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Ottawa Industrial Park
(OIP) Incentives Overview

 

TAX INCREMENT FINANCING

TIF Districts – The City of Ottawa has SEVEN Tax Increment Financing Districts (Canal, Dayton, Downtown, East, North,OIP AND COMMERCIAL) available for business and industry to fund developments. The increase in Real Estate value generated by development is shared with the developer to defray eligible costs. 

Enterprise Zones
, also throughout the City, provide State Sales Tax exemption, Machinery/Equipment Sales Tax Exemption, Utility Tax Exemption and Jobs Tax Credit.

Local incentives include a sales tax exemption, investment tax credit & State Income Tax Deduction.

ETIP Grant – Matching grant for job training of $500 per employee. 

For more information, please visit: http://www.commerce.state.il.us/ 

 

 

FINANCE PROGRAMS

 

PROGRAM: 1st Farm Credit Services

 

PURPOSE: Largest Available Variety Of Competitively Priced Financial Products And Services Specifically Designed For Agriculture And No-Agriculture Businesses.

 

CONTACT: Ken Corbin 815-433-1780


PROGRAM: USDA Business Industrial

 

PURPOSE: Land & Building, New Construction Or Renovation, Equipment, Working Capital Plus Refinance (Maximum 50% Of Project).

 

CONTACT: 815-433-0551 EXT 4


PROGRAM: Upper Illinois River Valley Development Authority

 

PURPOSE: Tax Exempt Bonds Such As Industrial Revenue Bonds Used For Manufacturing Activities. Taxable Bonds For Non-Manufacturing Purposes Such As And Commercial, Industrial, Transportation And Distribution Facilities. Long Term Financing, Low Interest Rates, Flexible Terms, Favorable Requirements, Quasi-State Guarantee.

 

CONTACT: Andrew Hamilton 866-325-7525


PROGRAM: Illinois Finance Authority

 

PURPOSE: Land & Building New, Renovation Or Equipment. Interest Below Prime. 10 Year Term

 

CONTACT: James Senica 309-495-5959


PROGRAM: OTTAWA DEVELOPMENT INDUSTRIAL COMMISSSION

 

PURPOSE: Job Retention Or Creation. City Participates With Local Lender. Low Interest Rate. 10 Year Term

 

CONTACT: William Franklin 815-228-2335

 

FEDERAL PROGRAMS
PROGRAM ELIGIBLE PROJECTS
SBA 504 Loan Program Acquisition of machinery, equipment, real estate, land, construction or remodeling
EDA Funding Public Works, Research, Technical Assistance, Economic Adjustment
FTZ #114 Area considered outside the Customs territory of the U.S.A. Customs duties can be reduced, deferred or eliminated
 
STATE OF ILLINOIS LOAN PROGRAMS
PROGRAM ELIGIBLE PROJECTS
Participation Loan Program (DCEO) Financial assistance to small business
Community Development Assistance Program (DCEO) Finance infrastructure, public facilities, economic development
Illinois Capital Access Program(DCEO) Loan insurance for small and new businesses that do not qualify under conventional lending policies
Participation Loan Program -Illinois Finance Authority (IFA) Fixed-asset financing
Title IX Revolving Loan Fund (IFA) Land, buildings and equipment for manufacturers
Industrial Revenue Bonds (IFA) Land, buildings, equipment for manufacturing.
Local Government Bonds (IFA) Double tax-exempt bonds for infrastructure, buildings & equipment.
Technology Development Bridge (IFA) Seed-stage equity financing to small, high-technology companies.
Dept. of Transportation Economic Development Transportation Program (DCEO Highway improvements for new/expanding industry, distribution, manufacturing companies.
IL State Treasurers Economic Program (STEP) Create, expand or retain permanent jobs or demonstrate other economic benefit for the State.
501 (c) 3 Not for Profit (IFF) Real estate acquisition, renovation; equipment
Industrial Training Program Grants to offset 50% new and existing workforce training

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PDFS
pdflogo OIP Park Plan (1.04 mb PDF)

pdflogo Unit 0 Map (124 kb PDF)

pdflogo Unit 1 & Unit 2 Map (140 kb PDF)

pdflogo Roads & Rail (886 kb PDF)

pdflogo Water Sanitary & Storm (883 kb PDF)

Contact Info
Boyd Palmer
Ottawa Area Chamber of Commerce
633 LaSalle Street, Suite 401
Ottawa, IL 61350
815-433-0084

E-mail Boyd