RIVERS EDGE REDEVELOPMENT ZONE

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1 RIVERS EDGE REDEVELOPMENT ZONE The Rivers Edge Redevelopment Zone (RERZ) was awarded by the Illinois Department of Commerce and Economic Opportunity to make various tax incentives and other benefits available to stimulate economic activity and neighborhood revitalization. The effective date is December 1, 2013, and continues for 30 years. The primary objective of the RERZ is to encourage economic development and to increase employment opportunities; it is designed to encourage reuse of environmentally-challenged properties to allow for safe and economically productive use. To determine if your property is in the Rivers Edge Redevelopment Zone, please either refer to the map at and select Community Layers or contact the Economic Development Department, see the attached paper map, or call the Zone Administrator. In Peoria the Rivers Edge Redevelopment Zone is administered by: City of Peoria Economic Development Department Eric Setter 419 Fulton, Room 207 Peoria, IL (309) Available benefits administered by the City of Peoria include a Building Materials Sales Tax Exemption. An application is attached. If your project is located within Peoria s Rivers Edge Redevelopment Zone, please complete the application and return it to the Economic Development Department at City Hall, 419 Fulton Street, Suite 207. Please note: THE STATE OF ILLINOIS REQUIRES THAT VENDORS, BUSINESSES, AND SUB CONTRACTORS TAKING ADVANTAGE OF THIS SALES TAX INCENTIVE RETAIN A COPY OF THE SIGNED SALES TAX EXEMPTION FORM. THIS RECORD SHOULD BE RETAINED IN CASE OF AUDIT/ ILLINOIS DEPARTMENT OF REVENUE YEARLY REPORT FILING REQUIREMENTS. Other benefits include: Income Tax Deduction, Investment Tax Credits, Environmental Remediate Tax Credit, Dividend Income Deduction, Interest Income Deduction; and, the Illinois Historic Preservation Tax Credit. These benefits are not administered through the City of Peoria. For more information, please refer to the attached check list. Attachments Rivers Edge Redevelopment Zone Sales Tax Exemption Form... 2 Fact Sheet... 3 Map... 4 NAICS Code Listing... 5

2 City of Peoria Rivers Edge Redevelopment Zone Information Sheet for Certification of Eligibility for Sales Tax Exemption This certificate is for the purpose of applying to the Illinois Department of Revenue (IDOR) for a Certificate of Eligibility for Sales Tax Exemption. A complete separate form is required for each contractor and each sub contractor and every line must be completely filled in. This form should be provided to the Zone Administrator for application to IDOR along with a building materials list. Business or Project (at the subject property) Name of Business/Project: Parcel I.D. No: Business Owner s Name: Street Address of the project: Phone Number for Business Owner: Total Project Cost: Site Purchase Cost: Capital Equipment Cost: Digit NAICS Code: Number of Jobs Retained: 1 FTE Jobs Created: 2 Current number of Employees: Remodel or New Construction?: PROJECT TYPE: Commercial Service Industrial Retail Address: 1 Retained jobs means any full-time equivalent job preserved at a specific facility or site that was threatened to be lost by a specific and demonstrable threat that is specified in the application for development assistance. Full-time equivalent jobs are calculated by dividing the total number of hours worked by persons at the project site, whether salaried or hourly; and whether identified as employees, contractors, or otherwise, by 1,750 hours. 2 Full-time equivalent jobs are calculated by dividing the total number of hours worked by persons at the project site. These hourly or salaried individuals are identified as employees, contractors, or calculated by 1,820 hours. Contractor or Sub Contractor (one form required for each contractor or sub)* Contractor s Name: Contractor s Address: Contractor s Phone Number Total Amount of Contract: Number of Contractors who will seek certificates for this project: Estimated Completion Date: Cost Building Materials Only: Material Purchase Dates: Address: *Please attach a list of building materials and the quantities to be purchased. It is the responsibility of the developer/contractor to ensure that all materials qualify as real property under the State of Illinois Department of Revenue requirements. Contractor s Signature Print Name of Signator Employer s Federal Identification Number or IDOR ID Number Unemployment Insurance Number Date Type Of Permit, Number, Value and Date Building Permit No. Plumbing Permit No. Electrical Permit No. Building Permit Value & Date Plumbing Permit Value & Date Electrical Permit Value & Date Heating Permit No. Heating Permit Value & Date Once completed , mail, fax or hand deliver to: Eric Setter City Hall, 419 Fulton, Room 207 Peoria, IL Phone (309) Fax: (309) esetter@peoriagov.org 2

