Economic Development
Economic Incentives
WHY WE OFFER DEVELOPMENT INCENTIVES:
By offering development incentives we increase the potential to attract investment, employment, and new tax revenues to the City of Danville. We follow a model based on the theory that partnership between the City and local business is necessary for smart economic growth. We believe those investing in our community deserve to have the City invest in them.
The City of Danville has a variety of incentive programs available to both small and large businesses. We also work with local business and property owners to assist in locating any state or federal development incentive programs that may be applicable to his or her particular project.
We understand that running a business is already complicated enough without the hassle of tracking down information on what incentives qualify for which projects. That's why we've tried to break down Danville's available Incentive Programs to their bare bones, so you can spend more time on your business and less time searching for something that might not even be available in your area. We've created a simple economic incentives brochure to help guide you and, we are here to answer any questions that you may have on these or other programs.
Below are the programs currently offered by the City of Danville. Please contact us for more information by calling (217) 431-2321 emailing us at tterhune@cityofdanville.org or by visiting us at 1155 E Voorhees Street, Suite A Danville, IL 61832
By offering development incentives we increase the potential to attract investment, employment, and new tax revenues to the City of Danville. We follow a model based on the theory that partnership between the City and local business is necessary for smart economic growth. We believe those investing in our community deserve to have the City invest in them.
The City of Danville has a variety of incentive programs available to both small and large businesses. We also work with local business and property owners to assist in locating any state or federal development incentive programs that may be applicable to his or her particular project.
We understand that running a business is already complicated enough without the hassle of tracking down information on what incentives qualify for which projects. That's why we've tried to break down Danville's available Incentive Programs to their bare bones, so you can spend more time on your business and less time searching for something that might not even be available in your area. We've created a simple economic incentives brochure to help guide you and, we are here to answer any questions that you may have on these or other programs.
Below are the programs currently offered by the City of Danville. Please contact us for more information by calling (217) 431-2321 emailing us at tterhune@cityofdanville.org or by visiting us at 1155 E Voorhees Street, Suite A Danville, IL 61832
TAX INCREMENT FINANCING (TIF):
A TIF District is a designated area which the City has determined is in need of physical improvements, both public and private, in order to spur growth and development. A portion of the property taxes from each building located within the TIF District are placed in a fund that is specifically reserved for such improvements. These funds can help finance private building improvements that otherwise might not receive any attention.
The TIF incentive model is designed to work with property owners to create a public/private partnership in a certain area. The general idea being that the more the District improves the more property values will increase. This will increase revenue in the TIF fund which, in turn, will be used for further District improvements.
A TIF District is a designated area which the City has determined is in need of physical improvements, both public and private, in order to spur growth and development. A portion of the property taxes from each building located within the TIF District are placed in a fund that is specifically reserved for such improvements. These funds can help finance private building improvements that otherwise might not receive any attention.
The TIF incentive model is designed to work with property owners to create a public/private partnership in a certain area. The general idea being that the more the District improves the more property values will increase. This will increase revenue in the TIF fund which, in turn, will be used for further District improvements.
Apply for TIF
The following links have specific information on the City of Danville's 5 TIF Districts. To see a map of the districts please see our informational brochure or the interactive map.
The following links have specific information on the City of Danville's 5 TIF Districts. To see a map of the districts please see our informational brochure or the interactive map.
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Districts and Guidelines
Campus Corridor Downtown TIF Guidelines, TIF Score Chart Downtown TIF Loan East Voorhees Midtown TIF Guidelines, Western Gateway TIF Guidelines |
Application and General Info
The Following Incentives Apply to All TIF Districts, TIF Application TIF General Information Sheet TIF Project Evaluation Criteria |
ENTERPRISE ZONES (EZ)
An Enterprise Zone is a designated area which the City has designated thru State Law to be ideal for certain types of economic development. Generally speaking Enterprise Zones are larger areas more geared toward mid-level to heavy-industrial development. However, any sized business located within a designated Enterprise Zone is eligible for the same incentives.
Unlike TIF, Enterprise Zones don’t generate funds from taxes to facilitate development improvements. Incentives in Enterprise Zones are designed to reduce the up front costs of a project by waiving certain fees and authorizing tax abatements.
The following link contains specific information on The CIty of Danville's Enterprise Zone.
An Enterprise Zone is a designated area which the City has designated thru State Law to be ideal for certain types of economic development. Generally speaking Enterprise Zones are larger areas more geared toward mid-level to heavy-industrial development. However, any sized business located within a designated Enterprise Zone is eligible for the same incentives.
Unlike TIF, Enterprise Zones don’t generate funds from taxes to facilitate development improvements. Incentives in Enterprise Zones are designed to reduce the up front costs of a project by waiving certain fees and authorizing tax abatements.
The following link contains specific information on The CIty of Danville's Enterprise Zone.
SMALL BUSINESS REVOLVING LOAN
The City of Danville and its partners offer various Low Interest Loan options to assist for-profit businesses with improvement projects. The loans are designed to allow a borrower to obtain a lower interest rate than would be offered through a bank to help finance a portion of a development project.
The following link contains specific information on what types of projects can be financed with these low interest options.
Small Business Revolving Loan Information and Application
The City of Danville and its partners offer various Low Interest Loan options to assist for-profit businesses with improvement projects. The loans are designed to allow a borrower to obtain a lower interest rate than would be offered through a bank to help finance a portion of a development project.
The following link contains specific information on what types of projects can be financed with these low interest options.
Small Business Revolving Loan Information and Application
SPECIAL SERVICE AREA:
Special Service Area Financing, (SSA) is an instrument made available to communities within the State of Illinois whereby they can use a specially designated real estate tax to finance a capital improvement or additional service to a specific geographical area of their choice.
The following link contains specific information on what types of projects are most commonly associated with SSA's.
The City of Danville Special Service Area
Special Service Area Financing, (SSA) is an instrument made available to communities within the State of Illinois whereby they can use a specially designated real estate tax to finance a capital improvement or additional service to a specific geographical area of their choice.
The following link contains specific information on what types of projects are most commonly associated with SSA's.
The City of Danville Special Service Area
Contacts
City of Danville |
Downtown Danville Inc |
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(217) 431-2873
TTerhune@cityofdanville.org 1155 E Voorhees Street, Suite A Danville, IL 61832 http://www.cityofdanville.org/ Vermilion Advantage(217) 442-6201
15 N. Walnut St. Danville, IL 61832 rhaun@vermilionadvantage.com http://www.vermilionadvantage.com |
(217) 213-6269
Info@downtowndanville.org 149 N. Vermilion St. Danville, IL 61832 https://www.downtowndanville.org/ Small Business Development Center at Dacc217-442-7232
sbdc@dacc.edu 2000 E. Main St. Danville, IL 61832 http://www.dacc.edu/sbdc |
