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Business Facts & Incentives

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Business Incentives

With a highly competitive economic climate, incentives are an important tool for business recruitment and retention. For over 30 years the Village has provided numerous incentives to businesses and developers. The Village of Homewood has successfully administered an economic development program that utilizes various incentives, including Tax Increment Financing.The Village has several Tax Increment Finance (TIF) Districts (see map). In addition, Homewood offers small business incentives for non-TIF areas up to $40,000 per incentive, one-half the cost of the improvements. The Village provides financial assistance through the following incentive programs:  

Façade and Property Improvement Program promotes the revitalization of properties through financial assistance for the improvement and maintenance of existing commercial and mixed-use buildings, and architectural and design assistance in order to provide visual impact on exterior buildings as well as upgrades or code compliance, thus improving overall marketability. 

Retail Enhancement Program provides incentives to targeted retail businesses and assists existing businesses in expanding their operations in order to strengthen the retail mix. 

Go Green Reward Program encourages building owners to upgrade and implement environmentally sustainable initiatives. 

Major development or redevelopment project assistance is available for properties located within the TIF districts for development beyond the scope of the programs identified above, including property acquisitions, sales tax/Places for Eating Tax rebates, and demolition for new construction and major building renovations. Incentive requests are reviewed on a case-by-case basis if the project represents significant scope and public value to the community. Private investment must be greater than $150,000 (exclusive of Village funding).

To apply for one or more of the above incentive programs:

Business/Development incentive programs
Process for Incentive Requests
Façade & Property Improvement, Retail Enhancement and Go Green Reward
Major Development/Redevelopment Project Assistance

In addition, the following online resources offer assistance with your business needs:

For more information contact Angela Mesaros, Director of Economic and Community Development at economicdevelopment@homewoodil.gov or (708) 206-3387.