There are ample opportunities for retail/commercial, office, and industrial development in the Village of Swansea. The following provides information related to economic development in the community, from demographic and economic characteristics to incentive programs and development site profiles.
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The Village of Swansea currently has two Tax Increment Financing Districts. Tax Increment Financing is a development tool designed to help finance certain eligible improvements to property in designated redevelopment areas (TIF districts) by utilizing the new, or incremental, tax revenues generated by the project after completion. Upon the creation of a TIF District, the current property values within that district become a base value from which it cannot decrease. Any projects or improvements that cause an increase in value over that base would create an increment in value, and the incremental tax revenues from that increment in value are paid to a "special allocation fund". The proceeds of the fund are then used to reimburse the developer for eligible project costs or to retire indebtedness incurred to cover those costs. Eligible project costs are the total of all reasonable or necessary costs incurred or estimated to be incurred and any costs incidental to a redevelopment plan or project. Specifically, these costs include, but are not limited to:
• Costs of studies, surveys and plans
• Professional service costs (architectural, engineering, legal, financial, etc.)
• Property assembly costs (acquisition, demolition, clearing and grading)
• Costs of rehabilitating, reconstructing, remodeling of existing structures
• Costs of construction of public works
• Financing costs, including issuance interest and reserves.
The Village also has two Business District areas. Business Districts are much like TIF, but instead of using property tax increment, they utilize a sales tax levy of up to 1.00%. This revenue is then placed in a “special allocation fund” and can be used for assistance in rehabilitating buildings, historic preservation, new building LINKs and infrastructure. The Business Districts are in place to bolster the economy within Swansea and can be used alone or in conjunction with the TIF as a powerful resource to prospective companies and corporations.
There are numerous sites ideal for development in the Village. Many of these sites are adjacent to highly trafficked roadways (IL-159/Frank Scott Pkwy), with excellent visibility in terms of annual average annual daily traffic counts (AADT).