Business Districts
OVERVIEW
What are Business Districts and how do they work?
A Business District is an area designated by ordinance that increases the sales tax for most sales tax producing purchases within the area by increments of .25% up to a maximum of 1%. A BD allows the Village to provide funds to existing businesses for eligible expenses such as building additions and remodeling, incentivize new businesses, and perform infrastructure, beautification and other improvements in the business district area.
What are eligible Business District costs?
Business District funds can be expended on:
A Business District remains in place for 23 years following designation.
OVERVIEW
What are Business Districts and how do they work?
A Business District is an area designated by ordinance that increases the sales tax for most sales tax producing purchases within the area by increments of .25% up to a maximum of 1%. A BD allows the Village to provide funds to existing businesses for eligible expenses such as building additions and remodeling, incentivize new businesses, and perform infrastructure, beautification and other improvements in the business district area.
What are eligible Business District costs?
Business District funds can be expended on:
- Professional fees including legal, engineering, planning, architecture and others, as required
- Property assembly costs
- Site preparation costs
- Costs of public infrastructure
- Building rehabilitation costs
- Building construction costs, including reimbursement payments to private developers
- Financing costs
- Relocation costs
A Business District remains in place for 23 years following designation.