|CITY OF CRYSTAL LAKE ECONOMIC DEVELOPMENT INCENTIVE PROGRAMS|
Retailer Façade and Commercial Tenant Improvement Program
This important program provides new retailers occupying vacant retail space with an opportunity to obtain a matching grant of up to $10,000 for façade and to off-set the costs of new furniture, fixtures, and equipment. Click here to download the application form for the New Retailer Investment Matching Grant.
New or Expanding Manufacturer Job Creation and Equipment Investment Program
Targeted towards new manufacturers that occupy vacant industrial buildings in Crystal Lake. This program provides new Crystal Lake manufacturers with up to $10,000 in grant funding for new job creation and to off-set the costs of new equipment acquired as a result of relocating to Crystal Lake.Click here to download the application form for the New Manufacturer Job Creation and Investment Matching Grant.
Targeted Development Zone- Routes 14, 31, and 176
In order to stimulate the redevelopment of the City's main commercial corridors along Routes 14, 31, and 176, the City Council has designated the properties within these corridors as Targeted Development Zones. Retail businesses fronting these roadways corridors will be eligible for a 50% fee reduction of all associated City review, permit and inspection fees for combined commercial investments valued at $250,000 or greater. Click here to download the application form for the Targeted Development Zone program.
Enhanced Sales Tax Incentive Program
Created to attract and retain high-volume sales retailers, this program provides an opportunity to share sales taxes above a base-amount, for the purpose of supporting significant improvement projects that enhance taxable sales revenues and that create new jobs. Click here to download additional information about the Enhanced Sales Tax Incentive Program.
Industrial Revenue Bonds
The City has the ability to issue tax-exempt Industrial Revenue Bonds (IRB's) for manufacturers 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.
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.