Sen. Sue Rezin (R-Morris) is celebrating the announcement of an enterprise zone for LaSalle County and its surrounding counties that was certified by the Illinois Department of Commerce and Economic Opportunity on May 16.
The certification will be activated by the Upper Illinois River Valley Development Authority (UIRVDA) for the entire region.
Enterprise zones provide financial incentives for companies seeking to develop or create jobs. The zone designation offers property tax reductions, investment tax credits, sales tax exemptions on building materials, utility tax exemptions on natural gas/electricity, and breaks on the telecommunication excise tax.
Rezin said the enterprise zone will serve as a catalyst for economic growth when combined with the region’s existing workforce, transportation infrastructure and positive community connections.
“This is a big deal and a game changer for the future of jobs and investment in the Illinois River Valley,” Rezin said in a press release. “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.”
Kevin Olson, UIRVDA chairman, said the zone will allow the issuance of double tax exempt bonds meant to prompt business growth.
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