Incentives Overview

TIF Districts – The City of Ottawa has Six Tax Increment Financing Districts (Canal, Dayton, Downtown, East, North and OIP) 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, partial property tax abatement, investment tax credit & State Income Tax Deduction.
• Fees on building permits for building, signs, plumbing, electrical are reduced by 50%.

 

 

Illinois Department Of Commerce And Economic Opportunity ("IDCEO")

 

EDGE Tax Credit – Three percent (3%) of payroll for ten (10) years.

 

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

 

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

 

 

Ottawa Business Financing Matrix

A Guide of Local Financing Programs for Business and Economic Development

 

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:
Lonnie Doan
815-433-1780

 

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PROGRAM: USDA Business Industrial

 

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

 

CONTACT:

Kevin Vetos
815-433-0551

 

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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

 

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PROGRAM: Illinois Finance Authority

 

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

 

CONTACT:

James Senica
309-495-5959

 

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PROGRAM: Ottawa Community Development

 

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

 

CONTACT:

William Franklin
815-228-2325