Tax Increment Financing? Enterprise Zones? Financial Incentives? Let’s be honest, when it comes to opening a business, details matter. Learn more about financial tools Olympia Fields offers to companies interested in either locating or expanding in the Village.
Tax Increment Financing (TIF)
The Village has two active TIF Districts, and is studying an additional two Districts. A TIF District harnesses the power of future property tax revenue generated by new development or renovation to prepare property for development. TIF assistance is handled on a case-by-case basis, and is formalized in an agreement between the property owner and the Village. Typically, this agreement outlines the improvements to be made, what elements are eligible for TIF assistance, and sets-for a timeline for reimbursement of costs based on actual TIF revenue. The most common items that may be funded through TIF include:
- Infrastructure improvements including turn lanes, signals, water/sewer lines, etc.
- Land acquisition
- Marketing sites to prospective businesses
- Planning, architecture, engineering, and legal services
- Renovation of existing buildings
- Site preparation, including demolition and environmental remediation
|1||Lincoln Highway / Western Avenue TIF Number 1||Northwest corner of Lincoln Highway and Brentwood Drive||2009|
|2||Lincoln Highway / Western Avenue TIF Number 2
||Northwest corner of Lincoln Highway and Western Avenue||2013|
Commercial property within the Village was recently included in the new Lincoln and 394 Enterprise Zone. This zone was recently approved by the State of Illinois, and should be operational in early 2017. The most significant benefit of development within an Enterprise Zone is the waving of sales tax on construction materials. This cost savings applies to both new construction and renovation. However, it is not automatic - you must file a request prior to expending funds with the Zone Administrator: Moahn Rao at 708-758-3330.
Cook County Programs
Cook County offers a number of programs designed to help reduce property taxes on vacant or partially vacant commercial property. Although a number of classifications are offered, the most relevant to projects in Olympia Fields would be Class 8, which requires support of the Village. With a Class 8 incentive, the assessed value of commercial property is reduced from 25% of market value to 10% of market value for 10 years, then gradually returning to the full assessed value in years 11 and 12).
For more information, please visit the Cook County Assessor's Office. Questions regarding potential Village support for a Cook County property tax incentive should be directed to David A. Mekarski, AICP.
To encourage energy efficiency, ComEd offers a number of incentive programs including free on-site assessments, lighting, and HVAC systems.