3 Rivers Edge Redevelopment Zone Fact Sheet The Rivers Edge Redevelopment Zone is a valuable catalyst for private development to create a vibrant, mixed use neighborhood in our warehouse district area. The Rivers Edge Redevelopment Zone is designed to encourage reuse of environmentally-challenged properties to allow for safe and economically productive use. Rivers Edge Redevelopment Zone Benefits City of Peoria offers: Building Materials Sales Tax Exemption: sales tax exemption on construction materials for non-residential projects within the Rivers Edge Redevelopment Zone. For additional information, please contact Eric Setter (309) Other benefits: Income tax deduction. Investment Tax Credits: Allow business in Rivers Edge Redevelopment Zone to claim additional 5% credit on IL Corporate Income Tax for qualified depreciable property. The Illinois Tax Act allows an additional credit equal to 5% of the basis of qualified property placed in service during the taxable year in a River Edge Redevelopment Zone, provided the taxpayer s base employment within Illinois has increased by 1% or more over the preceding year as determined by the taxpayer s employment records filed with the Illinois Department of Employment Security. Environmental Remediate Tax Credit: State Income Tax credit of 25% on some non-reimbursed eligible costs for remediation work, approved by the IEPA in excess of $100,000; and credit is limited to $40,000 per year; and $150,000 per project. Dividend Income Deduction: Available to Individuals, corporations, trusts and estates; and income tax deduction equal to the amount of dividends received from businesses with substantially all of their operations in the Rivers Edge Redevelopment Zone. Interest Income Deduction: available to financial corporations may deduct amount equal to interest received for a loan for development in a Rivers Edge Redevelopment Zone from their corporate State Income Tax. Property Tax Abatement - Not currently proposed within Peoria; cannot apply in TIF. Illinois Historic Preservation Tax Credit: amount equal to 25% qualified expenditures for the restoration and preservation of a qualified historic structure per a qualified plan in a Rivers Edge Redevelopment Zone may be deducted from taxes; and minimum project cost is $5000 and must exceed 50% of purchase price of the property. Eligibility is determined by DCEO and the IL Historic Preservation Agency. For more information about benefits offered through the Rivers Edge Redevelopment Zone, please visit the following links: 3

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5 NAICS Codes Effective 4/19/11 22 Utilities only Hydroelectric Power Generation Fossil Fuel Electric Power Generation Nuclear Electric Power Generation Other Electric Power Generation Electric Bulk Power Transmission & Control Electric Power Distribution Natural Gas Distribution Manufacturing 311 Food and Kindred Products 313 Textile Mill Products 315 Apparel and Other Textile Products 316 Leather and Leather Products 321 Lumber and Wood Products 322 Paper and Allied Products 323 Printing and Publishing 324 Petroleum and Coal Products 325 Chemicals and Allied Products 326 Rubber and Miscellaneous Plastics Products 327 Stone, Clay and Glass Products 331 Primary Metal Industries 332 Fabricated Metal products 333 Machinery, Except Electrical 334 Instruments and Related Products 335 Electric and Electronic Equipment 336 Transportation Equipment 337 Furniture and Fixtures 339 Miscellaneous Manufacturing Industries 42 Whole Sale Trade 51 Information 52 Finance and Insurance 54 Professional Scientific and Technical Services 55 Management of Companies and Enterprises 56 Management and Remediation Services only Office Administrative Services Facilities Support Services Employment Agencies Executive Search Services Temporary Help Services Professional Employer Organizations Document Preparation Services Telephone Answering Services Telemarketing Bureaus Private Mail Centers 61 Educational Services All Schools including Elementary, Secondary, Colleges and Universities 62 Healthcare and Social Services 72 Accommodation and Food Services Hotels (Except Casino Hotels and Motels Casino Hotels Bed and Breakfast All Other Traveler Accommodation Transportation & Warehousing 481 Transportation by Air 483 Water Transportation 484 Trucking and Warehousing 492 Communication For a more comprehensive NAICS Code listing go to 5