For Immediate Release –
Coles County has won the competition for enterprise zone designation in Illinois. The new enterprise zone was awarded by Governor J.B. Pritzker and will take effect January 1, 2020. The application for the zone was a joint effort of Coles Together, the City of Charleston, the City of Mattoon, and the City of Oakland. The new zone will be administered by Coles Together.
The announcement means Coles Together will be able to assist business location and expansion projects with tax incentives designed to stimulate economic growth, job creation, and revitalization in depressed areas.
In addition to providing benefits for the industrial sector, the new zone has added features which provide incentives for retail, commercial, and service firms. Previously, only industrial firms were eligible for enterprise zone benefits.
“Adding incentives for retail, commercial, and service firms will provide support for a sector that is important to the local community and adds stability to our economic base” said Angela Griffin, President of Coles Together. “The enterprise program stimulates a net gain in property tax revenue and also spurs new jobs and additional income for the county.”
Over the past 29 years, 178 projects have occurred in the enterprise zone resulting in $497 million in private investment in Coles County, the creation of 2,603 jobs and the retention of 12,262 positions.
Oakland Mayor Bob Michaels is thrilled with the announcement. Preparing the application, Michaels worked closely with Griffin to identify areas in Oakland targeted for development. “Being able to better stimulate the economy in Oakland and target areas where we see the most potential is important to developing the community in a way that best serves the citizens” said Michaels. “We are pleased to have this economic development tool to maintain our competitiveness with communities our size.”
Griffin is in the process of notifying all businesses located in Coles County within the 15 square mile territory of the zone about the benefits they will be eligible to take beginning January 1, 2020. In the meantime, you may learn more about the program and find out if your business is in the zone, by contacting the Coles Together office at angela@colestogether.com.
