Village of Huntley Economic Development Incentives
The Village of Huntley occasionally offers general incentive assistance to aid in the funding of infrastructure and other site improvements. The use of incentives is a method that may be used for attracting business to Huntley. Incentives are designed to achieve public benefits including increased tax revenues (both property and sales taxes), desired additional employment, and new public improvements that outweigh proposed incentives. Incentives must be size appropriate, timely and are reviewed on a case-by-case basis. The following documents are provided to assist in the application process:
Huntley’s permitting process provides for fast permitting and development approvals. Fast tracking illustrates that Huntley understands that time is money. Efficient and timely approvals minimize construction related costs and represent an important economic incentive.
Qualified sites are parcels:
listed for sale or lease,
meet zoning and comprehensive plan requirements,
served by utilities,
fulfill the requirements of the development application, and
maintain access to existing road networks.
Properties with these characteristics are designed to allow a firm to receive plan approvals within 90 days of full plan submittal.
Recent examples of fast track permitting approval include:
The McHenry County Loan Fund (MCLF) exists for the purpose of encouraging economic growth and increasing the size of its commercial and industrial base. The MCLF is a government funded program that helps build businesses in McHenry County. The MCLF is administered by the McHenry County Board and marketed by the McHenry County Economic Development Corporation. The MCLF provides funds in combination with other sources of financing needed to get a new business off the ground or help growing companies meet expansion needs. MCLF funds are used to achieve lower overall interest costs. It can be an affordable source of financing that can be used with or in place of a traditional commercial or SBA loan.
• Long term maturity • Quick response time • Minimal upfront costs • Lower costs than SBA loans
Any new or expanding business located in McHenry County with a completed business plan is eligible to apply for a low-cost loan through the McHenry County Loan Fund.
Upper Illinois River Valley Development Authority The Upper Illinois River Valley Development Authority is a general development agency serving the Counties of Bureau, Grundy, Kane, Kendall, LaSalle, Marshall, McHenry and Putnam. UIRVDA can issue bonds that can finance capital improvements and can reduce the rate of interest.
The EDGE program is designed to offer a special tax incentive to encourage companies to locate or expand operations in Illinois when there is active consideration of 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. To qualify a company must provide documentation that attests to the fact of competition among a competing state, and agree to make an investment of at least $5 million in capital improvements and create a minimum of 25 new full time jobs in Illinois. For a company with 100 or fewer employees, the company must agree to make a capital investment of $1million and create at least 5 new full time jobs in Illinois.
Illinois Angel Investment Credit Program The purpose of the Angel Investment Program is to attract and encourage the placement of investment dollars into early-stage, innovative companies throughout Illinois. The investment dollars provide these companies with much needed access to working capital to further their growth and success in Illinois. The Angel Program is allocated $10 million in tax credits annually, from 2011-2016. Tax credits are awarded on a first-come, first-served basis. The Department of Commerce and Economic Opportunity (DCEO) administers the Angel Program.
Huntley First! is a premier online resource for available properties and economic development information for Huntley Illinois, Northern Illinois and the Chicago region. Site selectors and economic development professionals will find a wealth of information, statistics, demographics and available property here. For more information regarding available properties and economic development opportunities, please contact the Village of Huntley Illinois, or email Margo Griffin at firstname.lastname@example.org.