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.
ETIP Grant – Matching grant for job training of $500 per employee.
For more information, please visit: http://www.commerce.state.il.us/
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