Galesburg Enterprise Zone

The Illinois Enterprise Zone Act (20 ILCS 655) contains provisions for the Illinois Enterprise Zone program that is administered by the Illinois Department of Commerce and Economic Opportunity (DCEO). The GEZ has an emphasis on development and diversification of commercial, industrial, multi-family or upper story residential in the B3 zoning district. The GEZ is a geographically defined area that covers approximately 3.4 square miles Galesburg Enterprise Zone Requirements may Include: Real Estate Tax Abatement - all local taxing bodies are currently participating to provide a 100% property tax abatement on any increase in the equalized assessed value resulting from a project. The abatement is for a 10-year period, or until the expiration of the enterprise zone, and is not to exceed $1 million abated per taxing body. Improvements can be in the form of new construction, substantial renovation or expansion of an existing building. The abatement is only given if the project creates jobs and does not reduce the prior assessed valuation. State and Local Sales Tax Exemption - on building materials purchased within the State of Illinois and incorporated into real property located in the enterprise zone. Construction Permit Fee Waiver - PERMITS ARE REQUIRED, but the fee is waived for building, demolition, electrical, sign, plumbing or heating permits (City Inspection Division); Water Service Tap Fees and Street & Terrace Opening Fees (City Public Works Department); and Sanitary Sewer Tap Fees (Galesburg Sanitary District).