There are ample opportunities for retail/commercial, office, and industrial development in the Village of Dupo. The following provides information related
to economic development in the community, from demographic and economic characteristics to incentive programs and development site profiles.
VILLAGE DEMOGRAPHIC INFORMATION
TAX INCREMENT FINANCING
The Village of Dupo currently has three Tax Increment Financing Districts. Tax Increment Financing is a development tool designed to help finance certain
eligible improvements to property in designated redevelopment areas (TIF districts) by utilizing the new, or incremental, tax revenues generated by the
project after completion. Upon the creation of a TIF District, the current property values within that district become a base value from which it cannot
decrease. Any projects or improvements that cause an increase in value over that base would create an increment in value, and the incremental tax
revenues from that increment in value are paid to a “special allocation fund”. The proceeds of the fund are then used to reimburse the developer for
eligible project costs or to retire indebtedness incurred to cover those costs. Eligible project costs are the total of all reasonable or necessary costs
incurred or estimated to be incurred and any costs incidental to a redevelopment plan or project. Specifically, these costs include, but are not limited
- Costs of studies, surveys and plans
- Professional service costs (architectural, engineering, legal, financial, etc.)
- Property assembly costs (acquisition, demolition, clearing and grading)
- Costs of rehabilitating, reconstructing, remodeling of existing structures
- Costs of construction of public works
- Financing costs, including issuance interest and reserves.
The Village is home to a portion of the American Bottoms Enterprise Zone, which is another incentive program that can be used in combination with the TIF
District incentives. Enterprise Zone benefits include:
- Enterprise Zone Investment Tax Credit – A state investment tax credit of .5% is allowed a taxpayer who invests in qualified property in a zone. Qualified propertyincludes machinery, equipment and buildings. The credit may be carried forward for up to five years. Credit applied toward the 4.8% State Corporate Income Tax.
- Sales Tax Exemption – Sales tax exemption on building materials purchased in Illinois.
- Machinery and Equipment Tax Exemption – State sales tax exemption on purchases of tangible personal property used or consumed in manufacturing or assembly process, when making a $5 million investment and employing 200 or more.
- Utility Tax Exemption – A state utility tax exemption on gas, electricity, and the Illinois Commerce Commission’s administrative charge is available to businesses that locate in an Enterprise Zone. Eligibility for this exemption is contingent upon a business making a $5 million investment which causes the creation of 200 jobs.
- Utility Tax: 5.1%
- Telecom Tax: 7%
- In other words, should the company reach 200 FTP or more employees, the company will be eligible for that exemption at that time.
There are numerous sites ideal for development in the Village. Many of these sites are adjacent to Interstate 255, with high visibility in terms of annual average annual daily traffic counts (AADT).
Some of the sites best suited for development are located adjacent to the intersection of I-255/IL-50 and Route 3.
This area has been home to recent development, with ample acreage available. The demographics for the area, in 5, 10, and 20 mile radii, show the households and population figures.
The particulars of each site (where available) can be found in the individual site profiles for each:
All of the above information, as well as further economic and retail information, can be found in the Village of Dupo’s 2015 Economic Development Profile.