Possible Development Sites
Economic Development in Swansea
Swansea offers plenty of opportunities for retail/commercial, office, and industrial development. Below is information about the community’s economic landscape, including demographics, economic characteristics, incentive programs, and profiles of development sites.
Search for available commercial properties
Village Demographic Information
Tax Increments Financing
Swansea has two TIF Districts aimed at boosting development. TIF helps finance improvements in specific redevelopment areas. It works by using the increase in property tax revenues (increment) generated after a project's completion. These funds go into a special allocation fund to cover eligible project costs. Specifically, these costs include, but are not limited to:
- Studies, surveys, and plans
- Professional services (architectural, engineering, legal)
- Property acquisition and demolition
- Renovation or construction of structures
- Public works construction
- Financing costs (interest, reserves)
Business District
Swansea also has two Business Districts. These districts use up to a 1.00% sales tax levy instead of property taxes. The revenue goes into a special allocation fund to support:
- Building rehabilitation
- Historic preservation
- New building projects
- Infrastructure improvements
Development Sites
Swansea offers various development sites, many near busy roads like IL-159/Frank Scott Parkway. These locations offer high visibility with significant daily traffic, making them ideal for businesses looking to establish or expand.
The demographics for the area, in 5, 10, and 20 mile radii, show the households and population figures.
5, 10, 20 Mile Radius Demographics
All of the above information, as well as further economic and retail information, can be found in the Village of Swansea’s 2015 Economic Development Profile.