The Illinois Valley will now be much more competitive in bringing new jobs and new investment to the area thanks to an economic tool State Sen. Sue Rezin helped activate for the region.
Rezin announced May 16 the Illinois Department of Commerce and Economic Opportunity (DCEO) has certified the enterprise zone for LaSalle County and surrounding counties, which allows the Upper Illinois River Valley Development Authority (UIRVDA) to officially activate the enterprise zone for the region. Rezin has been working with local, regional, and state officials for months to activate this enterprise zone.
“This is a big deal and a game changer for the future of jobs and investment in the Illinois River Valley,” Rezin said. “An enterprise zone is at the heart of economic development. The first thing site developers ask when they visit communities is if an enterprise zone is active. If a community isn’t in an active enterprise zone, all too often, that new investment and new business go elsewhere. The Illinois Valley can now compete much better for these jobs and investment. I am confident job expansion, job creation, and investment will come to our region as a direct result of activating this enterprise zone.”
Enterprise zones are a locally driven tool that provides financial incentives for companies seeking to develop or create new jobs in the enterprise zone. This could be property tax reductions, an investment tax credit, sales tax exemptions on building materials, utility tax exemptions on natural gas/electricity, and the telecommunication excise tax, among others. These benefits can last up to 25 years.
“Enterprise zones are about bringing long term investments to our communities,” Rezin said. “It can’t be overstated that this is vital for our region. I want to thank the mayors, county leaders, members of the Upper Illinois River Valley Development Authority, and DCEO for working with me to make this a reality. The Illinois Valley has so much to offer already – a solid workforce, good transportation infrastructure, and communities that care about their neighbors. Those positives combined with this enterprise zone can be the catalyst that drives more economic development to our region.”
“We are delighted to be a resource to help create jobs in the region,” said Kevin Olson, UIRVDA Chairman. “The Enterprise Zone works well with our ability to issue double tax exempt bonds to help businesses grow.”
UIRVDA is a general development agency serving the Counties of Bureau, Grundy, Kane, Kendall, Lake, LaSalle, Marshall, McHenry and Putnam.