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- Economic Incentive Program
Economic Incentive Program
The Village of Flossmoor believes that local businesses are a valuable and important part of our community, and Flossmoor welcomes opportunities for business growth and development. Projects eligible for economic development incentives are those projects centered on business attraction, retention, expansion or modernization. For more information or to discuss a proposal, please contact Scott Bugner at 708-957-4101 or by email.
Requests for economic incentives will be considered on a case-by-case basis based on the merits of the individual proposal and the Village’s objectives with respect to the economic development proposal before them. Meeting policy guidelines does not guarantee assistance, and the approval or denial of one project shall not set a precedent for approval or denial of other projects. Incentives are a tool to encourage and maintain quality development in the Village and should be used in the best interest of the community by providing long-term value. The impacts on all stakeholders should be considered before the Village approves or denies the request.
In 2018, the Village of Flossmoor approved two incentives for local businesses:
1. The Village provided assistance to the Center for Dental Excellence (pictured, right) in the form of reimbursement for building permit and occupancy fees. The Center for Dental Excellence is a long-time Flossmoor business that expanded its footprint to provide additional dental specialties under one roof. The project was a win for Flossmoor because it included the demolition of a vacant bank building where the new addition stands today.
2. The Village provided a grant to Dunning’s Market to facilitate its move to Downtown Flossmoor from a location outside Flossmoor. The new space required the addition of a commercial type 1 hood/supression system. Thanks to the the Village’s help, the longtime south suburban business is serving residents of Flossmoor and others with gourmet food.
The primary goal for the use of economic incentives is to realize quality projects which will improve residents’ quality of life, generate new revenue for the Village and create employment opportunities. The Village’s intention should be to provide the minimum amount of assistance necessary to make the project viable while carefully considering the long-term financial and community impacts. But for the incentive, the project cannot occur; however, it cannot subsidize any business operations. These goals are to be met through the following objectives:
1. Preserving or expanding the Village’s property tax and sales tax base.
2. Attracting developers/businesses to high priority sites.
3. Encouraging high quality commercial development of the Village’s primary business corridors.
4. Creating significant employment opportunities through the development and expansion of existing businesses.
5. Attracting high priority and unique businesses to the Village that improve the overall mix of uses.
6. Improving properties that have been vacant for a long period of time.
7. Investing in the necessary infrastructure improvements to attract business development.
8. Providing higher quality exterior appearance in developments, than the market will bear, to improve the appeal of Flossmoor’s commercial corridors.
9. Introducing uses which further the Village’s reputation as a destination for shopping, dining and entertainment.
Types of Incentives
Examples of the types of incentives that the Village Board may consider include, but are not limited to:
1. Conveyance of land or reduced land costs on the purchase of land owned by the Village
2. Reduction of or waiver of building and development fees
3. Cost sharing of public private improvements such as sidewalk, water, sanitary and/or storm sewer
4. Sales tax sharing agreements
5. Village “grants” to encourage specific improvements such as façade improvements or green building techniques
6. Support of County property tax abatements (i.e. Class 8)