Enterprise Zone

Enterprise Zones in Champaign County

	Joint City of Champaign - Champaign County	Urbana	Rantoul
Authority	City and County Jointly	City	Village
Area Original	7.5 sq. mi.	1.81 sq. mi.	.51 sq. mi.
Area Current	8.26 sq. mi.	2.76 sq. mi.	4.07 sq. mi.
Eligible Projects	Single-family Multi-family Rehabilitation Service Office Warehouse Industrial	Retail Service Office Warehouse Industrial	Retail Service Office Warehouse Industrial
Municipal Incentives	Property Tax Abatement Residential 100%, 5 years Commercial 100%, 5 years Industrial 50 - 100%, 10 years	Property Tax Abatement Commercial 20 - 100%2, 5 years Industrial 20 - 100%2, 5 years	Property Tax Abatement Commercial 10 - 50%4, 10 years Industrial 10 - 50%4, 10 years
County Incentives	Property Tax Abatement (Excluding Mental Health & Jail Bond Extensions) Residential 100%, 5 years Commercial 100%, 5 years Industrial 50 -100%1, 10 years	Property Tax Abatement (Excluding Mental Health & Jail Bond Extensions)3 Commercial 20 -100%2, 5 years Industrial 20 -100%2, 5 years	None
Other Local Incentives	Champaign Park District Property Tax Abatement Residential 100%, 5 years Commercial 100%, 5 years Industrial 50 - 100%1, 10 years	None	Rantoul City School Dist. & Rantoul Twp. HS. Dist. Property Tax Abatement Commercial 10 - 50%4 10 years Industrial 10 - 50%4 10 years
State Incentives (available in all Enterprise Zones)
Sales Tax Exemption	(1) All building materials used in any construction in the enterprise zone subject to some limitations (2) Machinery & Equipment if > $5million investment and creation of > 200 jobs
State Utility Tax Exemption	If > $5million investment and creation of > 200 jobs or > $20 million and retention of > 1,000 jobs
Investment Tax Credit	0.5% of investment in machinery, equipment & buildings
Jobs Tax Credit	(1) Dividend income from corporations doing substantially all business in a zone; (2) Financial Institutions' interest on loans for development in a zone; (3) Business contributions to designated zone organizations
Income Tax Deductions	(1) Dividend income from corporations doing substantially all business in a zone; (2) Financial Institutions' interest on loans for development in a zone; (3) Business contributions to designated zone organizations
DCEO Finance Program	Loans to any business with > 500 employees up to 25% of project value at a rate 2% below prime
Notes	1Depends on number of full-time-equivalent jobs "created or retained" 2Depends on number of full-time-equivalent jobs "created or retained" and on total new assessed valuation 3Created by separate County Ordinance (No. 307) 4Depends on the total new assessed valuation

 

Enterprise Zone Map
PDF file

Applications

Commercial Enterprise Zone
PDF file

Industrial Enterprise Zone
PDF file

 

For more information contact:

Kathy Larson
Economic Development Specialist
klarson@ccrpc.org

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Champaign County Regional Planning Commission
1776 East Washington Street
Urbana, IL 61802
Voice: (217) 328-3313
TTY: (217) 384-3864
FAX: (217) 328-2426
Web: www.ccrpc.org