The City of Oregon is scheduled to establish a Tax Increment Financing (TIF) District on February 28, 2017 as a means of encouraging private investment within the community. Development projects that take place within a TIF District are eligible for reimbursement of certain costs. Some examples include professional services (e.g., architectural, engineering, legal, financial, planning); site preparation and improvement expenses (e.g., acquisition of land, demolition or rehabilitation of buildings, public works projects, extension of utilities, land clearing/grading); job (re)training expenses; and long-term interest costs.
The city offers a dollar-for-dollar match of up to $1000 as part of its façade grant program for businesses in the downtown district. The grant is for façade improvements that retain or express the original or quality of our quaint downtown buildings.
The tariff relief and other tax benefits associated with Foreign Trade Zones can be significant for businesses that import/export goods and raw materials. The nearest FTZ is just 30 minutes from Oregon, at the Chicago Rockford International Airport:
Chicago Rockford International Airport (FTZ #176) Grantee: Greater Rockford Airport Authority
100 Park Avenue, Suite 100
Rockford, IL 61101
The Northern Stateline Region of Illinois has seen major investments and job growth opportunities over the last few years, with expansions from companies such as Woodward Inc. in Loves Park and optimizing investments from companies such as Berner Food and Beverage in Dakota. Fiat Chrysler Automobiles employs more than 4,300 individuals who assemble the Jeep Compass, Jeep Patriot, and Dodge Dart in Belvidere. So what is special in the Northern Stateline Region? Why are companies choosing to invest in Boone, Ogle, Stephenson, and Winnebago Counties? It comes down to key differentiators that impact a business’ bottom line:
The Northern Stateline Region has access to all the global connections of Chicago, the third largest multi-modal port system in the world, with key logistics assets such as Chicago O’Hare International Airport (ORD), seven class-I railroads, and the most interstate connections in the United States. With all the connections that Chicago offers, the lack of congestion differentiates the Northern Stateline Region from larger metropolitan areas. Detailed information
Oregon is committed to the promotion of quality development in all parts of the city. On a case-by-case basis, we consider offering a property tax abatement on the increment in value added to a particular property by a specific development proposal that meets the economic goals and objectives of the City. Abatement shall not exceed a period of two years and shall not exceed 90% the first year and 50% the second year.
Oregon encourages commercial development, renovation, and expansion throughout the city. On a case-by-case basis, we will:
Businesses that have worked with other municipalities are often surprised to find the support of a Technical Advisory Committee (TAC) in a town the size of Oregon. This assemblage of city staff and consultants provide expertise in the early stages of planning for business growth and construction. The committee includes the City Engineer, City Building Inspector, Superintendent of Streets, and Superintendent of Sewers. They assist in providing information needed by architects and designers for the plans of a new commercial business.
For additional information or questions about Oregon's incentives contact call 815-732-6321 or email