Incentives

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CITY OF CRYSTAL LAKE ECONOMIC DEVELOPMENT INCENTIVE PROGRAMS

Crystal Lake is a pro-business community and we strongly advocate for business development. In an effort to attract new businesses to Crystal Lake and to promote continued investment by our existing businesses, the City has enacted the following Economic Development incentive programs. Business owners interested in applying should first contact Heather Maieritsch, Economic Development Manager at (815)356-3737 or via email at economicdevelopment@crystallake.org to discuss the qualification criteria, as well as, the application process.

Retailer Façade and Commercial Tenant Improvement Program
 
New or Expanding Manufacturer Job Creation and Equipment Investment Program

Targeted Development Zone- Routes 14, 31, and 176

Enhanced Sales Tax Incentive Program

Industrial Revenue Bonds
The City has the ability to issue tax-exempt Industrial Revenue Bonds (IRB's) for manufacturerstax free bonds to finance the acquisition of fixed assets such as land, buildings and equipment.  IRB financing can be utilized for new construction or for renovation projects. Advantages of utilizing Industrial Revenue Bond financing include long-term financing at interest rates that are lower than conventional financing, acts as a tax exempt financing mechanism, allows for fixed or variable rate financing and qualifying applicants can finance up to 100 percent of project cost. Please contact Heather Maieritsch at (815) 356-3737 to inquire.

TIF Districts
Tax Increment Financing (TIF) is a technique that municipalities use to attract private development and investment to areas that have not seen appropriate growth. TIF may only be used when private development would be too difficult or costly without improvements and incentives. Crystal Lake has three active TIF Districts, and each district has its' own set of unique goals and objectives.