Economic Development Opportunities

VILLAGE OF ELIZABETH 
ECONOMIC DEVELOPMENT INCENTIVES

1)  TIF District

2)  BDD District

3)  Enterprise Zone

4)  Local Incentives

5)  County Incentives

6)  State Incentives

1)  TIF (Tax Increment Financing)

Elizabeth has given out over $250,000 in TIF incentives since 2010!

A TIF is a designated portion of the Village dedicated to encouraging development through cash rebates.

The Elizabeth TIF districts are outlined in (color)

Click here to view enlarged map (PDF)

Type of Work that is TIF ELIGIBLE

1.  Cost of Property Purchases
2.  All infrastructure-road, water, sewer curb and gutter
3.  Engineering

How TIF might work

1.  All money upfront paid by the developer
2.  The Village would reimburse up to 25% of all eligible costs over a 10-year timeframe

2)  Business Development District

Elizabeth also has a BDD district. Busines Development Districts also can provide direct financial incentives. Please check out the map to see if you are in the BDD zone. (The TIF and BDD mostly overlap so it is possible to see about two financial incentive packages!)

• Parcel Map
• Route 20 BDD Development Plan
• BDD FAQ
• BDD in Illinois

3)  Enterprise Zone

Jo Daviess County is a member of the Freeport Area Enterprise Zone. There currently is no EZ in Elizabeth but we are eligible to get one here.

The Illinois Enterprise Zone Program is designed to stimulate economic growth and neighborhood revitalization in economically depressed areas of the state through state and local tax incentives, regulatory relief and improved governmental services. Businesses located or expanding in an Illinois enterprise zone may be eligible for the following state and local tax incentives:

State Incentives and Exemptions

• Exemption on retailers’ occupation tax paid on building materials
• An investment tax credit of 0.5% of qualified property
• Expanded state sales tax exemptions on purchases of personal property used or consumed in the manufacturing process or in the operation of a pollution control facility
• An exemption on the state utility tax for electricity and natural gas
• An exemption on the Illinois Commerce Commission’s administrative charge and telecommunication excise tax

Exemptions are available for companies that make minimum statutory investments that either create or retain a certain number of jobs. These exemptions require a business to make application to, and be certified by, the Illinois Department of Commerce.

Local Incentives and Exemptions

In addition to state incentives, each zone offers local incentives to enhance business development projects. Each zone has a designated local zone administrator responsible for compliance and is available to answer questions. To receive a Certificate of Eligibility for Sales Tax Exemption, you must contact the local zone administrator of the zone into which purchased building materials will be incorporated.

For more information click here:
https://www.illinois.gov/dceo/ExpandRelocate/Incentives/taxassistance/Pages/EnterpriseZone.aspx

4)  Local Incentives

Elizabeth also offers:

$5,000 low-interest loan for façade improvement – contact Elizabeth Village Hall

$500 beautification grant – improving the look of a residence/business

Waving of water and sewer hookup fee for new construction - $2000

5)  County Incentives

Click here for county incentives.

6)  State Incentives

Coming soon.

FOR FURTHER INFORMATION contact us.