CL revamps business incentives
CRYSTAL LAKE – City officials made sweeping changes to economic incentives offered to retailers, expanding one program’s thresholds and eliminating another.
The City Council last week changed parameters in its Enhanced Sales Tax and Matching Grant incentive programs and did away with the Façade and Commercial Tenant Improvement grant.
The Enhances Sales Tax Incentive Program, or ESTIP, has been offered to high sales, tax-generating businesses – most recently car dealerships looking to move or expand. The program allows an eligible business to recoup half of the sales taxes generated up to $1 million.
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