Normal Planning Commission Recommends One Normal Plaza Zoning Amendment
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Normal Council OKs Plan to Standardize Economic Incentives
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The Normal Town Council will take up a long-awaited economic development initiative on Monday.
The proposal codifies a standard incentive package to be offered to all potential businesses locating in Bloomington-Normal, or anywhere within the existing enterprise zone. The package, developed by the Economic Development Council, school districts, and other community stakeholders, includes a sliding scale of property tax breaks diminishing over a period of years. It also offers incentives to hire workers who live in McLean and Ford counties, women, and minorities. Other incentives could go to firms that create apprenticeship programs.
The package targets specific desirable industries: logistics and warehousing; information technology; information technology manufacturing; clean technology manufacturing; finance; insurance; and real estate. It puts a premium on jobs that pay higher than average wages and businesses that choose to locate in Brownfield areas.