Industrial Incentives 

The Village of Schaumburg participates in two programs that provide financial incentives for qualified industrial uses.

Industrial Revenue Bonds

  • Schaumburg receives $5.9 million each year in tax-exempt bonds that can be used by existing Schaumburg industries to expand or to attract new industries
  •  
    The interest rates on these industrial revenue bonds are 65-80% lower than conventional bank interest rates and typically save 10-25% of the amount financed
  • Eligible applicants are limited to manufacturers that alter or add value to raw materials
  • Wholesalers, distributors and retailers are not eligible
  • Eligible uses of the funds include land acquisition, building construction, new equipment or existing equipment purchase and even interest expense during construction

Cook County Recovery Zone Facility Bonds

  • The American Recovery and Reinvestment Act of 2009 set aside $196,814,000 to Cook County to issue new tax-exempt private activity bonds to finance certain depreciable property including new or used equipment.
  • The Recovery Zone Facility Bonds provide lower interest rates and longer term debt financing of up to 29 years.
  • Cook County is taking applications until May 3, 2010 for bonds that must be issued by December, 2010.
 

Cook County Class 6B

  • The Cook County Class 6B real estate tax incentive allows eligible industrial users to reduce their assessed value for a period of twelve years
  • Eligibile properties must be for industrial uses such as manufacturing, wholesale distribution, or processing of raw materials to create new products
  • The Class 6B incentive can be used for new construction, purchase of abandoned property (2 years vacant) or for substantial rehabilitation of a structure

Those businesses interested in either of these industrial incentives should contact the Economic Development Coordinator at 847.923.3853 or Matt Frank.

 
101 Schaumburg Court, Schaumburg, IL 60193-1899
P: 847.895.4500, F: 847.895.7806

Dial 311 for non-emergency requests