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Tax Increment Financing (TIF): Tax increment financing is a program that provides a governmental incentive to private developers to stimulate investment in areas that have difficulty attracting development. It is used in areas that are distressed, or in danger of becoming distressed (conservation areas), as defined in the state law that governs TIF's. 6(b) Tax Abatement: Provides a reduced level of assessment to properties that are used primarily for industrial purposes where the owner has substantially rehabilitated an existing facility or reoccupied an abandoned one. The property receives a 16% assessment level for the first 10 years, 23% in the 11th year and 30% in the 12th year before returning to the full 36% industrial assessment level in the 13th year. Planned Manufacturing District (PMD): The PMD designation prohibits specific uses such as residential development and retail, which could potentially conflict with industry. The PMD zoning classification is intended to: foster the city's industrial base, maintain the city's diversified economy for the general welfare of its citizens, strengthen existing manufacturing areas that are suitable in size, location and character and which the City Council deems may benefit from designation as a PMD, encourage industrial investment, modernization, and expansion by providing for stable and predictable industrial environments, and help plan and direct programs and initiatives to promote growth and development of the city's industrial employment base. Enterprise Zone: An Enterprise Zone is a specific geographic area targeted for economic revitalizing. Enterprise Zones encourage economic growth and investment in distressed areas by offering tax advantages and incentives to businesses locating within the zone boundaries. Empowerment Zone: Area designated by the US government for the purpose of enabling companies to gain financial incentives, such as corporate income tax credits, by being located within them. Include places targeted in North America to receive special treatment and incentives in order to attract private investment and other economic activity. |
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© 2006 Camins Tomasz Kritt - All Rights Reserved. Industrial & Office Real Estate Services 1010 North Hooker Street / Suite 300 / Chicago, Illinois 60642 / Tel 312.337.1010 Fax 312.337.1088 |