Growth does not come easily to some areas. The Village of Bourbonnais is poised and ready to grow with the largest commercial and industrial companies that need good and plentiful land, a diverse and skilled workforce, and a government that is ready and willing to reinvest in their land area and citizenry. An April 1, 2006, Chicago Tribune article entitled “Living on the Edge” highlighted the many benefits of living in Bourbonnais. The Village has also had the foresight to prepare a large land area straddling Interstate 57 form Route 45 on the west to Route 50 on the east and enter into an industrial Tax Increment Financing District of over 1400 acres dedicated to providing good jobs for the area and good incomes to support the numerous retail opportunities that will also come with growth.
Destination Bourbonnais for Development 1760 acres designated for industrial growth
- 1370 acres in Bourbonnais Industrial TIF
- 45 miles from Chicago Market
- Adjacent to newly planned I-57 Interchange
- Full-Provision of Incentives: TIF and Enterprise Zone
- Updated Plan and high quality design standards
- Adjacent to Canadian National Railroad
In February 2006, the Village developed an Industrial TIF area consisting of 1,465 acres. The Village annexed and zoned all of the land within the TIF for Industrial Use as M-1 and M-2 Zoning. The life of the industrial TIF is 23 years, which means it is in effect until 2029. The proposed Area consists of vacant land suitable for use as an industrial park, and all properties within the Area is zoned Industrial.
The concept behind the tax increment law is straightforward, and allows a municipality to carry out redevelopment activities on a local basis. Redevelopment that occurs in a designated redevelopment project area results in an increase in the equalized assessed valuation of the property, thus generating increased real property tax revenues. This increase or “increment” can be used to finance “redevelopment project costs” such as land acquisition, site clearance, building rehabilitation, interest subsidy, construction of public infrastructure, and other items. TIFs encourage and assist private investment and development within the Redevelopment Area through the provisions of financial assistance for new development, as permitted by the TIF Act. This will provide for expanded employment opportunities.
The Village of Bourbonnais has determined that it is appropriate to provide limited financial incentives for private investment with the Redevelopment Project Area. This will enable the Village to finance the necessary infrastructure to support private development.
Future private development will be consistent with industrial and commercial buildings and/or other uses permitted under the M-1 and/or M-2 industrial zoning classification. These activities will provide employment opportunities for the construction industry, as well as permanent jobs.
Public improvements and support activities will be used to induce and complement private investment. These may include, but are not limited to: street improvements, construction of an interchange at I-57 and 6000N Road, land assembly and site preparation, public utilities, traffic signalization, market of property and interest subsidies as well as other programs of financial assistance, as may be provided by the Village. In March of 2006, the Federal Highway Administration approved the construction of a new interchange. This new interchange is in the heart of the Bourbonnais growth corridor. Efforts are underway for the creation of a new TIF District and expansion of the Enterprise Zone to include properties that would benefit from the new interchange.
The Village is aggressively pursuing development projects as the Village’s marketing efforts induces more private investment in the Area.
Development Tools - The Village has available a full array of development tools to assist in the construction of new retail and commercial buildings.
Tax Increment Financing - Under the terms of redevelopment agreements, multi-year property tax rebates are available for a wide array of eligible expenses, including land acquisition, site improvements, infrastructure, and interest expenses.
Enterprise Zones - Enterprise Zone benefits include waiver of building permit, exemption from sales taxes on materials used in construction, and various investment tax credits.
Sales Tax Sharing - Under terms of redevelopment agreements, multi-year sale tax sharing plans will be considered.
Fast Tracking Plans - The Village's Building Department will work with developers on the fast tracking of site plans and construction plans to ensure timely approvals of development initiatives.