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Home Economic Incentives
Economic Incentives  E-mail

Economic and Tax Incentives

Cook County 6B Tax Incentive.

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 re-occupancy. 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. 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.

Business Development Programs

Village of Elk Grove Revitalization Program

The Village of Elk Grove, through the Industrial/Commercial Revitalization Program, has successfully implemented nearly $55 million in improvements within the Business Park. The work accomplished to date is just part of the revitalization goals established by the Industrial/Commercial Revitalization Commission – also known as the ICRC.

The thirteen-member Commission made up of business representatives, residents, and Village officials began revitalization efforts in 1996 with the development of a Master Plan for the modernization and beautification of the Business Park. The original Master Plan targeted $40 million in investments and the 2011 Updated Master Plan has outlined an additional $250 million in investments with nearly $80 million to be implemented over the next 10-years. These improvements will continue to be funded through a 3% telecommunications tax, as well as Federal, State, and County grants.

The primary goal of the Industrial Commercial Revitalization Master Plan is to outline the community’s desires for enhancement and maintenance of this critical community asset given its location, physical environment, current and anticipated future market demand to continue to support a highly diversified collection of commercial, retail, office, industrial, and residential uses within a defined district. The plan seeks to achieve a series of specific objectives:

  • to enable and encourage existing businesses and institutions to continue to grow and be competitive with the local, national, and international market place;
  • to attract complementary commercial, industrial, and residential uses;
  • to provide for a diversity of commercial, retail, office, industrial, residential, and open space uses to the meet the needs of current and future businesses, employees, patrons, residents, and visitors;
  • to compliment the land uses and activities located within the adjacent neighborhoods, larger Elk Grove Village, and surrounding communities;
  • to utilize a comprehensive rather than piecemeal approach toward land use, landscape/streetscape, transportation, infrastructure, parking, employment, and district sustainability initiatives;
  • to improve the efficiency, safety, and accessibility of vehicular and pedestrian traffic throughout the district;
  • to continue to grow in an environmentally friendly and sustainable manner; and
  • to safeguard the District’s future as Elk Grove Village’s center for industrial/commercial excellence.

These goals serve as the guiding principles under which the Elk Grove Village Industrial / Commercial Revitalization Master Plan shall be established and continually evaluated to ensure the successful implementation of its improvement recommendations.

In the past, the Village has been very diligent to follow through with the implementation of the ICRC Master Plan completed in 1998. This Plan focused heavily on the Transportation and Urban Design improvements and enhancements. With such projects as the Lively Boulevard Reconstruction (Devon Avenue to Higgins Road), Busse Road intersection improvements at Landmeier Road, Greenleaf Avenue, Pratt Boulevard and Devon Avenue, street lighting improvements on arterial, collector and local streets throughout the Business Park, the addition of new bus shelters and pedestrian “pocket parks”, median and parkway landscape enhancements and gateway signs.

Small Business Development Center

The Illinois Small Business Development Center (SBDC) at Harper College helps local businesses start, grow and expand.

Free, One-on-One Counseling is a hallmark service of the SBDC at Harper College. The SBDC offers excellent one-on-one counseling to existing and prospective small business owners, and they work to provide existing and potential small businesses personalized and confidential counseling at no cost.

Their areas of concentration include:

  • Business start-up assistance
  • Opportunity assessment
  • Entrepreneurial aptitude
  • Business planning
  • Market research
  • Management and operations
  • Access to capital
  • Marketing plan development
  • Finance and accounting
  • Regulation and taxation
  • Production and operations
  • Technology and e-Business basics
  • Web site development
  • General business management issues
 
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