For New Construction, Expansion, Renovations, and Remodeling
Property Tax Abatements available for commercial or industrial real property located within the zone for projects which have a building permit and constitute new construction, renovation, or remodeling. Within LaSalle County, certified projects shall be eligible for a four-year abatement of approximately 50% of the real property taxes attributed to the improvements and within Livingston County a four-year abatement approximately 10% of the real property taxes attributed.
Investment Tax Credit.
Equal to 1/2 of 1% (.5) against state income tax for investment in “qualified” property (machinery, equipment, real property) placed in service within the zone.
Jobs Tax Credit.
A $500 per employee tax credit on Illinois Income Tax for hiring employees who are certified as a dislocated worker or economically disadvantage.
Sales Tax Exemption
Exemption of the 7.5% sales tax on building materials purchased from a retailer within the Enterprise Zone. (City of Streator and unincorporated LaSalle and Livingston Counties).
For an Enterprise Zone application or to FAQ document, click here.
Low Interest Loans
The City of Streator Revolving Loan Fund offers low interest participation loan financing for employment creating projects. For information contact: Stephen Jonland at 800-682-3268. To download more information on the Revolving Loan application, click here.
Tax Increment Financing (TIF)
The City of Streator has created specific TIF area to encourage redevelopment.
To view a map of the Streator TIF 1, click here.
To view information about how a TIF functions or to download an application, click here.
Illinois Incentives and Financing
The Chamber partners with the Illinois Department of Commerce and Economic Opportunity www.illinois.gov/dceo/Pages/default.aspx to obtain and maximize incentives available through this and other state agencies. To learn how your company may qualify for low interest financing, tax and job credit incentives, as well as funding for employee training. Contact: Jeremy Palm at 815-672-2517.
Fast Track Review and Processing
The City of Streator staff Development Review Team will expedite and coordinate all issues related to: Planning and Zoning, Land Development, Building Code and Inspection, and Construction. For information contact Jeremy Palm at 815-672-2517.