RIVERS EDGE REDEVELOPMENT ZONE

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RIVERS EDGE REDEVELOPMENT ZONE

The Rivers Edge Redevelopment Zone (RERZ) was awarded by the Illinois Department of Commerce and Economic Opportunity to make various tax incentives and other benefits available to stimulate economic activity and neighborhood revitalization. The effective date is December 1, 2013, and continues for 30 years. The primary objective of the RERZ is to encourage economic development and to increase employment opportunities; it is designed to encourage reuse of environmentally-challenged properties to allow for safe and economically productive use.

To determine if your property is in the Rivers Edge Redevelopment Zone, please either refer to the map at http://gis.peoriacounty.org/peoriagis/ and select Community Layers or contact the Economic Development Department, see the attached paper map, or call the Zone Administrator.

In Peoria the Rivers Edge Redevelopment Zone is administered by:

City of Peoria Economic Development Department Eric Setter

419 Fulton, Room 207 Peoria, IL 61602 (309) 494-8627 esetter@peoriagov.org

Available benefits administered by the City of Peoria include a Building Materials Sales Tax Exemption. An application is attached. If your project is located within Peoria’s Rivers Edge Redevelopment Zone, please complete the application and return it to the Economic Development Department at City Hall, 419 Fulton Street, Suite 207. Please note: THE STATE OF ILLINOIS REQUIRES THAT VENDORS, BUSINESSES, AND SUB CONTRACTORS TAKING ADVANTAGE OF THIS SALES TAX INCENTIVE RETAIN A COPY OF THE SIGNED SALES TAX EXEMPTION FORM. THIS RECORD SHOULD BE RETAINED IN CASE OF AUDIT/ ILLINOIS DEPARTMENT OF REVENUE YEARLY REPORT FILING REQUIREMENTS.

Other benefits include: Income Tax Deduction, Investment Tax Credits, Environmental Remediate Tax Credit, Dividend Income Deduction, Interest Income Deduction; and, the Illinois Historic Preservation Tax Credit. These benefits are not administered through the City of Peoria. For more information, please refer to the attached check list.

Attachments

Rivers Edge Redevelopment Zone Sales Tax Exemption Form ... 2

Fact Sheet ... 3

Map ... 4

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City of Peoria

Rivers Edge Redevelopment Zone Information Sheet for

Certification of Eligibility for Sales Tax Exemption

This certificate is for the purpose of applying to the Illinois Department of Revenue (IDOR) for a Certificate of Eligibility for Sales Tax Exemption. A complete separate form is required for each contractor and each sub contractor and every line must be completely filled in. This form should be provided to the Zone Administrator for application to IDOR along with a building materials list.

Business or Project (at the subject property)

Name of Business/Project: Parcel I.D. No: Business Owner’s Name:

Street Address of the project: Phone Number for Business Owner:

Total Project Cost: Site Purchase Cost: Capital Equipment Cost: Digit NAICS Code:

http://www.naics.com/search.htm

Number of Jobs Retained: 1FTE Jobs Created:_____2 Current number of Employees: _____ Remodel or New Construction?:

PROJECT TYPE: Commercial Service Industrial Retail Email Address:

1Retained jobs means any full-time equivalent job preserved at a specific facility or site that was threatened to be lost by a specific and demonstrable threat that is specified in the application for

development assistance. Full-time equivalent jobs are calculated by dividing the total number of hours worked by persons at the project site, whether salaried or hourly; and whether identified as employees, contractors, or otherwise, by 1,750 hours.

2 Full-time equivalent jobs are calculated by dividing the total number of hours worked by persons at the project site. These hourly or salaried individuals are identified as employees, contractors, or

calculated by 1,820 hours.

Contractor or Sub Contractor (one form required for each contractor or sub)*

Contractor’s Name: Contractor’s Address: Contractor’s Phone Number

Total Amount of Contract: Number of Contractors who will seek certificates for this project: Estimated Completion Date:

Cost Building Materials Only: Material Purchase Dates: Email Address:

*Please attach a list of building materials and the quantities to be purchased.It is the responsibility of the developer/contractor to ensure that all materials qualify as real property under the State of Illinois Department of Revenue requirements.

