Sullivan Chamber & Economic Development
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Business Incentives offered by City of Sullivan


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​1. Tax Increment Financing (TIF)
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Sullivan has four TIF districts. A business can apply for TIF by completing an application and returning it to the City Administrator located at 2 West Harrison Street in Sullivan. The application must be returned prior to any work beginning on the property. The applicant must then negotiate with the city a percentage of the property tax increment to be returned to him/her each year over the life of the TIF. When work on the property is complete, receipts for all eligible expenses must be given to the city. To receive reimbursement, each year, the property owner must send a copy of his paid property tax receipt to the City Treasurer. Reimbursements will continue until the total approved expenses are paid out or until TIF expires.

TIF 1 - Expires 2021

TIF 2 - Expires 2026

TIF 3 - Expires 2024

TIF 4- Expires 2040
TIF maps /Questions/applications
2. TIF Loan
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This program is a collaboration between the City of Sullivan with the three local banks in Sullivan: First Mid-Illinois Bank & Trust, First National Bank and Scott State Bank. Applications must be made at one of the three banks. In this program, the banks provide 75% of the loan amount at a rate of Wall Street Prime + 1% (locked for no more than 3 years) and the city provides 25% of the loan amount out of TIF at 1% interest, thereby lowering the overall interest. Applicants must be located within one of the three TIF districts to qualify.

Sullivan  chamber & economic development

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Address:
P.O. Box 234
101 E. Jefferson St.
Sullivan, IL 61951

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Website Privacy Policy
Phone:
(217) 728-4223

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The Word: SCEDPROPOSAL

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  • Home
    • Chamber Search Engine
  • Live
    • Living In Sullivan
    • Real Estate
    • Churches
    • Social Clubs
    • Schools
    • Healthcare
    • Recreation
    • Job Listings
  • About
  • Sullivan Spark
  • Business
    • Business >
      • Member Directory
      • Member Business Network
      • Chamber Committee
      • Chamber
      • Mobile Apps
    • Business Incentives offered by the City of Sullivan >
      • City of Sullivan Business Incentives
      • Properties for Sale
    • Sullivan Chamber & Economic Development Board of Director >
      • Blog
      • REC Committee
    • New Business Resources
  • Visit
    • Shopping
    • Amish in Sullivan
    • The Little Theatre On The Square
    • Agri-Tourism
    • Outdoor Recreation Info >
      • Fishing
      • Boating
      • Hiking, Biking and Nature Trails in Sullivan
      • Hunting
    • Dining
    • Fun for the Kids
    • Area Events >
      • Elf Hunt
      • Old Fashion Christmas
    • Accommodations
    • History & Genealogy in Moultrie County
  • Contact
  • Join
    • Member Services
  • Login
    • Free Members Support