Waukegan and North Chicago Seek Enterprize Zones
By Ralph Zahorik
STAFF WRITER
NORTH CHICAGO — North Chicago is joining Waukegan in a campaign to persuade the state to establish an enterprise zone in the two cities.
Enterprise zones are special districts where businesses are offered state tax credits and other state and local incentives to encourage development and expansion.
Businesses in enterprise zones, under certain conditions, don't pay state utility taxes. Building materials purchased for construction work in an enterprise zone also are exempt from the state's 6.25 percent sales tax.
There currently are 93 zones throughout state and one more is expected to be designated next year. There are none in Lake County.
Most of North Chicago from Lake Michigan west to Green Bay Road would be included in the proposed new district. In Waukegan, the zone would include the east side of the city from Grand Avenue south to the North Chicago border.
A designated enterprise zone could spark economic development in North Chicago's 40-acre Sheridan Crossing site along Sheridan Road north of Martin Luther King Drive and in other areas of the city, said Rob May, city economic development director.
Under the law, businesses get a $500 credit on Illinois income taxes for each job created in the zone for which an eligible worker is hired .
The North Chicago City Council voted unanimously to approve spending up to $16,500 to hire the S.B. Friedman Co. to prepare an application to submit to the state Department of Commerce and Economic Opportunity.
Waukegan's proposed share is $44,000. The Waukegan City Council is expected to vote on the proposal on Monday.
A public hearing and vote on an intergovernmental agreement between Waukegan and North Chicago was set for Dec. 27 at a place to be determined. Deadline for submitting an application is Dec. 30.
STAFF WRITER
NORTH CHICAGO — North Chicago is joining Waukegan in a campaign to persuade the state to establish an enterprise zone in the two cities.
Enterprise zones are special districts where businesses are offered state tax credits and other state and local incentives to encourage development and expansion.
Businesses in enterprise zones, under certain conditions, don't pay state utility taxes. Building materials purchased for construction work in an enterprise zone also are exempt from the state's 6.25 percent sales tax.
There currently are 93 zones throughout state and one more is expected to be designated next year. There are none in Lake County.
Most of North Chicago from Lake Michigan west to Green Bay Road would be included in the proposed new district. In Waukegan, the zone would include the east side of the city from Grand Avenue south to the North Chicago border.
A designated enterprise zone could spark economic development in North Chicago's 40-acre Sheridan Crossing site along Sheridan Road north of Martin Luther King Drive and in other areas of the city, said Rob May, city economic development director.
Under the law, businesses get a $500 credit on Illinois income taxes for each job created in the zone for which an eligible worker is hired .
The North Chicago City Council voted unanimously to approve spending up to $16,500 to hire the S.B. Friedman Co. to prepare an application to submit to the state Department of Commerce and Economic Opportunity.
Waukegan's proposed share is $44,000. The Waukegan City Council is expected to vote on the proposal on Monday.
A public hearing and vote on an intergovernmental agreement between Waukegan and North Chicago was set for Dec. 27 at a place to be determined. Deadline for submitting an application is Dec. 30.
posted by Red Alert Collective at 12:30 AM
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