The City of Wood Dale actively encourages development projects that create job opportunities, stimulate the development of adjacent areas, strengthen the commercial sector of the City, and enhance the City's tax base. Some of the incentive programs the City has used are detailed below.
Shared Sales Tax Revenue
The City has partnered with a number of businesses in sales tax rebate agreements ranging from $200,000 to $1.5M.
Industrial Revenue Bonds (IRB)
Tax exempt bonds are available at less than prime rate for the construction, renovation or redevelopment of commercial or industrial property.
Façade Improvement Grant Program
The City has implemented a façade improvement grant program wherein eligible renovation projects may receive a reimbursement of up to 50% of the eligible costs of the project, up to a maximum of $130,000. More details may be found in the official Program Policy.
Special Service Areas (SSA)
Special service areas/special assessments are a mutually agreed-upon tax wherein the City adopts an ordinance and collects taxes that are used to repay bonds issued to finance certain infrastructure improvements. This can be used to finance certain improvements such as roadway improvements, utility installation, and burial of overhead lines.
Tax Increment Financing (TIF)
TIF is a locally-controlled economic development tool that generates funds to pay for redevelopment from the increase in property value caused by that redevelopment. The goal is to encourage development that would not have occurred “but for” the TIF district. The TIF district will allow the City to facilitate the development of vacant and underutilized properties, construct and improve public infrastructure, and improve the image and accessibility of the area.
Our local banks are interested in assisting businesses and property owners within Wood Dale. If you are interested in applying for a loan from one of our community banks, please contact them directly.