Development IncentivesThe Village of Romeoville offers several forms of assistance and development incentives for the purpose of attracting and retaining businesses. These incentives are designed to help the Village achieve the long-term goals of expanding the property and sales tax base, providing new jobs, and providing for the enhancement of the quality of life within the community, while at the same time, meeting the legitimate cost concerns of businesses.
RESTAURANT AND RETAIL GRANT
In an effort to attract and increase dining, shopping, and entertainment options, the Village of Romeoville is committed to awarding grants for qualifying businesses. Funds will be distributed on a case by case basis on the order received, subject to available funds, eligibility, and grant agreement approval with the Village. Get more details or apply for the grant here.
TIF DistrictTax Increment Financing (TIF) is a redevelopment tool authorized by State Statute to spur the revitalization of certain areas. There are currently three TIF Districts within Romeoville. Each project within the TIF District must be approved for benefits based on a detailed analysis of the investment. Click here for the TIF District map.
Sales, Food & Beverage Tax RebatesA tax rebate will be considered when a retail operation is projected to generate a significant amount of tax to the Village based on the municipal share of the total sales tax generated. The Village will consider sharing a portion of the municipal sales tax with the retailer for a specified number of years based on the type of retailer, the gap it will fill in the Village's inventory of retail, and the total amount of sales tax expected to be generated.
Industrial Revenue BondsThe Village will work with the regional authority to issue tax-exempt revenue bonds on behalf of manufacturing companies to finance the acquisition of assets such as land, buildings and equipment or to construct new or renovate existing facilities. Interest on tax-exempt bonds is exempt from federal income tax.
Downtown Façade ProgramThe Village of Romeoville is committed to facilitating high quality redevelopment in its Downtown Business District that is consistent with the Village's Master Plan. The intent of the Façade Improvement Program is to rehabilitate storefronts in an effort to create a more attractive retail shopping environment. Façade grants are based on the total improvements.
State of Illinois Edge Tax Credit ProgramThe EDGE (Economic Development for a Growing Economy) Program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration for a competing location in another state. The program can provide tax credits to qualifying companies, equal to the amount of state income taxes withheld from the salaries of employees in the newly created jobs. The non- refundable credits can be used against corporate income taxes to be paid over a period not to exceed 10 years.
This program is done on an application/weighted process. As a result of the application evaluation, a project can receive 50% abatement on improvements for 3, 4 or 5 consecutive tax levy years. Abatement can only apply to improvements done to the property, based on the equalized assessed valuation of the property. The Will County Tax Abatement Incentive is administered by the Will County Center for Economic Development.
Will County Tax Abatement Program
Workforce Investment Board of Will County
The Workforce Investment Board of Will County plays a key role in the economic development of our County. The Board brings together a myriad of employment, training, and educational services, transforming them into a comprehensive and easily accessed system that supports the development of a world-class workforce. The Board builds the workforce system to develop quality employees for employers and to develop quality opportunities for employees. This system makes it easy for business to make connections with a qualified pool of applicants and to access other workforce development services. This system is also intended to make it easy for people to learn about and access a broad range of employment, education, and related services. For more information, click here.