Existing Business Support in West Chicago
The success of the City’s business retention and expansion programs and services is extremely important to West Chicago’s overarching economic development strategy. It values every business, from large corporations which employ hundreds of people to the small business community that employs only a few. Each segment contributes to West Chicago’s economy and quality of life.
Property Tax Abatement
Property tax abatement is an incentive that may be offered to a business expanding an existing facility or locating a new facility within the jurisdiction. Abatement allows the subject business to keep a portion of the difference between the current property tax revenue from a building or site and the resulting property tax revenue after expansion, improvement, or new construction.
With cooperation from the principal taxing bodies such as the West Chicago School District #33, Community High School District 94, West Chicago Park District, West Chicago Fire Protection District, and West Chicago Public Library District such a program is made possible for large scale projects for a pre-determined/negotiated period of time.
Brilliance in Business Award Program
The Brilliance in Business Award Program is the highest honor given by the City of West Chicago in recognition of exemplary and innovative business practice. It aims to acknowledge the specific efforts businesses make towards achieving their goals and the positive impact they have on the community. The program highlights and acknowledges successful initiatives, projects, ventures, business models, and practices that continue to enhance the West Chicago business environment and further the community’s economic development goals. The Program brings to the forefront the level of diversity, creativity, and corporate citizenship that epitomizes West Chicago Business.
More details on the Brilliance in Business Program found here. (link to page) http://westchicago.org/businesses/brilliance-in-business-awards/
Downtown Retail and Restaurant Grant Program
The Retail and Restaurant Business Grant Program is sponsored by the City of West Chicago for the purpose of strengthening retail business activity in the Downtown Business District (“Downtown”), by attracting new retail and restaurant businesses as well as to assist existing retail and restaurant businesses.
More details found here. http://westchicago.org/businesses/incentives-and-programs/
Façade Improvement Program
This program benefits TIF District businesses and provides a limited match of private funds in the form of grants to be used for building façade improvements.