Business Incentives
The Village of Fox Lake established its Economic Development program to reinforce the importance of economic health to our overall quality of life, and to demonstrate the Village's strong support of business and economic sustainability. The Village’s economic development strategies promote innovation, competitiveness, and entrepreneurship in Fox Lake. Economic Development staff works with other Village departments and partner organizations to support economic sustainability, foster the retention and expansion of existing businesses and to enhance business services.
TIF & Business Development Districts
Fox Lake has five Tax Increment Financing Districts and two Business Development Districts that encompass the majority of the commercial corridors. TIF provides a governmental incentive to private developers or companies to stimulate new investment and job creation and/or retention. Property tax revenue is generated as a result of the new investment and the incremental tax revenues are used to pay for the incentives. The two Business Development Districts allow the for a 1% sales tax to be reimbursed to businesses, new and existing, for expansion, exterior façade improvements, and interior buildouts.
Information and connections to resources for startups and growing businesses
Assistance with business relocation and expansion options
Customized services to support local businesses
Input and analysis of development concepts and feasibility
Business outreach visits
Business Assistance
The Facade Improvement Program provides funding assistance for new and existing businesses to improve the exterior of their building facades.
