Business
The City of Crest Hill not only promotes a great residential home life, it is also a great place for a business to call home.
We are nestled right in the heart of Will County, the fastest growing county in the state of Illinois, and strategically located on US Route 30, Route 66, the commercial corridor of Weber Road, and just a few minutes from Interstates 55 and 80. With our eye on the future, city leaders are aggressively attracting new commerce to provide an expanded commercial tax base and new opportunities for local employment.
Visit our City through our web site to see why you should call Crest Hill "your business home."
Contact Information
Bryan Gay
Economic Development Director
City of Crest Hill, IL
Phone: 815-741-5110
Business Directory
Click here to view the City of Crest Hill Business Directory.
Click here to complete an Online Business Directory Application Form.
Welcome New Businesses
Solid Science Healthcare Resources LLC 1815 Plainfield Road, #2 Open Date: 06-17-2010
Shops at 2212 2212 Plainfield Road Open Date: 06-28-2010
Fadi's Hair Salon 1206 Cedarwood, Unit 5 Open Date: 08-05-2010
Demographics
Weber Road and Caton Farm Road
Theordore Street and Broadway Street
Plainfield Road and Caton Farm Road
Incentives
Employer Training Investment Program (ETIP)
The HIB program is designed to encourage large-scale economic development activities, by providing tax incentives (similar to those offered within an enterprise zone) to companies that propose to make a substantial capital investment in operations and will create or retain above average number of jobs. Businesses may qualify for: investment tax credits, a state sales tax exemption on building materials, an exemption from state sales tax on utilities, a state sales tax exemption on purchases of personal property used or consumed in the manufacturing process or in the operation of a pollution control facility.
The project must involve a minimum of $12 million investment causing the creation of 500 full-time jobs or an investment of $30 million causing the retention of 1500 full-time jobs. The investment must take place at a designated location in Illinois outside of an Enterprise Zone. For more information go to www.commerce.state.il.us.
Economic Development For a Growing Economy Tax Credit Program (EDGE)
The Illinois Finance Authority issues tax-exempt Industrial Revenue Bonds (IRB’s) on behalf of manufacturing companies to finance the acquisition of fixed assets such as land, buildings and equipment. Bond proceeds also may be used for either new construction or renovation.
Qualified Industrial Revenue Bond projects include facilities that are primarily used to manufacture or process tangible products. The Internal Revenue Code defines all IRBeligibility requirements.
For more information go to www.commerce.state.il.us.
High Impact Business (HIB)
The PLP program is designed to work through banks and other conventional lending institutions, to provide subordinated financial assistance to Illinois small businesses that employ Illinois workers. A business with 500 or fewer employees may apply for a PLP loan of not less than $10,000 nor more than $750,000. Loans shall not exceed 25% of the total project and may not be used for debt refinancing or contingency funding.
Funds available through the PLP program can be used for a number of business activities, such as purchase and installation of machinery and equipment, working capital, purchase of land, construction or renovation of buildings. Funds cannot be used for debt refinancing or contingency funding. Participating lending institution shall be responsible for reviewing applications for eligibility and setting terms.
Any for-profit small business operating in Illinois which has, including its affiliates, fewer than 500 full-time employees is eligible. A Minority, Women or Disabled owned business is a business which is at least 51 percent owned by one or more minority, women or disabled persons and the management and daily operations of the business are controlled by one or more of the minority, women or disabled persons who own it.
For more information go to www.commerce.state.il.us.
Industrial Revenue Bonds (IRB)
The Village would work with the regional authority to issue tax-exempt revenue bonds on behalf of manufacturing companies to finance the acquisition of assets such as land, buildings and equipment or to construct new or renovate existing facilities. They are limited by federal law to selected purposes, such as manufacturing firms. Interest on tax-exempt bonds is exempt from federal income tax.
Some of the key benefits to IRBs
For more information go to www.wkrda.com.
Participation Loan Program (PLP)
The PLP program is designed to work through banks and other conventional lending institutions, to provide subordinated financial assistance to Illinois small businesses that employ Illinois workers. A business with 500 or fewer employees may apply for a PLP loan of not less than $10,000 nor more than $750,000. Loans shall not exceed 25% of the total project and may not be used for debt refinancing or contingency funding.
Funds available through the PLP program can be used for a number of business activities, such as purchase and installation of machinery and equipment, working capital, purchase of land, construction or renovation of buildings. Funds cannot be used for debt refinancing or contingency funding. Participating lending institution shall be responsible for reviewing applications for eligibility and setting terms.
Any for-profit small business operating in Illinois which has, including its affiliates, fewer than 500 full-time employees is eligible. A Minority, Women or Disabled owned business is a business which is at least 51 percent owned by one or more minority, women or disabled persons and the management and daily operations of the business are controlled by one or more of the minority, women or disabled persons who own it.
For more information go to www.commerce.state.il.us.
Will County Tax Abatement Program
Will County offers abatement of ad valorem real estate taxes as an incentive to new or retained businesses. Each community develops their specific abatement to the project request on a case-by-case basis.
Will County’s tax abatement program is done on an application/weighted process. As a result of the application evaluation, a project can receive 50% abatement on improvements for 3, 4 or 5 consecutive tax levy years. Abatement can only apply to improvements done to the property, based on the equalized assessed valuation of the property.
The Will County Tax Abatement Incentive is administered by the Will County Center for Economic Development.
For more information go to www.c-e-d.org.
Recovery Zone Facility Bonds
The Recovery Act earmarks $15 billion of Recovery Zone Facility Bonds ("RZFBs"). RZFBs permit counties/large municipalities to provide tax-exempt financing for projects which historically would not qualify (e.g. large manufacturing plants, distribution centers, hotels, research parks, etc.). RZFBs are private activity bonds and are classified as "exempt facility bonds" for tax purposes. RZFBs may be issued for any depreciable property that (a) was acquired after the date of designation of a "recovery zone," (b) the original use of which occurs in the recovery zone and (c) substantially all of the use of the property is in the active conduct of a "qualified business."
"Qualified business" is defined to include any trade or business except for residential rental facilities or other specifically listed "bad projects" (e.g. golf courses, massage parlors, gambling facilities, etc.). Volume Cap is not required for RZFBs, and there is no prohibition
Available Properties (LOIS)
Click here to view a list of Available Buildings in the City of Crest Hill.
Click here to view a list of Available Sites in the City of Crest Hill.