St. Charles rolls out business incentives
Business leaders hope to lure more retailers to downtown St. Charles this year with sales tax rebates, municipal fee waivers and other perks.
The incentives are part of a program launched this week by the Downtown St. Charles Partnership.
The nonprofit advocacy group, in cooperation with the city, is offering up to $74,000 worth of incentives in an effort to attract "targeted retailers," such as stores that specialize in music, toys, shoes and clothing.
Alderman David Richards, the partnership's executive director, said the new Business Incentive Program is partly based on similar efforts that have been successful in Arlington Heights, Elmhurst and Hinsdale, among other towns.
"We tried to take the best of their programs and design it so it fits our needs here in St. Charles," he said Wednesday. "It's going to put us on more of a level playing field with some other communities."
The city council voted Monday to participate in the program, which will be administered by the partnership.
To be eligible, businesses must meet criteria outlined in the partnership's strategic plan. The plan identifies certain types of shops -- such as shoe stores, bakeries and electronics outlets -- as businesses desired for downtown.
Among the incentives: temporary sales tax rebates, permit fee waivers, low-interest loans, free checking accounts and discounts for building improvements.
Richards said the program aims to attract new businesses as well as existing owners who want to open additional locations.
"We're not asking people to shut down and come to St. Charles," he said. "We are not in the business of stealing business from other communities."
The partnership identifies downtown St. Charles as the area roughly between Fourth Street to the west of the Fox River and Fourth Avenue to the east. The north and south boundaries are in the area of Pottawatomie Park, 8 North Ave., and Prairie Street, respectively.
Applications and additional information about the program are available online at www.dtown.org, or by calling the partnership at (630) 513-5386.