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

• 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 for 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
• Eligible  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.