As the Chicago metropolitan area continues to build out, predictions forecast that the southland will see population growth as much as 175 percent and employment growth of as much as 225 percent over the next 15 to 20 years.
A quick, 45-minute drive south of Chicago, the Village of Bourbonnais and surrounding Kankakee County are already experiencing this growth. The region recorded $1.5 billion in major capital investment generated by robust expansion and new development in the advanced manufacturing, transportation/logistics, energy, healthcare and bioscience sectors (2014-2017). The community continues to lead the state in job growth among small metros, as calculated by Milken Institute in its Best-Performing Cities Index, and is the #4 small metro for cost of doing business in the USA, according to Forbes Magazine.
The Village of Bourbonnais and its development partners have made significant new infrastructure investments to meet current and future industrial, commercial and residential demand. A major focus of this cooperative effort has been around the new I-57 interchange at Bourbonnais Parkway, which opened in fall 2018.
“Utilities - gas, electric, water, wastewater, fiber – all are available in abundance at the Bourbonnais Parkway development area, along with access to rail,” noted Bourbonnais Mayor Paul Schore. “We’ve established multiple incentive programs, and have begun fielding serious greenfield development interest.”
Bourbonnais Parkway is appealing for new development in part due to eligible incentive programs – Tax Increment Financing, Business District and Enterprise Zone. Over 1,400 acres are currently available for Industrial TIF, while potential reimbursements to private developers within the Business District provide additional benefits. Two Enterprise Zones offer 5-year property tax abatement, sales tax exemptions on building materials, machinery and equipment sales, utility tax exemption and other growth incentives for new development.