Quincy/Adams/Brown County Enterprise Zone Certification
January 5, 2016
On January 1, 2016 the new Quincy / Adams County / Brown County Enterprise Zone was certified by the Illinois Department of Commerce and Economic Opportunity. The new zone will be in effect commencing January 1, 2016 through December 31, 2030, subject to review by the State Enterprise Zone Board after the 13th year of existence for another ten year designation beginning on the expiration date of the zone.
The new zone has had changes to eligibility criteria, boundaries included in the zone, incentives and the application process.
Incentives under the Enterprise Zone include:
- 100% abatement of real property improvements.
- Building material sales tax exemption.
- 50% reduction of building permits fees.
A new feature of the zone is Targeted Supplier/Customer Recruitment abatement. If a local industry with an existing enterprise zone agreement recruits a supplier or customer (within 5 years of the initial abatement) that meets eligibility criteria and locates within the City of Quincy / Adams County Zone boundary, that company will be eligible for a two-year extension of the 10 year abatement.
Also new is an administrative fee of .5% of the cost for building materials with a cap of $50,000. There are also annual reporting requirements to insure that projects continue to meet the enterprise zone criteria.
Additional information is available at the City of Quincy Department of Planning and Development, the City of Quincy website at www.quincyil.gov/government/CityDepartments/PD/development/enterprise-zone or on the GREDF website at www.gredf.org.