Local school districts have approved a tax abatement program to include in an enterprise zone application. (WJBC file photo)

By Adam Studzinski

NORMAL – Unit 5 and District 87 have each approved a tax abatement program.

The current zone expires at the end of 2015. Unit 5 district attorney Curt Richardson said the district has approved similar programs in the past.

"If you choose to develop within these areas, the abatement program provides that any new development you would create, we would abate that portion of taxes," said Richardson. "We're not eliminating any of our current tax base. This is just on the additional increment that would be added to our tax base.

"We're going to take the taxes that we would charge you (the business) and abate that back to you for a period of time."

In this case, Richardson said the abatement program would last for five years for any new business. He added the business would have to meet certain qualifications. For instance, at least 50 new jobs would need to be created.

Local governments have one-by-one been approving an application for a new enterprise zone, which would begin in 2016. Bloomington and Normal have each approved the agreement. Others till needing to vote are McLean County, Ford County and Gibson City.

The tax abatement program will be included in the application and will coincide with any state incentives. Richardson said obtaining a new enterprise zone will not be easy, so it's important to offer as many incentives as possible.

"We have to do everything as a community," said Richardson. "Not just Unit 5, District 87, the counties – Ford, McLean – City of Bloomington, Town of Normal, to all work together to make sure that our application for one of these enterprise zones is as competitive as possible."

Illinois will only allow 97 new enterprise zones.

Adam Studzinski can be reached at [email protected].