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Residential Enterprise Zone Approved for Freeport

For the past year and a half, we have been working on getting an extension of the existing enterprise zone in Freeport. The extension is for a residential enterprise zone in a designated area of Freeport which allows benefits for both builders and buyers of new construction. As most of you know that live in Freeport, there has not been any new “spec” residential construction in almost 10 years. As most of you also know, new construction is generally seen as a sign of growth and health in the overall economy of the area- something that has been missing in Freeport. The process was long and required the approval of many. The application process is very involved and dependent on the approval of the taxing bodies involved. Over the past year, presentations were made to the City Council, the County Board, the School Board, the Park District Board and the Board at Highland College. These boards along with Carroll & Jo Daviess counties had to vote to approve the expansion before we could send the application to the State of Illinois for approval. On October 11 we received the final approval from the State for our residential enterprise zone in Freeport! So what exactly does that mean for our area? The enterprise zone allows benefits to be offered to both the builders and the buyers of new homes in the designated area. The builders’ benefits include lower or waived permit fees and sales tax exemptions on certain building materials. The benefit to the home buyer is a property tax abatement on the majority of their property taxes through 2020....

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