Title/Name/Summary
Economic Development Incentive Programs Update
History
In June 2020, the Village Board created economic development incentive programs designed to support the business and development community during the unprecedented economic disruption caused by the COVID-19 pandemic.
The Village desires to update the economic development incentive programs as a business assistance resource. The purpose of the programs is to stimulate the local economy by recruiting and retaining businesses, providing employment opportunities, expanding the goods and services available for purchase and consumption by businesses and residents of the Village, and increasing the taxes collected by the Village.
The Village desires to keep the following programs in place:
Non-traditional Sales Tax Sharing Program
Any owner or applicant of an existing or proposed local sales tax generating industrial development may apply to the Village for inclusion in this program provided that the new or expanding business is likely to generate increased sales taxes. Successful applicants are able to share in sales taxes derived from applicant’s property or business in an amount which shall not exceed fifty percent (50%) of the generated sales taxes for a period of time which shall not exceed ten (10) years.
Back-fill Vacant Restaurant Incentive Program
Any owner or applicant that wishes to re-establish a restaurant in a currently vacant property may apply to the Village for inclusion in this program provided that the new business is likely to generate increased sales taxes. Successful applicants are able to share in sales taxes derived from applicant’s property or business in an amount which shall not exceed fifty percent (50%) of the generated sales taxes for a period of time which shall not exceed ten (10) years.
Hotel Incentive Program (New Hotels)
Provides economic incentives to develop 3 to 5 star quality hotels in Orland Park. The Village currently collects a 5% transient occupan...
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