Incentives

Economic Development & Incentives

Economic Goals

A primary challenge in the practice of economic development is choosing among the many competing priorities and various activities. A clear economic vision and goals are needed to provide framework for strategically assessing and coordinating these efforts. The vision stems from the community's values, its collective sense of local economic strenghts and weaknesses, and consensus on a desired future. Goals are more tangible expressions of the vision and provide specific direction for actions.

The three primary goals of the City of Crest Hill are:

  • Retain existing businesses and industries by fostering partnerships with local businesses and increasing spending in the community
  • Remove barriers to conducting business within the City
  • Make the City an attractive place for businesses to locate

The City of Crest Hill's policy decisions reflect the principles in its overall vision. Although most incentive agreements are made on a case by case basis, more detailed information about Crest Hill's Economic Development and Incentive Policies including sales tax, TIF, and more can be found here

 

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.willcountyced.com

 

State of Illinois Incentives

The State of Illinois also offers a variety of incentives that may be beneficial to you. For more information, please visit the state of Illinois website.