Tax Increment Financing (TIF)
ELP 55 features a developer-controlled $140 million TIF which can be allocated at the developer’s sole discretion. The following flow chart illustrates the payment flow of real estate taxes:
Payments through the TIF are secured by:
In January 2011, the Illinois Department of Commerce and Economic Opportunity expanded the boundaries of the Joliet Arsenal Enterprise Zone to include ELP 55. The Illinois Enterprise Zone Program is designed to stimulate economic growth and neighborhood revitalization. This is accomplished through state and local tax incentives, regulatory relief, and improved governmental services. Details of the benefits which may be available to Tenants include:
Foreign Trade Zone
ELP 55 features a Foreign Trade Zone (FTZ) which allows for special customs procedures to U.S. plants engaged in international trade-related activities. Duty-free treatment is accorded items that are processed in FTZs and then re-exported, and duty payment is deferred on items until they are brought out of the FTZ for sale in the U.S. market. There is no time limit on goods stored inside an FTZ and certain foreign and domestic merchandise held in FTZs may be exempted from state and local inventory taxes. This allows firms to minimize their costs while products are waiting to be shipped and helps to offset customs advantages available to overseas producers who compete with domestic industry.
A variety of activities can be conducted in a FTZ, including assembling, packaging, destroying, storing, cleaning, exhibiting, re-packing, distributing, sorting, grading, testing, labeling, repairing, combining with foreign or domestic content, or processing.
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