Mount Carmel, Illinois

Economic Development

Executive Director Ben Ross

Blueprints

Business Infrastructure Assistance Program

The City of Mount Carmel can supply TIF funds to industrial firms located or expanding in a TIF to cover up to 50 % of the cost of approved infrastructure improvements. These improvements can involve all elements of public way infrastructure. Eligible projects include but are not limited to: light pole and fire hydrant relocation; hazardous vaulted sidewalk elimination; traffic signalization; water and sewer line improvements; utility removal and relocation; sidewalk, curb, gutter and street improvements; and landscaping. Projects are based on individual property development agreement with the city based on project size and total employment.



Enterprise Zone Map Enterprise Zone

 

Revolving Loan Fund

A low-interest loan program that is based on job creation with a lending rate of 10,000 per full-time job created or retained

Training

We bring training experts from the Illinois Eastern Community College District to your company to assess your training needs, customize a curriculum and set up training at your facility, depending on your needs. Training ranges from OSHA to ESL to supervisory and industrial skills.

    • TIF: Companies located within, expanding or relocating to an eligible TIF district are eligible for a training reimbursement of up to 100 percent of an employer's cost of developing or purchasing customized training programs.
    • Employment Training Investment Program (ETIP): Funded through the Illinois Department of Commerce and Economic Opportunity (DCEO) provides a rebate of up to 50 % of training expenses for full-time workers.

Tax Credits

    • Illinois Department of Employment Security (IDES) administers State of Illinois tax credits including Work Opportunity and Welfare-to-Work tax credits, tax credits for ex-felons, veterans, youth and others.
    • Enterprise Zone Job tax credits: The enterprise zone tax credit 35 ILCS 5/201 offers employers a tax credit on their Illinois Income taxes for hiring individuals who are certified as economically disadvantaged or as dislocated workers working a minimum of 180 consecutive days for 30 hours or more per week.
    • Enterprise Zone Property Tax Abatement: 5 year 100% property tax abatement on improved property in Enterprise Zone.
    • Enterprise Zone State Sales Tax Deduction on permanent building materials & machinery in Enterprise Zone.
    • Enterprise Zone Income Tax Deduction for Financial Institutions-Financial Institutions are eligible for a special deduction from their Illinois Corporate Income Tax Return. Such institutions may deduct from their taxable income an amount equal to the interest received from a loan for development in an Enterprise Zone.