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
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  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

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.