GOLD - Main Street Crossings in Crystal Lake, IL
63 acre, clean development opportunity adjacent to the Crystal Lake Business Center Industrial Park and Center for Technology. Complete infrastructure availability and amazing development potential. See Executive Summary and attachments for additional information.
ECONOMIC DEVELOPMENT INCENTIVES
Please provide program descriptions and qualifying criteria (budgets, program timing, administrative body, clawbacks, etc.) for statutory and incentive programs for which this project is likely to qualify, including but not limited to the following:
The City is offering a $10,000 Manufacturer Job Creation & Investment Matching Grant towards equipment costs.
• Financial assistance or low-cost financing including development bonds
The City of Crystal Lake can provide approximately $4,000,000 in tax exempt bonding authority.
• Infrastructure improvements
The City of Crystal Lake will work with the property owner to obtain a rail connection to the Union Pacific Railway adjacent to the subject property through land owned by the City of Crystal Lake.
• Permit and Inspection fee reduction
The City can offer a 50% waiver of the required permit and inspection fees associated with the construction of the manufacturing facility
• Annexation and zoning entitlement fee waiver
The City will waive all annexation and zoning entitlement fees associated with this project.
• Sales Tax Incentive
If the manufacturer will generate sales taxes through the sale of products from this location, the City can work with the manufacturer to rebate a portion of those taxes collected through our Enhanced Sales Tax Incentive Program.
• Intermodal TIF District
This site is eligible for designation as an Intermodal TIF District, as long as both rail and truck transportation serve this site. City Staff would work to establish the TIF district prior to construction and would rebate incremental TIF revenues on a pay-as-you-go basis for the duration of the TIF, in accordance with a development agreement between the manufacturer and the City.
Crystal Lake is located 50 miles northwest of Chicago, a short drive from O'Hare International Airport, near several major highways and interstates. The Union Pacific rail line provides easy access to Chicago. As a result, Crystal Lake residents enjoy the many employment, cultural and recreational opportunities of a major metro city, yet live in a pleasant, friendly, small-town atmosphere.