louis area market.

The TIF information courtesy of: http://www.illinois-tif.com/faqs.htm
For a source to see properties for sale in Bureau County: http://www.loopnet.com/