Kendall could seek an enterprise zone
By Steve Lord Sun-Times Media August 25, 2012 3:46PM
Updated: September 27, 2012 10:54AM
YORKVILLE — Kendall County officials are looking into the possibility of establishing an enterprise zone here.
Changes in Illinois law are making it possibly easier to establish an enterprise zone, at least in areas that previously might not have been eligible.
Gov. Pat Quinn this month signed a bill extending the 97 enterprise zones already in Illinois for another 25 years — they were set to begin expiring in 2013 — and the bill also creates the possibility of more.
Kendall County economic development officials are in the midst of studying whether or not an enterprise zone will make sense for the county.
County Board member Dan Koukol, who chairs the Economic Development Committee, said he sees it as something possible for new road corridors Kendall is trying to create, such as along Eldamain Road. Officials see that eventually as a major thoroughfare, with economic development along it.
Businesses located or expanding in an Illinois enterprise zone may be eligible for an exemption on the retailers’ occupation tax paid on building materials, and an investment tax credit of .5 percent of qualified property.
There are potential additional exemptions.
According to the Illinois Enterprise Zone Association, there currently are 35,313 business investing $33.4 billion in Illinois enterprise zones. Those zones have created 281,330 jobs and retained 458,250 jobs, the association said.
Kendall officials want to be ready when necessary to apply for an enterprise zone.
“We have to compete for some of those spots,” said Board Chairman John Purcell.
