This is a thrilling time for Lake Villa. The Village continues to look for renewed opportunities for growth. Steadfast in maintaining the character of our village, we are happy to offer economic incentives to help with the business improvements you want to make. We are determined to enhance our business community and provide financial incentives for our current Village businesses. Every improvement the Village assists with keeps this thought in mind. We are encouraged and excited for what the future holds for Lake Villa. We want to reach out to our business owners and share these opportunities with you.
Whether you take advantage of the Village of Lake Villa’s Business District, TIF District, or the Local Incentive Program, the Village is committed to your growth and success as a business. The Village is steadfast in fostering a thriving and growing business environment. A healthy business sector is a necessity for any healthy community. We are committed to your success.
-Mayor Frank Loffredo
Economic Incentive Options
Downtown TIF District: A TIF district allocates future increases in property taxes from a designated area to pay for improvements within that area. Funds created in the TIF District can be used to construct public improvements, purchase property, to rehabilitate buildings, professional services, borrowing costs, etc. For example, a $75,000 renovation, or development project, could potentially generate $3,250 in new property taxes. This new property tax increment could allow for $65,000 in available TIF Incentives over a 20 year period.
Business District: A business district uses the additional sales tax generated from the district for public and private improvements to that area. Improvements include enhancements to private buildings, public infrastructure upgrades, and beautification to that area. As an example, a business that generates sales taxes could qualify for sales tax incentive grants from the Business District. This incentive would be available for interior and exterior improvements to your business.
Local Incentive Program: The local incentive program provides financial assistance for business relocation or retention. This public/private partnership is designed to provide incentives and assistance to encourage building improvements that preserve the character of the Village, retain jobs, and or relocate jobs to Lake Villa. Grants between $2,000 and $50,000 for local businesses are available for job creation, job retention, which are tied to building facade improvements.
Depending on the type of economic incentive you take advantage of, examples of qualifying projects include:
|Interior and Exterior Building Renovations||Public Improvements||Land Assembly||Site Development and Building Demolition|
|Job Training and Professional Services||Borrowing Interest Fees||Landscaping & Sign Improvements||New Building Construction|
View the Village of Lake Villa's Economic Development Incentive Brochure here.