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Joint City of Champaign - Champaign County
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Urbana
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Rantoul
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Authority
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City and County Jointly
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City
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Village
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Area Original
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7.5 sq. mi.
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1.81 sq. mi.
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.51 sq. mi.
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Area Current
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8.26 sq. mi.
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2.76 sq. mi.
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4.07 sq. mi.
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Eligible Projects
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Single-family
Multi-family Rehabilitation
Service
Office
Warehouse
Industrial
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Retail
Service
Office
Warehouse
Industrial
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Retail
Service
Office
Warehouse
Industrial
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Municipal Incentives
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Property Tax Abatement
Residential 100%, 5 years
Commercial 100%, 5 years
Industrial 50 - 100%, 10 years
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Property Tax Abatement
Commercial 20 - 100%2, 5 years
Industrial 20 - 100%2, 5 years
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Property Tax Abatement
Commercial 10 - 50%4, 10 years
Industrial 10 - 50%4, 10 years
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County Incentives
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Property Tax Abatement
(Excluding Mental Health & Jail Bond Extensions)
Residential 100%, 5 years
Commercial 100%, 5 years
Industrial 50 -100%1, 10 years
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Property Tax Abatement
(Excluding Mental Health & Jail Bond Extensions)3
Commercial 20 -100%2, 5 years
Industrial 20 -100%2, 5 years
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None
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Other Local Incentives
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Champaign Park District
Property Tax Abatement
Residential 100%, 5 years
Commercial 100%, 5 years
Industrial 50 -100%1, 10 years
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None
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Rantoul City School Dist. & Rantoul Twp. HS. Dist.
Property Tax Abatement
Commercial 10 - 50 %4 10 years
Industrial 10 - 50%4 10 years
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State Incentives (available in all Enterprise Zones)
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Sales Tax Exemption:
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(1) AII 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
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State Utility Tax Exemption:
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If >$5million investment and creation of >200 jobs or >$20 million and retention of > 1,000 jobs.
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Investment Tax Credit:
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0.5% of investment in machinery, equipment & buildings
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Jobs Tax Credit:
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$500 per dislocated or disadvantaged person hired (minimum of 5)
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Income Tax Deductions:
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(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
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DCCA Finance Program:
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Loans to any business with >500 employees up to 25% of project value at a rate 2% below prime
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Notes
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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
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