The various local communities who partner with Redco will often participate in providing incentives for prospective businesses and employers. Some of these incentives include:
1. Extension of water and sewer lines at no cost or at reduced cost.
2. Waiver of water and sewer tap-on fees.
3. Waiver of building permit costs.
4. Extension of access roads at no cost or at reduced cost.
REDCO will work with the Illinois Department of Commerce and Economic Opportunity to secure a fully competitive incentive package from the state following the tentative selection of a site and subject to establishment of minimum employment targets. The incentives that are available for projects of this type include:
1. Site Improvements through the Large Business Development Program (LBDP)
2. Training Assistance through the Illinois Employer Training Investment Program (ETIP)
3. Tax Credits through the Economic Development for a Growing Economy Program (EDGE)
4. Community Development Assistance Program (CDAP) grants to a governmental entity to loan to the company for equipment and machinery purchases.
5. Transportation Improvements through the Illinois Department of Transportation (IDOT)
Enterprise Zone Incentives
Some of the sites proposed by REDCO lie within the Williamson County Enterprise Zone and others can be placed within the enterprise zone area with little difficulty (assuming the necessary employment conditions are met). Such placement could provide significant benefits as follows:
1. Enterprise Zone Investment Tax Credit of 0.5% is allowed for qualified property including machinery, equipment and buildings. The credit may be carried forward up to 5 years.
2. Enterprise Zone Jobs Tax Credit allows a business a $500 credit on Illinois income taxes for each job created in the zone for which a certified dislocated worker or economically disadvantaged individual is hired. The credit may be carried forward up to 5 years.
3. A Sales Tax Exemption of 6.25% is permitted on building materials used in the zone.
4. A Utility Tax Exemption of 5.1% on utilities and 7% on telecommunications is also available to qualified applicants.
Visit the weblink to the Illinois Department of Commerce and Economic Opportunity.
Need help finding a grant? Visit DCEO’s grant page.