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Façade and Interior Build Out Grants
Businesses locating within the downtown
TIF District may be eligible for a Façade Improvement and Interior Build Out
Grant. To participate in the program, review the
brochure and application. Eligible
improvements include façade renovation, lights, signage, landscaping, awnings,
parking improvements, security features, internal build-outs, and energy
conservation improvements. Eligible uses must generate sales tax and recipients
of the funding must submit annual sales tax information. For more information,
contact the Director of Community Development at (847) 818-5328 or via
email.
Cook County 6b
The Class 6b classification is designed to encourage industrial development
throughout Cook County by offering a real estate tax incentive for the
development of new industrial facilities, the rehabilitation of existing
industrial structures, and the industrial reutilization of abandoned buildings.
The goal of Class 6b is to attract new industry, stimulate expansion and
retention of existing industry and increase employment opportunities. Under the
incentive provided by Class 6b, qualifying industrial real estate would be
eligible for the Class 6b level of assessment from the date that new
construction or substantial rehabilitation is completed and initially assessed
or, in the case of abandoned property, from the date of substantial reoccupancy.
Properties receiving Class 6b will be assessed at 16% of market value for the
first 10 years, 23% in the 11th year and 30% in the 12th year or. This
constitutes a substantial reduction in the level of assessment and results in
significant tax savings. In the absence of this incentive, industrial real
estate would normally be assessed at 36% of its market value. For more
information and an eligibility application please contact:
Development Incentives Department
Office of the Cook County Assessor, Room 312
118 North Clark
Chicago, Illinois 60602
312-603-7529
State of Illinois DCEO
The Department of Commerce and Economic Opportunity (DCEO) is charged with
enhancing Illinois' economic competitiveness by providing technical and
financial assistance to businesses, local governments, workers and families. As
the state's lead economic development agency, DCEO works to capitalize on
Illinois' strengths as a center of transportation, manufacturing and technology
development. The agency actively promotes the state's business-friendly
policies, highly productive workers, and entrepreneurial spirit -- attributes
that helped Illinois win Site Selection magazine's Governor's Cup as the top
state in the nation for business development. For more information on what types
of assistance the DCEO can offer your business, please click
here.
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