Hannah/Starr - 66 acres +/-

County: Vermilion
State: Illinois
Twp: Danville
Property type: Tillable/Commercial

This site is located on Lynch Road with immediate access to Interstate 74. The CSX Railroad is adjacent to the site. It is located within the Danville City limits and the Enterprise Zone. Zoned Industrial.

Demographic information

Price - $1,089,000.00

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At Butler • Busby • Hicks
Land & Auction,
"the entire team is
working for you".

Incentives:

• Community Services Block Grant Loan Program: The City of Danville is the administering agency. Loans are then repaid to the city creating a revolving loan fund for future economic development. The job to dollar ratio is $15,000 with $500,000 being the maximum loan amount.
• Industrial Revenue Bonds (IRB): Tax-exempt IRB's may be issued on behalf of manufacturers to expand or modernize manufacturing operations. Bond proceeds can be used for land, building and machinery and equipment. Tax-exempt bond financing offers long-term financing at rates below prime.
• Employer Training Investment Program (ETIP): Any manufacturing firm expanding or retooling. Average grant of $700 for each job created or retained, depending upon wage rates and amount of training time involved. Grant funds can be used for reimbursement of instructor related costs and/or training materials.
• Large Business Development Program: A company must employ over 500 persons. The loan cannot exceed 25% of total project cost and the maximum loan may not exceed $2 million. Grants are available for the direct benefit of a firm for the sole purpose of reducing the cost of financing. Grants will total no more than 25% of total project cost with maximum of $500,000. The job to dollar ratio is $5,000 per each job.
• Economic Development for a Growing Economy (EDGE): Eligible businesses may claim a nonrefundable tax credit against their state income taxes. (The amount of the tax credit is calculated on the income taxes paid by new employees.) Each project must commit to make a capital investment in the state of at least $5 million and create a minimum of 25 new jobs. The applicant must demonstrate that if not for the Credit, the project would not occur in Illinois and would go to another state.
• State Treasurer's Economic Program (STEP): The job to dollar ratio is $25,000 per each new job created or retained. The Treasurer deposits funds below market rates into the borrower's financial institution. That institution will then lend the money for 1 - 5 years at 200 basis points below the current two-year Treasury bill rate. The lending institution is then allowed a spread of 300 basis points from the deposit rate. The renewal to the Illinois lending institution would be at 200 basis points off the then current three-year Treasury.
• City of Danville Revolving Loan Fund: This is low interest loan program offered by the City of Danville. It is structured to provide a maximum of $100,000 participation with a local bank from the city with the goal of achieving an overall lending rate of prime or less.
• Enterprise Zone: Includes the following benefits: 1. Percentage property tax abatement on improved assessed value. 2. Sales tax credit on building materials. 3. Percentage waiver of local building permit fees. 4. Additional ¿ percent State Investment Tax Credit. 5. Jobs tax credit. 6. Utility tax exemption. 7. Expanded machinery and equipment sales tax exemption. 8. Interest deductions. Please note: Some benefits require a minimum level of investment and/or job creation/retention.