Business District Proposed
January 4, 2010 - Morton, IL - At the Village Council Meeting today, Jennifer Daly, CEO for the Morton Economic Development Council requested permission from the Morton Village Trustees to move forward with the establishment of a Business District in the commercial areas of Morton. The district would include a ¼% increase in sales tax, making Morton’s sales tax 7% instead of 6.75%, and would generate approximately $400,000 per year for district improvements.
“Business and building owners in our commercial areas have all discussed ideas for improving their districts through façade improvements, signage, and streetscaping,” said Jennifer Daly, CEO for the Morton EDC. “The establishment of a business district and the generation of additional sales tax funds will help us assist them in moving forward with these projects.”
Funds generated through the increased sales tax in a Business District must be spent in that district in accordance with the Business District plan submitted to the state. The funds cannot be used for any other purpose. “The benefit of the Business District is the funds are secured for that district. They can’t be used for the city general fund or for any other purpose. This new fund would allow us to provide façade improvement grants and streetscaping grants to our business and building owners, helping them move forward with projects that might not happen without some financial assistance.”
Many communities including Pekin, Washington, and Peoria offer building improvement grants through the use of Tax Increment Financing (TIF) dollars. Since Morton does not currently have a TIF, the community has not been able to provide this type of assistance to local businesses. “We believe this will be a win-win for our community and our local businesses,” said Daly. “Our sales tax % will still be a full 1% lower than surrounding areas, but this small increase will allow us to move forward with some bricks and mortar improvements that everyone in Morton will appreciate and enjoy.”