Growth Dimensions

Financial Incentives

Belvidere-Boone County Enterprise Zone Additional State Incentive Programs

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

Belvidere-Boone County Enterprise Zone

The Belvidere-Boone County Enterprise Zone is one of ninety-three Illinois enterprise zones designated by the State of Illinois in cooperation with one or more local governments to receive various tax incentives and other benefits to stimulate economic activity and neighborhood revitalization.  The Belvidere-Boone County Enterprise Zone of 6.7 square miles was certified by the State of Illinois on July 1, 1985.  Under current City and County ordinances, the Zone will remain in effect until June 30, 2005.  Legislation was recently signed into law extending the life of all ninety-three Illinois enterprise zones an additional 10 years.  The Belvidere-Boone County Enterprise Zone is now set to expire on June 30, 2015.  Growth Dimensions will be approaching the taxing bodies that currently offer property tax abatements to seek re-authorization of property tax abatements for an additional 10 years in accordance with the extension of the life of the local enterprise zone.

The Belvidere-Boone County Enterprise Zone offers a variety of local and state incentives to assist in the attraction and retention of commercial and industrial businesses.  The primary local incentive offered in the Belvidere-Boone County Enterprise Zone is property tax abatements on improvements to commercial and industrial properties (i.e. increase in the equalized assessed value of the property).  Property tax abatements are abated on improvements to commercial and industrial properties in increments of:
 
80% the first year
60% the second year
40% the third year
20% the fourth year
 
Over four years, the average property tax abatement is approximately 50%.
 
These abatements have been authorized by Belvidere Community Unit School District #100, City of Belvidere, Boone County, Belvidere and Bonus Townships and Belvidere Township Park District.  The zone has benefited a diversified group of over 175 local and national industries and businesses.   Among the industries that have benefited are DaimlerChrysler, Belvedere USA Corporation, Camcar Textron-Taptite Products, Dean Foods Company, Franklin Wire Works, Inc., and General Mills/Green Giant. The zone has also benefited commercial businesses such as Shopko Stores, Pacemaker Foods, KMART, and Jack Wolf Pontiac-Cadillac-GMC.