Recent Enterprise Zone Changes Assist Expansion And Redevelopment Projects

Recent Enterprise Zone Changes Assist Expansion and Redevelopment Projects

Enterprise Zone incentives, such as building materials sales tax exemption, building permits fee waivers, and property tax abatement, encourage companies to locate or expand within a zone. Recently, Peoria Urban Enterprise Zone (PUEZ) and Peoria Rural Enterprise Zone (PREZ) have been asked by businesses with pending redevelopments or expansion projects to amend the boundaries. The proposed PUEZ amendment adds an expanding business’s property by the Peoria International Airport and deletes a couple of City blocks in Peoria.

Enterprise Zones

Peoria Urban Enterprise Zone (PUEZ)Peoria Rural Enterprise Zone (PREZ)
County of PeoriaCounty of Peoria
City of PeoriaVillage of Princeville
Village of Peoria HeightsCity of Chillicothe
City of West PeoriaCity of Elmwood
Village of BartonvilleVillage of Hanna City
Village of Mapleton
Village of Bellevue

The City of Peoria is simultaneously seeking to amend their Peoria River Edge Redevelopment Zone, a similar incentive tool, but with Historic Tax benefits, to add these City blocks. PREZ’s proposed amendment will add a former coal strip parcel by Trivoli and a closed commercial business building north of Chillicothe. City of Peoria, County of Peoria and Greater Peoria EDC have coordinated these amendments with the other communities. The PUEZ, PREZ, and PRERZ amendment applications have been submitted to IL DCEO.

The Greater Peoria region has 5 distinct Enterprise Zones consisting of Peoria Urban, Peoria Rural, Northern Tazewell County, Southern Tazewell County and Logan County. Details on each Enterprise Zone can be found here.

For more information or if you have any questions, please contact Sally Hanley at  or by phone at 309.495.5953.

 

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