Incentives


GLCEDC INCENTIVES

Building Improvement Grant

Building Improvement Grants, primarily from GLCEDC funds, are intended for small businesses that rehab vacant space or improve existing structures. A reimbursement, not exceeding $11,250 is provided for qualifying expenditures.

Building Improvement Grant Brochure
Building Improvement Grant Information & Application

Community Enhancement and Economic Stimulus Grant

The Community Enhancement and Economic Stimulus Grant was established to make long-term investments through grants to not-for-profit organizations exclusively from GLCEDC funds which provide business and economic development opportunities in the Greater Livingston County area.

Information & Application

Economic Incentive Grant

The GLCEDC, with the assistance of Livingston County, provides Economic Incentive Grants to employers who create at least 10 jobs with a wage and benefit package of at least $34,148 per year and retain the positions for at least one year after creation.

For further information or to apply for an Economic Incentive Grant, please call 815.842.2900 or email adam@glcedc.org.

Educational Enhancement Stimulus Grant

The GLCEDC, with the assistance of Livingston County, provides Educational Enhancement Stimulus Grants dedicated to Livingston County schools which provide S.T.E.M. (Science, Technology, Engineering, and Math) programming.

Information & Application


LOCAL INCENTIVES

Enterprise Zone

The Illinois Enterprise Zone Program is designed to stimulate business development, employment creation, retention, and neighborhood revitalization in strategically targeted areas of the state. These objectives are accomplished through state and local tax incentives, regulatory relief, and improved governmental services.

Streator Enterprise Zone

The City of Streator established an Enterprise Zone which includes parcels in the City of Fairbury, City of Pontiac, Village of Dwight, and Village of Forrest to encourage industrial and commercial development. For additional details on the City of Streator’s Economic Development Programs, visit the City of Streator.

Streator Enterprise Zone Incentives

Sales Tax Exemption

  • What qualifies? “Building materials that are eligible for the enterprise zone sales tax deduction include items that are permanently affixed to real property such as lumber, mortar, glued-down carpets, wallpaper, and similar affixed items. 
  • A certificate of eligibility for sales tax exemption is required. 

Investment Tax Credit

  • Allows a .5% credit against the state income tax for investments in qualified property, that is placed in service in an enterprise zone. 
  • The credit may be taken by a qualified taxpayer who makes an investment in a “qualified property” and who otherwise meets the terms of the state. 
  • “Qualified Property” – tangible, whether new or used, including buildings and structural components of buildings, acquired by purchase is depreciable, has a useful life. 
  • Examples: Buildings, structural components of buildings, elevators, material tanks, boilers, and major computer installations.

Machinery and Equipment Sales Tax Exemption

  • A certificate by the state is required prior to getting an exemption.
  • Several qualifying criteria.

Utility Tax Exemption

  • State certification is required.
  • Several qualifying criteria must be met by the company.
  • 5 % state tax exemption on gas, electricity, and the ICC .1 % administrative charge and excise tax on the act or privilege or originating or receiving telecommunications.

Streator Enterprise Zone Quick Facts

  • $250 Application Fee
  • Administration Fee for the issuance of Sales Tax Exemption Certificates for Construction Materials .5 percent (1/2%) of the documented cost of building materials for each project up to a maximum of $50,000 per Certificate.
  • Seven Year Property Tax Abatement
    Abatement begins at 100% in year one and decreases in increments of 5% annually through year seven for parcels that are: within the Zone and located 1.5 miles of the intersection of two Class One railroads, creating 50 new jobs, and investing over $10M.
  • Five Year Property Tax Abatement
    Abatement begins at 100% in year one and decreases to 50% in years two through five.

Streator Enterprise Zone Brochure
Streator Enterprise Zone Map

Property Tax Abatement

Throughout Livingston County, the GLCEDC has coordinated a property tax abatement plan adopted by 19 taxing bodies. Tax abatement applications are reviewed based upon employee wages and benefits, number of jobs created or retained, capital investment, and square footage.

Overview

A Property Tax Abatement is a way to support and promote the expansion of existing businesses and the attraction of new businesses to Livingston County.  A business that receives approval from a taxing body for an abatement will receive an abatement for only the new property tax resulting from a qualified improvement. Additionally, the improvement must meet the permitting requirements of all applicable jurisdictions.

Goals and Objectives

The aim of the property tax abatement incentive for the expansion of an existing facility or the construction of new facility are the following:

  • Economic Impact
    • Job retention, creation, and capital investment in land, buildings, and equipment.
  • Fiscal Impact
    • Total amount of new estimated property tax generated by the business expansion.
  • Strategic Impact
    • Factors such as the median salary of employees, total payroll, and the quality of benefits available to the employees.
  • Other Impacts
    • Improvements to existing public infrastructure and/or construction of new public infrastructure.

Property Tax Abatement Documents

Tax Abatement Application
Tax Abatement Plan

TIF

What is TIF

Tax Increment Financing (TIF) is a powerful tool that enables municipalities to self-finance its redevelopment programs. TIF funds can pay for public improvements and other economic development incentives using the increased property tax revenue the improvements generate.

To learn more about legislation governing TIF, visit the Illinois Tax Increment Association by clicking here.

TIF Districts

Several municipalities in Livingston County have established TIF districts to encourage industrial and commercial development. Find a TIF map in your area below.

The GLCEDC and recipients of our grants recognize and greatly appreciate the sustained, 

generous support of Livingston County.

Municipalities may offer funding in the form of rent subsidies, facade grants, tax abatement’s, or other incentives. Contact the GLCEDC for more information.

Mid Central Community Action, Inc.
Mid Central Community Action is partaking in the Community Service Block Grant (CSBG) Loan to assist in financing small businesses for either start-up or expansion projects. The purpose of this loan program is to create and retain jobs for low-income persons and to promote economic growth in McLean and Livingston County.  

Rent Subsidy Program, Dwight, IL
The Rent Subsidy Program will allow a tenant to receive a significant reduction in rent of a downtown business building for one year. The majority of the rent will be subsidized by the village and a portion subsidized by the landlord. The tenant will reimburse the village a portion of their gross receipts for the first year. Please contact the Village of Dwight for more information at 815.584.3077. To view more information and an application for the Rent Subsidy Program click here.

Rent Subsidy Program, Pontiac, IL
The Rent Subsidy Program will allow a tenant to receive a significant reduction in rent of a retail business building for a year. A significant portion of the rent will be subsidized by the city and a portion subsidized by the landlord. The tenant will reimburse the city a portion of their gross receipts for the first year. Please contact the City of Pontiac for more information at 815.844.3396.


STATE INCENTIVES

Several programs are available through the State of Illinois Department of Commerce & Economic Opportunity.
For an overview of state incentives click here.

Illinois Business Financing Matrix

The financing matrix gives information on all State of Illinois grant and loan opportunities in an easy to read format.

DCEO Loan Programs
DCEO Grants
DCEO Tax Assistance
IDOT Economic Development Transportation Program
Illinois State Treasurer’s Technology Development Account
Workforce Investment Act (WIA) Grant Opportunities