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19
Fortune 1000 Companies in Greater St. Louis |
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PUBLIC INFRASTRUCTURE PROGRAMS Illinois Department of Transportation Economic Development Program Illinois Special Service Area Illinois Tax Rebate/Development Agreements Illinois Business District Summary Illinois Department of Transportation Economic Development Program Common Name: IDOT Statutory Citation: The money used to fund this program are state only dollars that come from IDOT’s budget and is allocated to individual projects every year from a specific IDOT pot of funds. Under the powers of the department to invest state only Road Fund dollars in highway improvements and given IDOT’s goals and objectives for EDP, the program was established in the early 1990’s. IDOT selects eligible highway projects factoring in economic development criteria. Type of Benefits: Grants and Low-Interest Loans. Description of Benefits: There are several programs that provide state assistance improving highway and rail access improvements to new or expanding industrial, distribution or tourism developments. These programs are: Economic Development Program (EDP), Rail Freight Program (RFP) and the Truck Access Route Program (TARP). Allowed Uses of Benefit: Projects that improve highway and rail access to new or expanding industrial, distribution or tourism developments and improvement projects related to facilities that provide direct access to economic development projects. Eligible Business Types: local Governments. Links: Illinois Special Service Area Common Name: SSA Statutory Citation:35 ILCS 200/27 Type of Benefits: Public Improvement/Infrastructure Financing.Description of Benefits: A Special Service Area (“SSA”) is a financing mechanism to establish and support a variety of services, physical improvements, and other activities within a specific geographic area of a municipality. SSA financing can improve or maintain designated areas within a community and its boundary must consist of contiguous properties that benefit from expanded services and improvements. SSA financing also enables a municipality to provide public services to a portion of its jurisdiction without burdening the entire community with increased debt or operating taxes. Allowed Uses of Benefits: SSAs financings, most frequently, are used to support retail or mixed-use type of developments. Common examples of the types of activities the assessments can fund include: Eligible Business Types: : Businesses engaged property or site development. Links: Illinois Tax Rebate/Development Agreements Common Name: TRDA Statutory Citation: 65 ILCS 5/8-11-1, 35 ILCS 120/1, 35 ILCS 115/1 Type of Benefits: Tax Refund, Financing, Exemption, or Grant. Description of Benefits: Public Improvement Cost Reimbursement. Allowed Uses of Benefits: Project Cost Recovery. Eligible Business Types: All. Links: Illinois Business District Summary Common Name: Business District Statutory Citation: 65 ILCS 5/22-74.3-5 Type of Benefits: Public Infrastructure. Description of Benefits: Simply put, a Business District (“BD”) is a special taxing district, authorized to undertake certain public improvements to be financed through the issuance of notes or bonds that are, in turn, retired by the levy of a sales tax within the geographic boundaries of the District. Allowed Uses of Benefits: Assist in offsetting/recovering public improvement or infrastructure costs. Eligible Business Types: Businesses eligible entities include those with retail sales tax generating properties. Links: |
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