Corridor Benefits
These are some of the benefits that companies located in the Ravenswood Industrial Corridor are eligible to receive from the city and state government.
Tax Increment Financing (TIF) Districts
These districts are enabled by state legislation to promote redevelopment. Currently Chicago has 67 such districts designated; companies within these districts are eligible for benefit money for the financing of site preparation, job training, land acquisition, and building repairs.
Enterprise Zone Tax Incentives
Zones designated by the State of Illinois and local governments to receive tax incentives to promote economic stimulation. Companies located within Enterprise Zones are eligible for certain benefits:
Jobs Tax Credit: Employers may obtain a tax credit on their Illinois income taxes for hiring dislocated or economically disadvantaged individuals.
Illinois Sales Tax Exemption: An 8% combined Chicago and Illinois sales tax exemption on building materials purchased from a Chicago business for use in real estate remodeling, rehabilitation or new construction.
Machinery or Pollution Control: A similar 6.25% state sales tax exemption is available on purchases used in the assembly, manufacturing, or the operation of a pollution control facility.
Utility Tax Exemption: A state utility tax exemption on gas, electricity, and telecommunications.
Property Tax Reduction: Property in Cook Country enterprise zones are eligible for special property tax incentives under a program called Class CB. Industrial property in Cook County is generally assessed at 36% of market value; under these special incentives, improvements to enterprise zone property are assessed at 16% of market value for eight years. The tax rate remains the same, but a company's tax liability drops because this rate is being multiplied by a much smaller property value. This program also applies to the purchase of existing buildings in enterprise zones, provided the buildings have been vacant for 24 consecutive months.
Chicago Real Estate Transaction Tax Exemption: An exemption from the city's Transaction Tax is available for title transfers within a Chicago enterprise zone for real estate used for commercial or industrial purposes.
B2B Discount for RIC Members
We are going to be working with local retail businesses to offer a small discount for RIC members. You can just inform the retail location of your membership to receive the discount. Each week we will highlight a different business in the Ravenswood neighborhood and the discount will be available for that week only. If you have a favorite local spot in the neighborhood that you think may want to join this program download the information flier and pass it along!
