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County approves Enterprise Zone Amendment 5; EDC highlights small-business lease grants
Summary
The Finance Committee approved boundary changes to the Bloomington-Normal Enterprise Zone (Amendment 5) to add parcels — including some for potential residential development — and heard that the EDC/CDC’s commercial lease grant program has subsidized rent for 17 startups, with more applications pending.
The Finance Committee voted to approve an ordinance authorizing boundary modifications to the Bloomington-Normal Enterprise Zone (Amendment 5) during its Sept. 3 meeting after a presentation from Patrick Hoban, director of the Bloomington-Normal Economic Development Council.
Hoban said the Illinois Enterprise Zone is a state-run program administered by the Illinois Department of Commerce and Economic Opportunity that can provide sales-tax exemptions on building materials and, in some cases, property-tax incentives for qualifying projects. He described Amendment 5 as an option-2 style amendment that allows multiple parcels to be added if all five taxing…
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