Façade Improvement and Interior Build Out Grant
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, lighting, window/doors, upgrading or retrofitting mechanical systems, parking improvements, signs or awnings, life safety upgrades, and reconfiguring of interior space. 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 10% of market value for the first 10 years, 15% in the 11th year and 20% 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 25% 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
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.