Contractor’s Signature Print Name of Signator

Employer’s Federal Identification Number or IDOR ID Number Unemployment Insurance Number

___ ___________________________________

Owner’s Name Date

Type Of Permit, Number, Value and Date

Building Permit No._______________ Plumbing Permit No.______________ Electrical Permit No. ______________

Building Permit Value & Date Plumbing Permit Value & Date Electrical Permit Value & Date

$__________ $__________ $__________

Heating Permit No. _______________ Heating Permit Value & Date $__________

Once completed email, mail, fax or hand deliver to: Eric Setter

City Hall, 419 Fulton, Room 207 Peoria, IL 61602

Phone (309) 494-8627 Fax: (309) 494-8556 esetter@peoriagov.org

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Rivers Edge Redevelopment Zone Fact Sheet

The Rivers Edge Redevelopment Zone is a valuable catalyst for private development to create a vibrant, mixed use neighborhood in our warehouse district area. The Rivers Edge Redevelopment Zone is designed to encourage reuse of environmentally-challenged properties to allow for safe and economically productive use.

Rivers Edge Redevelopment Zone Benefits City of Peoria offers:

 Building Materials Sales Tax Exemption: sales tax exemption on construction materials for non-residential projects within the Rivers Edge Redevelopment Zone. For additional information, please contact Eric Setter (309) 494-8627.

Other benefits:

 Income tax deduction.

 Investment Tax Credits: Allow business in Rivers Edge Redevelopment Zone to claim additional 5% credit on IL Corporate Income Tax for qualified depreciable property. The Illinois Tax Act allows an additional credit equal to 5% of the basis of qualified property placed in service during the taxable year in a River Edge Redevelopment Zone, provided the taxpayer’s base employment within Illinois has increased by 1% or more over the preceding year as determined by the taxpayer’s employment records filed with the Illinois Department of Employment Security.

 Environmental Remediate Tax Credit: State Income Tax credit of 25% on some non-reimbursed eligible costs for

remediation work, approved by the IEPA in excess of $100,000; and credit is limited to $40,000 per year; and $150,000 per project.

 Dividend Income Deduction: Available to Individuals, corporations, trusts and estates; and income tax deduction equal to the amount of dividends received from businesses with substantially all of their operations in the Rivers Edge

Redevelopment Zone.

 Interest Income Deduction: available to financial corporations may deduct amount equal to interest received for a loan for development in a Rivers Edge Redevelopment Zone from their corporate State Income Tax.

 Property Tax Abatement - Not currently proposed within Peoria; cannot apply in TIF.

 Illinois Historic Preservation Tax Credit: amount equal to 25% qualified expenditures for the restoration and preservation of a qualified historic structure per a qualified plan in a Rivers Edge Redevelopment Zone may be deducted from taxes; and minimum project cost is $5000 and must exceed 50% of purchase price of the property. Eligibility is determined by DCEO and the IL Historic Preservation Agency.

For more information about benefits offered through the Rivers Edge Redevelopment Zone, please visit the following links:

http://www.illinois.gov/dceo/ExpandRelocate/Incentives/taxassistance/Pages/riversedge.aspx

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NAICS Codes

Effective 4/19/11

22 Utilities 221111-221210 only

221111 Hydroelectric Power Generation 221112 Fossil Fuel Electric Power Generation 221113 Nuclear Electric Power Generation 221119 Other Electric Power Generation

221121 Electric Bulk Power Transmission & Control 221122 Electric Power Distribution

221210 Natural Gas Distribution

31-33 Manufacturing

311 Food and Kindred Products 313 Textile Mill Products

315 Apparel and Other Textile Products 316 Leather and Leather Products 321 Lumber and Wood Products 322 Paper and Allied Products 323 Printing and Publishing 324 Petroleum and Coal Products 325 Chemicals and Allied Products

326 Rubber and Miscellaneous Plastics Products 327 Stone, Clay and Glass Products

331 Primary Metal Industries 332 Fabricated Metal products 333 Machinery, Except Electrical 334 Instruments and Related Products 335 Electric and Electronic Equipment 336 Transportation Equipment 337 Furniture and Fixtures

339 Miscellaneous Manufacturing Industries

42 Whole Sale Trade

48-49 Transportation & Warehousing

481 Transportation by Air 483 Water Transportation 484 Trucking and Warehousing 492 Communication

51 Information

52 Finance and Insurance

54 Professional Scientific and Technical Services

55 Management of Companies and Enterprises

56 Management and Remediation Services 561110-561431 only

561110 Office Administrative Services 561210 Facilities Support Services 561311 Employment Agencies 561312 Executive Search Services 561320 Temporary Help Services

561330 Professional Employer Organizations 561410 Document Preparation Services 561421 Telephone Answering Services 561422 Telemarketing Bureaus 561431 Private Mail Centers

61 Educational Services

All Schools including Elementary, Secondary, Colleges and Universities

62 Healthcare and Social Services

72 Accommodation and Food Services

721110 Hotels (Except Casino Hotels and Motels 721120 Casino Hotels

721191 Bed and Breakfast

721199 All Other Traveler Accommodation

Figure

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References

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