Financial Incentives

Waukegan offers several important financial incentives to businesses and developers.

TIF (Tax Increment Financing)

The City of Waukegan, in accordance with Illinois State legislation, may offer developers and/or property owners economic incentives in the form of cost reimbursements to invest in identified TIF districts. To view TIF district maps in the Redevelopment Area (Districts #1 and #4) click HERE.

Some costs which may be eligible for reimbursement include costs of studies and surveys, costs associated with the acquisition of land (e.g., site preparation, environmental remediation, etc.), costs of rehabilitation or repair of existing private buildings, costs of construction of public works or improvements (e.g., streets, water, sewer, etc.), costs of job training and retraining programs, relocation costs, and certain financing costs. Costs of new, private construction and the purchase of equipment are NOT eligible for reimbursement.

If you would like a copy of the TIF application, click HERE for a downloadable version.

For more information on the TIF program in the downtown or lakefront areas, please contact:

Robin Schabes
City of Waukegan
Department of Lakefront & Downtown Redevelopment
(847) 856-6425

Enterprise Zone

The Illinois Enterprise Zone Program is designed to stimulate economic growth and community revitalization at the local level.  Businesses, developers and individuals that choose to locate or expand within a designated enterprise zone area may be eligible for the following incentives:  an exemption on the retailers’ occupation tax paid on building materials, an investment tax credit of .5 percent of qualified property, and an enterprise zone jobs tax credit for each job created in the zone for which a certified dislocated worker or economically disadvantaged individual is hired.  Additional benefits are available.

For information about the Waukegan Enterprise Zone, please contact:

Russ Tomlin
City of Waukegan
Director, Department of Planning and Zoning
(847) 625-6878