There are various incentives offered for businesses in Carterville. A few to consider include:
The City of Carterville will pay the interest on a loan amount of up to $20,000, terms not to exceed five years, for costs of businesses to make needed improvements to their buildings in the downtown district. Loans must be negotiated from individual business owner’s lender and a majority of the improvements need to be for building exterior.
A TIF (Tax Increment Financing) District is an area that has been designated as an underperforming area for development, and needs further assistance from a municipality in order for it to be less of a risk for private investors. The concept is that the increase tax revenues generated within the area due to development will be reinvested into the area, for continued development and progress, and at no additional increases in taxes to citizens.
When a TIF District is created, the value of the property in the area is established as the “base” amount. The growth in property value over the base generates the tax increment. This increment is placed into a special fund (the Special Tax Increment Allocation Fund) for use by the municipality to make additional investments in the TIF project area.
Carterville has a TIF District with 30+ acres, located on north side of Route 13, north of Spillway Road intersection.
- Click here for a map of Carterville’s TIF District #1.
- Click here for a map of Carterville’s TIF District #2.
- Click here for a map of Carterville’s TIF District #3.
An Enterprise Zone is a specific geographical area that has been designated by a governmental authority (usually federal) and businesses within this area are entitled to receive various types of financial aid. These include tax benefits, special financing and other incentives designed to encourage businesses to establish and maintain a presence within the specified zone.
The Enterprise Zone for Williamson County offers an abatement of real estate taxes for new construction or renovation/rehabilitation, a local sales tax deduction for building materials, and certain permit fee requirements waived. Click here for details to Williamson County Enterprise Zone.
Maps for the Enterprise Zone in the Carterville area can be downloaded here:
– Enterprise Zone – Carterville – Panel 200
– Enterprise Zone – Carterville – Panel 300
– Enterprise Zone – Carterville – Panel 400