CHICAGO – In an aggressive move to stimulate business growth and job creation in Bureau County, Gov. Rod R. Blagojevich today announced the certification of a boundary expansion for the Bureau/Putnam County Enterprise Zone. The enterprise zone, which lends critical income and job creation tax credits to companies located within its borders, will be expanded to include the construction of two new wind farms, including Big Sky Wind, LLC, which is investing $300 million in northern Bureau County, and Crescent Ridge Wind II, LLC, which is investing $125 million in southern Bureau County. These projects will also create a combined total of eleven new jobs, in addition to a homegrown source of clean energy. This support comes as a part of Opportunity Returns, the Governor’s comprehensive economic development strategy to continue creating better jobs and expanding the economy across Northwest Illinois.
“The Bureau/Putnam County Enterprise Zone is a tremendous asset for the region in attracting new companies, good new jobs and significant private investment. By extending the boundaries of this enterprise zone, we are supporting the construction of two new wind farms, which will provide clean, renewable energy for many years to come in Illinois, while putting more people to work. We will continue working together on the local level to make the kinds of investments that support a stronger regional economy and strengthen our energy independence,” Gov. Blagojevich said.
The Bureau/Putnam County Enterprise Zone will extend its benefits to include a total of 18.2 acres. Big Sky Wind, LLC, which is co-owned by MidWest Wind Energy Development Group, LLC and Edison Mission Midwest, Inc, plans to construct 57 2.1-megawatt wind turbine generators situated over farmland across Ohio and Walnut Townships in northern Bureau County. The project is expected to create six jobs. Crescent Ridge Wind II, LLC will construct a 74-megawatt wind farm next to the existing Crescent Ridge Wind area in Milo and Indiantown Townships. The project is expected to create five jobs.
“We are thrilled to be establishing a new wind farm in Bureau County, and my thanks to Gov. Blagojevich for this important support. We appreciate the commitment from across the state for wind energy in Illinois and look forward to our success in the region,” said Stefan A. Noe, Manager of Big Sky Wind, LLC.
Chief benefits of an enterprise zone include sales tax exemptions and tax credits for job creation. A 6.25 percent state sales tax exemption is permitted on building materials to be used in an enterprise zone, while the Enterprise Zone Jobs Tax Credit allows a business a $500 credit on Illinois income taxes for each job created in the zone for which a certified eligible worker is hired. The Enterprise Zone Investment Tax Credit is a state
investment tax credit of .5 percent for investments in qualified property in a zone, which includes machinery, equipment and buildings. An additional local benefit of the enterprise zone is the property tax abatements from the taxing districts.
A local enterprise zone may apply to the Illinois Department of Commerce and Economic Opportunity (DCEO) for boundary expansion if the proposed area to be added meets at least one of the tests for poverty, low income, unemployment or population loss, or the proposed area will provide an immediate substantial benefit to the zone. There are 96 enterprise zones statewide.
Last fall, the Governor announced a $2.2 million grant to Horizon Wind Energy, LLC for the construction of a 198-megawatt wind project in nearby eastern McLean County. The facility is the first phase of a planned 400-megawatt wind farm, which, when fully built, would be one of the largest land-based wind farms in the world. Wind turbines generate income for farmers, provide valuable property tax benefits for local governments, create hundreds of construction jobs and support manufacturing jobs at new facilities.
“This enterprise zone expansion is another example of how Gov. Blagojevich is using an innovative, highly-customized action plan to spur economic growth on a regional level. As we continue our efforts to increase energy independence here at home, wind power will play an expanding role in our energy portfolio. These two wind farm projects are advancing these efforts, while bringing significant investment to the region and creating more jobs,” DCEO Director Jack Lavin said.
Since January 2004, Illinois has gained nearly 200,000 jobs, which is best in the Midwest. Illinois led the nation in new job growth in January with 19,100 new jobs and in June of this year with 12,400 new jobs. In 2006, Illinois gained 71,000 new jobs, which is the best calendar year gain since 2000. Over the last 4 years, from January 2003 to December 2006, Illinois had the second largest unemployment rate drop in the nation. The federal Bureau of Labor Statistics and the Illinois Department of Employment Security compiled these statistics.
Gov. Blagojevich’s Opportunity Returns regional economic development strategy is the most aggressive, comprehensive approach to creating jobs in Illinois’ history. Since a one-size-fits-all approach to economic development just doesn’t work, the Governor has divided the state into 10 regions – each with a regional team that is empowered and expected to rapidly respond to opportunities and challenges. Opportunity Returns is about tangible, specific actions to make each region more accessible, more marketable, more entrepreneurial and more attractive to businesses. It is about upgrading the skills of the local workforce, increasing the access to capital, opening new markets, improving infrastructure, and creating and retaining jobs. Opportunity Returns is about successfully partnering with companies and communities, both large and small, to help all of Illinois reach its economic potential.