CITY OF CRYSTAL LAKE ECONOMIC DEVELOPMENT INCENTIVE PROGRAMSCrystal 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:New Retailer Job Creation and Investment ProgramThis important program provides new retailers occupying vacant retail space with an opportunity to obtain a matching grant of up to $10,000 for new job creation and to off-set the costs of new furniture, fixtures, and equipment. Existing Retailer Job Creation and Investment ProgramProvides expanding Crystal Lake retailers making with an opportunity to apply for grant funding to offset their investments in furniture, fixtures, and equipment. Manufacturer Job Creation and Investment ProgramTargeted 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. Routes 14, 31, and 176 Targeted Development ZoneQualifying businesses investing more than $250,000 are eligible for a 50% reduction in their permit and inspection fees.Enhanced Sales Tax Incentive ProgramCreated 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.
Industrial Revenue BondsThe 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.TIF DistrictsTax 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.
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