he Hanover Enterprise Zone encompasses the entire corporate limits of Hanover. It offers incentives for economic growth through property and sales tax abatements and other benefits. On March 9, 1993, the Hanover Enterprise Zone was authorized as an extension of the previously established Freeport Enterprise Zone. As such, the Hanover Enterprise Zone is administered by the City of Freeport. The Enterprise Zone is in effect for a period of 20 years, dating from the initial authorization of the Freeport Zone, which was enacted by ordinance December 18, 1989. Therefore, the Hanover Enterprise may operate until December of 2009.
The Hanover Enterprise Zone targets about 100 acres in the southeastern sector of the Village for industrial development. The initial intent of the Enterprise Zone is to enable the Village of Hanover to retain the appliance controls plant, currently owned by Invensys. It is also intended to "promote the renovation and revitalization of the existing business/commercial establishments in the (business) district and encourage development of a broader base of retail outlets and professional/trade services." Moreover, the Enterprise Zone offers incentives "for improvement to existing housing."
A complete list of "Potential Purposes" for the Enterprise Zone includes the following:
Retain the controls plant.
Retain jobs in the area and improve the quality, skill level, and income of existing employment opportunities.
Stimulate development of new employment opportunities in number, quantity, skill level and income.
Stabilize and enhance community population profile in numbers, skills, diversity, income, and overall standard of living.
Foster neighborhood revitalization and housing rehabilitation.
Facilitate the development of new housing.
Provide assistance and encouragement to the development of child-care and day-care alternatives within the community.
Promote Main Street (i.e., downtown, central business district investment and development).
Encourage investment in existing plant facilities and local businesses to nurture growth, enhance competitiveness, improve employment, foster profitability and reinvestment, and broaden the range of goods and services offered within the community.
Maintain and improve community stability and prosperity through economic diversity (i.e., attract new businesses in manufacturing and industry, commerce and retail, and in the trades, professions, and service sector).
Cultivate and promote agribusiness development.
Further the growth in recreation-related and tourism-oriented businesses.
Develop local infrastructure improvements (e.g., new post office, industrial park development, improved access to utilities, services, and transportation).
The Enterprise Zone is a powerful tool for stimulating new development and revitalization. It offers a wide array of incentives otherwise not available to communities.
Following is a complete listing of the incentives available to qualifying projects within the Enterprise Zone:
For industrial property:
a 100% property tax abatement for the value of improvements for 5 years, and 50% of the value of improvements for up to 4 additional years in some cases.
For commercial property:
a 100% property tax abatement for the value of improvements for 3 years.
For residential property:
a 100% property tax abatement for the value of improvements for 3 years.
A waiver of sales taxes on building materials used for remodeling, expansion, or new construction within the Enterprise Zone, if the materials are purchased within the Zone.
Waiver of real estate transfer taxes.
Waiver of building and zoning permit fees for rehabilitation, expansion, or new construction within the Zone (does not apply to repair).
Urban "shopsteading" and "homesteading" programs.
For additional information on the Enterprise Zone, consult the Enterprise Zone application on file at the Village Hall. A review of records maintained by both the Village of Hanover and the City of Freeport illustrates that, since its inception in 1993 through 1997, the Hanover Enterprise Zone had substantial success. Village records show that a total of 36 applications were filed for sales tax abatements, on a total of $719,175 in value of improvements or new construction. Of this $209,000, or 29%, of the value was for industrial projects, $78,900, or 11%, was for commercial projects, and $431,275, or 60%, was for new homes or residential improvements. Data from the City of Freeport show that the total project value of the industrial or commercial projects was $590,000. These projects resulted in the creation of 33 new jobs and retention of 3 jobs.
Office and Industrial Growth
esidents clearly and overwhelmingly have cited a need for good jobs as the number one priority for the community. The Village has taken a proactive position regarding job creation. In 1992, the Village of Hanover purchased 27 acres of land on the southeast edge of the village along Route 84 for development. This area will remain undeveloped with the exception of a retention pond for the center's stormwater runoff. Undeveloped portions of the park are owned by the Village. The Park is served by Illinois Route 84, the Great River Road. Water, sewer, power and gas utilities are in place in a portion of the park.
The following table gives basic information on the Center:
Electricity
69,000 p.v.; 3-phase
Water
6" main; 57 p. s. i.
Gas
2" line; 25 p.s.i.
Sewer
8" main
Zoning Classification
none
Fire Insurance Class
7
Property Tax Abatement
available
The Village's policy has been to negotiate directly with business owners considering locating in the center. Because the Village owns the land, it is able to be selective about the size and nature of the businesses it wants on the property. Named the Hanover Office & Industrial Center, the site has proven to be very popular, and is developing rapidly.
Coyote Industries located its design and exhibits company in the center in 1993, presently employing 10. Medical Associates built a new facility in 1997. Medical offices were the number-one service in demand by residents. Mississippi Valley Tree Company's new offices were constructed in 1997, employing 4 people. Negotiations are underway with various entities to encourage development on the remaining acreage owned by the Village. Given the rapid development of the Center, from time to time the Village identifies additional acreage for development and secures options on land.
– Adapted from the 1997 "Comprehensive Plan," Notheis & Baranski, Inc.
he Hanover Enterprise Zone encompasses the entire corporate limits of Hanover. It offers incentives for economic growth through property and sales tax abatements and other benefits. On March 9, 1993, the Hanover Enterprise Zone was authorized as an extension of the previously established Freeport Enterprise Zone. As such, the Hanover Enterprise Zone is administered by the City of Freeport. The Enterprise Zone is in effect for a period of 20 years, dating from the initial authorization of the Freeport Zone, which was enacted by ordinance December 18, 1989. Therefore, the Hanover Enterprise may operate until December of 2009.
esidents clearly and overwhelmingly have cited a need for good jobs as the number one priority for the community. The Village has taken a proactive position regarding job creation. In 1992, the Village of Hanover purchased 27 acres of land on the southeast edge of the village along Route 84 for development. This area will remain undeveloped with the exception of a retention pond for the center's stormwater runoff. Undeveloped portions of the park are owned by the Village. The Park is served by Illinois Route 84, the Great River Road. Water, sewer, power and gas utilities are in place in a portion of the park.