The following outlines the incentives available to new and expanding industries:
The Lee-Ogle County Enterprise Zone program is designated to stimulate economic growth. Businesses located or expanding in the zone may be eligible for certain state and local tax incentives, such as exemptions and abatements.
Lee County – Ogle County Enterprise Zone
309 1st Avenue
Rock Falls, IL 61071
Foreign Trade Zone #176
Foreign Trade Zones are secured, designated locations near a U.S. Customs Port of Entry. They’re considered to be outside of U.S. Customs territory. As a result, businesses can reduce or eliminate duty on imports.
60 Airport Drive
Rockford, IL 61109
The program’s tax incentive provides individuals and corporate taxpayers the benefit to deferring capital gains on the sale of stock, assets, and other property by investing the proceeds into a certified opportunity fund while communities can benefit from an influx of funding.
Tax Increment Financing
The City of Rochelle currently has three TIF Districts in place: The Northern Gateway TIF, the Downtown & Southern Gateway TIF, and the Lighthouse Pointe TIF. Each serves as a method to encourage redevelopment in infrastructure and other community-improvement projects in the respective area.
Community Development Director
City of Rochelle
333 Lincoln Hwy
Rochelle, IL 61068
Economic Development for a Growing Economy Tax Credit Program (EDGE)
Illinois’ EDGE program provides annual corporate tax credits to qualifying businesses which support job creation, capital investment and improve the standard of living for all Illinois residents.
Community Development Block Grant (CDBG)
CDBG provides federal funding for community-based projects in non-metropolitan areas. The program consists of the following components.
Local governments that need to improve public infrastructure and eliminate conditions detrimental to public health, safety, and public welfare may request a maximum of $500,000 to undertake projects designed to alleviate these conditions, with an emphasis on helping communities with substantial low to moderate-income populations.
Housing Rehabilitation Program
Low-to-moderate income communities can apply for grants to improve housing and rehabilitate and retrofit properties. A maximum of $500,000 in grant funds or $50,000 per household is available to improve the homes of low-to-moderate income residents of owner-occupied single-family housing units. Grants provide residents with safe and sanitary living conditions and help to stabilize neighborhoods and affordable housing in the community.
Local governments may request a maximum of $1,000,000 for gap financing to assist businesses in locating or expanding in the community. Funds may be used for machinery and equipment, working capital, building construction and renovation, or improvements to public infrastructure that creates and/or retains jobs in the community.
Office of Community Development
Illinois Department of Commerce