Invest in the Commons
We understand that investing in the infrastructure and development that promotes commerce and giving the right tools to the people who drive it is the key to creating a place where communities thrive.
The City of Loves Park and The Parks Chamber of Commerce are committed to providing developers and entrepreneurs with the tools they need to help make Riverside Commons a magnetic destination. There are several incentives that are offered to developers and business owners to help with the development process.
THE LOVES PARK & MACHESNEY PARK ENTERPRISE ZONE
The Loves Park/Machesney Park Enterprise Zone is one of many special districts created by the State of Illinois to encourage the revitalization of distressed areas through financial and tax incentives. Much of District 1 lies within this Enterprise Zone, giving developers access to a host of tax exemptions and credits that can lower the cost of their projects.
THE SPRING CREEK TIF DISTRICT
The Spring Creek Industrial Jobs Recovery Law (IJRL) tax-increment financing (TIF) district, one of the largest in the city, covers a significant portion of District 1. This TIF district resulted from the Illinois Industrial Jobs Recovery Law, which sought to combat manufacturing job loss in the state by giving municipalities the power to levy tax-increment financing towards industrial development.