The Tuscola Tax Increment Financing (TIF) Districts serve as the local incentive package, which may be offered to promote economic development. Incentives include property tax rebates, land acquisition, infrastructure improvements, and low interest loans for commercial property improvements. The TIF District incentives have been effective at spurring new retail development and improving the physical condition of the buildings located within the TIF District.
Local Banks may offer special financing incentives designed to promote economic development.
At this time, Douglas County offers limited incentives for economic development.
The state of Illinois offers a variety of economic development incentives. The majority of them are administered through the Department of Commerce and Economic Opportunity (DCEO, formerly DCCA) and the Illinois Department of Transportation (IDOT).
IDOT offers two types of economic development grant programs designed to improve highway access to new or expanding industrial, distribution and tourism developments.
Economic Development Program (EDP): The EDP is designed to provide up to 50% state matching funds road related construction and engineering items. The remaining funds must be provided by local or private sources. Eligible projects are considered based on the need for highway improvement and the imminence of the development; compatibility of the proposed roadway with the design of the existing system, primary job creation or retention and the ability to leverage EDP dollars through participation from other sources.
Truck Access Route Program (TARP): the TARP is designed to help local governments upgrade roads to accommodate 80,000 pound trucks. The routes are to provide access to points of loading and unloading and to facilities for food, fuel, truck repair and driver rest. Projects must connect to a truck route and end at another truck route or truck generator. IDOT will provide $20,000 per lane mile and $10,000 per intersection.