Projects in Lanark
CITY OF LANARK, ILLINOIS
CONSERVATION AND OPPORTUNITY FOR GROWTH
REDEVELOPMENT PROJECT AREA
The Economic Development Committee has established a TIF (Tax Increment Finance) District to help draw jobs and people to Lanark. At the April 18, 2005 Council meeting the Council voted unanimously to adopt Ordinances 808, 809, & 810 to establish the TIF District.
Lanark TIF Documents and Maps:
|If you would like to apply for funds for a project that is within the TIF boundaries, please complete the form and mail or drop it off to City Hall.|
The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of a competing location in another State. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non- refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years. To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois. For a company with 100 or fewer employees, the company must agree to make a capital investment of $1million and create at least 5 new full time jobs in Illinois.
Other Area Economic Development Projects
Blackhawk Hills Regional Council
Blackhawk Waterways CVB
Federal Business Information Sites