BETHALTO TIF DISTRICT
Tax Increment Financing (T.I.F.) is an instrument created by the State of Illinois to promote the economic development or redevelopment of high-priority areas within a community, which meet specific State designated criteria. T.I.F.s are financed through a portion of property tax in the given district, dedicated to paying for redevelopment activities through:
- Financing of public improvements, and
- Providing economic incentives to businesses that will undertake improvements to parcels of land in the district.
Established on 9/5/2000, the Village of Bethalto’s TIF district expires at the end of its 23-year life. (9/5/2023)
The Riverbend Enterprise Zone offers outstanding investment opportunities for companies seeking a full range of location or expansion incentives. Start-up costs and long-term operating costs can be significantly reduced through a combination of state and local tax incentives, low-cost financing, and employee training programs. It is simple to take advantage of zone incentives and a network of development professionals stand ready to assist.
- Property tax abatement on increased assessed valuation due to new construction or renovation for four years
- 6.60+% sales tax exemption on building materials
- 1% investment tax credits on machinery, equipment, and buildings
- 0.5% investment tax credit for firms that increase their employment in Illinois by 1%
- $500 jobs tax credit for each eligible new employee (minimum five eligible new hires in one year)
- Deductions from state income tax on dividends paid by corporations doing substantial business within the zone
- Low-interest business financing program
- Employment training assistance programs
AMERICA’S CENTRAL PORT
As a unit of local government, America’s Central Port offers a variety of assistance programs to help lower operating costs for start-ups and private expanding businesses – depending on economic impact, job creation, and private investment generated.
America’s Central Port has an excellent staff of engineers and planners who are capable of developing and designing a wide range of projects. The staff is knowledgeable in all aspects of planning and development for ports, industrial and commercial parks, building layout and design, operational components of intermodal transfers, steel movements, building renovation, and new construction.
The staff has worked with many prospective tenants to “site” a building and design many key components including access roads and a variety of construction requirements. This service is provided FREE to existing and prospective tenants.
New or expanding businesses may be able to take advantage of sales or property tax abatement, alternative financing through a Tax Increment Financing District, Special Business District, or tax credits for job creation and training opportunities for new or existing workers. In addition, utility providers in Illinois may offer significant rate discounts for larger projects.
Whatever the case, the Port will work with a team of representatives from the State of Illinois, Madison County, and local municipalities to provide the necessary site location assistance available to attract your company to America’s Central Port.