49220664.2
Year 1
100%
Year 2
80%
Year 3
60%
Year 4
40%
Year 5
20%
ii)
Suchabatement shall be allowed only for industrial, manufacturing, and
commercial propertywithin theEnterpriseZone andprovided that such
remodeling, rehabilitation or new construction is of such anatureand scope
for which a buildingpermit is required andhas been obtained; and
iii)
The improvements are to be commencedafter the certificationof the
EnterpriseZoneby theDepartment of Commerce andEconomic
Opportunity;
iv)
No propertywithin aRedevelopment Area created pursuant to theTax
Increment AllocationRedevelopment Act (Ill. Rev. Stat., Ch. 24, Section 11-
74.4-1et. seq) shall qualify for tax abatement under thisAgreement;
B. SalesTaxCredit
The exception of buildingmaterials from theStateof Illinois and local portions of the
Retailers’ OccupationTax as provided inSection 5K of the IllinoisRetailers’
OccupationTaxAct, 35 ILCS120/5K (the “ROTAct”).
C. Permit andFeeWaivers
i)
Fees andwaivers shall beapplied as follow:
1. Thewaiver of any permit fee is applicable to commercial, industrial, and
manufacturing projects in theKankakeeCountyEnterpriseZone.
2. In theVillages of Manteno, Grant Park, andHopkinsPark buildingpermit
fees shall bewaived. Inspection fees shall be charged inaccordance
with the local jurisdictions’ fee schedule.
3. For projects inunincorporatedKankakeeCounty, theCounty shall waive
50% of its applicable buildingpermit fee.
4. TheCity of Momencewill not beparticipating in this benefit.
ii)
ApplicationFee –Anapplication fee of one half percent (0.5%) of cost of
buildingmaterials for new constructionand renovation projectswithin the
enterprise zone. The fee is dueat the timeof certificationof theproject by
theenterprise zone administrator and no fee shall exceed$50,000.
iii)
This agreement in noway limits the ability of any of the parties to extend
additional incentives or reimbursement tobusinesseswithin theEnterprise
Zoneor throughout their jurisdiction by separateOrdinance.
