Galesburg Enterprise Zone

February 17, 2016 03:28 PM
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The Illinois Enterprise Zone Program is designed to stimulate economic growth and revitalization through state and local tax incentives, regulatory relief and improved governmental services. Enterprise zone incentives are a valuable tool used to encourage both new construction and renovations within a geographically defined area. The city of Galesburg has had an Enterprise Zone since 1984, but that zone was set to expire in 2016. Taking a proactive role in continuing the availability of these incentives in our community, the City partnered with the Knox County Area Partnership for Economic Development (KCAP) and entered into a competitive application process to obtain a new Enterprise Zone designation. In December of 2015, the Department of Commerce and Economic Opportunity (DCEO) approved our new zone, which became effective January 1, 2016.
 
Local incentives may be available for projects that are commercial, industrial or multifamily and upper story residential in the B3 zoning district and may include: 
 
  • Property tax abatement will be offered on property in the Enterprise Zone upon which new construction or renovations of an existing building have been conducted.
    • The abatement is for 100% of the increase in the equalized assessed value related to the improvements for a period of ten calendar years or until the expiration of the Enterprise Zone
    • The improvements/renovations must result in the creation or retention of jobs
    • No abatement is available when the project is also within a Tax Increment Financing District
    • Project must be one that requires the issuance of a construction permit (building, plumbing, electrical, or HVAC)
    • This is an abatement of all taxing body property taxes related to the improvement/renovation, not to exceed $1,000,000 during the ten year period for any taxing body
    • An application must be submitted to the Community Development Department
  • 100% waiver of all permit fees
    • Building, Plumbing, Electrical, HVAC, Demolition, Sign, Water Service Taps, Street opening permits, Terrace opening permits, Site plan review applications
  • Sales tax exemption
    • Building materials physically incorporated into an eligible construction project on a property within the Enterprise Zone boundaries may be eligible
    • An application must be submitted to the Community Development Department
For more information please visit the KCAP website at www.knoxpartnership.com or the Community Development Incentives page of the City of Galesburg website at www.ci.galesburg.il.us. 
 
 

 

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