In order to stimulate redevelopment and improve the appearance of the retail business community the City will offer the "Reinvest in Rochelle Retail" Initiative, a plan designed to motivate qualifying existing business owners to enhance or expand their buildings during a limited time period that begins on January 1, 2008.

To qualify for the program, projects would be required to include a minimum building investment of $25,000, generate local sales taxes, be zoned appropriately, operated by the business owner and have a history of contributions to the local tax base.

The recommended incentive program includes the following components:

• Real Estate Tax Abatements (5 years) on the Incremental EAV
• Elimination of all City fees related to the new construction
• Incremental Sales Tax Rebate not to exceed 50% of new sales tax generated
  (The 3/4 of 1% generated by the Sales Tax Referendum is exempt from rebate.)

In addition to these incentives, a Financial Assistance Lending Package has been designed in which participating local lending institutions will offer below market financing rates. The rates will likely be linked to an appropriate interest rate index, and will be subject to the approval of the participating banks.

Contact Peggy Friday, City of Rochelle Commercial & Retail Development Coordinator at 815-562-7595 for more information and to request an application.