Rantoul approves new Enterprise Zone
The Village of Rantoul approved the ordinance for a new Enterprise Zone on Dec. 8.
The State of Illinois recently amended the Enterprise Zone Act, requiring all existing Enterprise Zones to expire. In order to form a new Enterprise Zone for the village, the ordinance had to be enacted by Dec. 31 to be considered for state approval in 2016. Once approved, the 15-year term of the zone begins on Jan. 1, 2018.
The Enterprise Zone Act requires public notice and a public hearing. The notice was published in The Rantoul Press on Nov. 11, and the hearing was held on Nov. 19. In addition, the act requires that the Enterprise Zone be a contiguous area no less than half a square mile and no more than 12 square miles. The Village Enterprise Zone meets three tests for eligibility under the act.
Within the Enterprise Zone, incentives include real estate tax abatement and a sales tax exemption for building materials sold within and for use on properties eligible for real property tax abatement inside the zone. The project must have a building permit to be eligible for the exemption. The contractor, business owner or homeowner must provide a copy of the certificate of eligibility from the zone's administrator and a copy of the building permit to the retailer.
The Enterprise Zone will help the village stimulate business and industrial growth as well as encouraging businesses to stay in Rantoul. It also helps revitalize neighborhoods through the tax incentives within the zone.
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