This award is based on projected employment payroll for up to 10 years. Businesses will receive reimbursement for some portion of the new employee’s wages during the training period. Other uses include: training material, skill assessment, travel expense, and contract training.
This program’s funding is in the form of loans or forgivable loans. It can also include a state sales tax rebate on construction material, sales tax rebate on racking, and credits towards a portion of state corporate income tax. Awards are based on the quality of the created/retained jobs (i.e., employee wages, benefits packages, other factors).
TIF typically comes in the form of property tax rebates on the taxable improvements over a period of years. Some localities have a pre-set number of years and percentage of taxes to be rebated or abated already established. Others may determine those components project by project based on factors such as the new tax base and jobs being created. Some government entities may use TIF to help finance their extension of new utilities, roads, or other infrastructure as part of the project. Again, this is up to the local government leaders and is considered based on the economic impact of the project along with other factors.
The following RLF programs are available to projects in Butler and Grundy Counties. In general, most RLF programs can be used to assist existing businesses, and new start-ups with acquisition of real estate, purchase of machinery and equipment, building improvements, and working capital.INRCOG
Some communities provide land in their developed industrial parks at no cost or at a reduced rate. This varies greatly between communities and different factors are used to determine the amount of free or reduce cost available. This includes the new property taxes to be generated, new jobs to be created or retained, and the overall economic impact of the project.