Municipal Incentives & Financing Assistance Programs

Our forward thinking municipalities continue to work to make their communities a great place to do business. Check with individual villages and cities for recent programs.

City of Crystal Lake:

• City of Crystal Lake Retail Occupancy Assistance Programs
• City of Crystal Lake FIP-TIP Application

                          See more below:

City of Marengo: 

• City of Marengo Revolving Loan Fund Information
• City of Marengo Revolving Loan Fund Application
• City of Marengo Business Incentive Program Information
• City of Marengo Business Incentive Program Application

                         See more below:

TIF Districts:

The TIF program is a municipal incentive that provides financial assistance to stimulate private investment is designated areas throughout the county.

City of Crystal Lake matching grant programs successful in business recruitment and retention

The City of Crystal Lake, in its continuing effort to support business development in the community, has created the Façade Improvement Program and Commercial Tenant Improvement Programs.

The Façade Improvement Program is a program whereby the City will provide a 50% matching grant to business or building owners who construct eligible improvements to the facades of their buildings. The City will match dollar-for-dollar an owner’s investment in eligible improvements to the appearance of their building’s storefront façade up to a maximum amount of $5,000. 

The Commercial Tenant Improvement Program offers matching grants to property owners and new business owners for tenant improvements to the interiors of vacant retail spaces. The Program reimburses qualified tenants for the improvements or build-out expenses made in order to occupy vacant space. The program is designed to meet the financial gap between the property owner and the tenant and encourage the attraction of a mix of retail and commercial uses. The program allows a dollar-for-dollar match, up to $5,000 of the tenant improvement costs, to be reimbursed to businesses that occupy new spaces or expand.

All commercially-operated, sales tax revenue-generating properties in the City of Crystal Lake are eligible for the Façade Improvement and Commercial Tenant Improvement Programs. An applicant can apply for both programs, if eligible.

As of December 2, 2009, the City Council has awarded matching grants to 13 applicants for a total of $79,260, resulting in 7 new retail business occupancies. Six of the matching grants have been awarded to existing businesses who are expanding and enhancing their businesses.  The City Council has earmarked a total of $250,000 in funds for the Façade and Commercial Tenant Improvement Programs.

The City’s Economic Development Programs also provide a Targeted Development Zone component, which provides a 50% reduction in permit and inspection fees for commercial investments of $250,000 or greater that are made to properties on Routes 14 and 31.  As the economy recovers, the Targeted Development Zone program will continue to be a valuable incentive for business development and redevelopment.

Marengo Communities Provides Incentives for New and Existing Businesses

The City of Marengo, School District 18, School District 154, School District 165, Marengo-Union Library District, Marengo Park District, Marengo Rescue Squad District, and Marengo Fire Protection District are supporting community investment through the Business Incentive Program in Marengo (BIPiM).  This program is being coordinated by the Marengo Economic Development Commission.

The Business Incentive Program in Marengo is a program where by the local taxing districts will provide property taxes abatements, sales tax refunds, and building fee waivers to any business which is creating jobs and making assessable land improvements. 

All businesses and property in the City of Marengo is eligible to apply for the Business Incentive Program in Marengo provided they meet two of the following three criteria:  1) Invest $200,000 in assessable land improvements, 2) Create 5 FTE jobs, and 3) Pay an average wage of $12.00/Hr. 

As of January 1, 2010, the Marengo Economic Development Commission has made five recommendations for incentives.  Two have been approved by all taxing districts while the rest are in the process.  These five new/expanding businesses are planning to invest nearly $14,000,000 in the community and create 59 new jobs.  If all five recommendations are approved the Marengo taxing districts will not collect or rebate over $425,000 in taxes and fees.