Kendall may seek enterprise zone status from state
By Steve Lord email@example.com August 17, 2012 12:02PM
Updated: September 21, 2012 6:06AM
YORKVILLE — Kendall County officials are looking into the possibility of establishing an enterprise zone in Yorkville.
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.
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 state existing 97 enterprise zones for another 25 years — they were set to begin expiring in 2013 — and the bill also creates the possibility of establishing more enterprise zones.
Kendall County economic development officials are in the midst of studying whether an enterprise zone will make sense for the county.
County Board member Dan Koukol, chairman of the Economic Development Committee, said he sees the enterprise zone designation as boosting the 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.
According to the Illinois Enterprise Zone Association, there currently are 35,313 businesses 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.