TIF and Enterprise Zone

The first phase (72 acres) of RiverStone is declared a designated TIF district. The entire master plan is already established in an Enterprise Zone. Both of these items bring great benefits to anyone building within the RiverStone development.

TIF

TIF stands for Tax Increment Financing. Within a TIF district, property tax is bonded and utilized by the developer for the infrastructure of the development. The infrastructure consists of roads, street lights,curbs, utilities, drains, etc. It can also be utilized to assist owners in the purchasing of land, landscaping, marketing, and internet refunding. The amount of TIF that can be used is directly proportionate to the facility that is constructed. The larger the facility, the more TIF revenue that can be obtained. This wonderful tool is only available to a limited number of developers in the entrance of the office park.

Enterprise Zone
Enterprise Zone Machinery is a tool that is used to encourage economic development by use of incentives established by state legislation and local ordinances. Some of the benefits are:

Reduced building permits for construction
Sales Tax Exemption on all materials purchased within Kankakee County for the purpose of new construction
Investment Tax Credit - allows for a .5% credit against the state income tax for investments in qualified property which is placed in service in an Enterprise Zone. This credit is in addition to the existing .5% investment tax credit allowed statewide
Jobs Tax Credit - $500 tax credit per person for the employer for hiring Illinois Department of Economy Opportunity approved individuals to work in an Enterprise Zone.This benefit is good for five years
Dividend Deduction Credit
Enterprise Zone machinery and Equipment Exemption
Enterprise Zone Pollution Control Facilities Exemption
Utility Tax Exemption

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