Among counties in North Central Illinois, Bureau County has much to offer both commercial and industrial businesses. Offerings include tax incentives, complex utility infrastructure, easy access to Interstate 80 and the Illinois River, and much more.
Bureau County Economic Development Partners understand the need for financial consideration and assistance in business and industrial creation and relocation. Various local, state , & federal incentive programs are available that aid with financing, tax credits, workforce training, and technology.
The Bureau/Putnam Area Enterprise Zone was established in July of 1987 and recently qualified for an extension until 2017. The purpose of the Zone is to help stimulate the location and expansion of business to provide jobs and revenue for the Bureau/Putnam area. View the map linked below to see specific Spring Valley properties within the Zone boundaries. These boundaries may be expanded based on specific commercial or industrial projects.
Present incentives of the Zone include:
-
a near 100 percent, 10 year property tax abatement on industrial/commercial real property improvements,
a 6 to 6 1/4% local and state sales tax deduction on locally purchased building materials,
a "zone project only" 0.5 % investment tax credit on qualified property/equipment investments,
- a $500 job tax credit for "economically disadvantaged" new hires (minimum 5 hires).
In addition, the Zone Administrator may assist you with other resources and programs tailored to the needs of your project:
Many sites in Bureau County are included in Tax Increment Financing ( TIF) Districts. The real estate tax increment of the properties within the district can be used as a source of revenue to reimburse certain costs for public and private projects either by issuing TIF bonds or by reimbursing developers on a "pay-as-you-go" basis. All of the other taxing bodies continue to receive real estate tax revenue from the base assessed valuation, so there is no loss of revenue to those local taxing bodies. The maximum life of a TIF District is 23 years; therefore the life of Spring Valley’s district benefits extends until 2029. Many prime properties available for development in Spring Valley are located within the district boundaries.
TIF can be used to fund a variety of public improvements and other investments that are essential to a successful redevelopment program, including:
- Area-wide public infrastructure improvements such as road and sidewalk repairs, utility upgrades, water and sewer projects. Acquisition, clearance and other land assembly and site preparation activities. Rehabilitation of older, deteriorating or obsolescent buildings. Correction or mitigation of environmental problems and concerns. Job training, workforce readiness and other related educational programs.
- Incentives to retain or attract private development
Other incentives include revolving loan funds, sales tax abatements, and various state programs. Contact a BCED partner to find out which programs may be used with your project.
