Plans and Incentives

Washington has plans for growth and the tools to make it happen.

Washington’s Economic Development Marketing Plan is our local guide for incentives and tools for business growth.  In 1998, Washington City Council and the Washington Economic Development Commission commissioned an Economic Development Marketing Plan for the City.  Blane, Canada Ltd. completed the plan in 1999.

Hundreds of acres are recommended for commercial and industrial development in the City’s 2001 Comprehensive Plan.

Washington offers numerous Enterprise Zone incentives.  The Enterprise Zone now provides incentives through 2016 for commercial and industrial areas citywide.  Washington’s Enterprise Zone:

  • waives all property taxes for 5 years on new buildings and site improvements,
  • waives all state and local sales taxes on building materials,
  • provides a 1% State income tax credit,
  • reduces most building permit fees by 50% for commercial and industrial development,
  • reduces utility connection fees by 50% for commercial and industrial development, and
  • offers other state-provided tax incentives and credits

Washington’s two Tax Increment Financing (TIF) districts provide financial incentives for new development along Washington Road (TIF 1) and redevelopment in the Downtown Square (TIF 2).  Financial incentives for TIF 1 will expire in 2009, while work has begun to extend the life of TIF 2 for the downtown area.

  1. TIF 1, at Mount Vernon Commercial Park, has 18 acres of vacant land.  The TIF 1 district is anchored by two car dealerships, retail stores and offices, a hotel, a restaurant, and other businesses.  A private redevelopment incentive program is available for new construction and rehabilitation.  The City has helped a number of these businesses with infrastructure, site improvements, and loan interest subsidies.
  2. TIF 2, the Downtown Square TIF, is part of our active and historic downtown business district.  There are few vacancies and plenty of shoppers and services available.  Washington’s downtown offers a full-service grocery store, a bed-and-breakfast, unique restaurants, and quaint shops.  A private redevelopment incentive program is available for building restoration and rehabilitation.  The City has helped many downtown businesses with building and site improvements.

Washington’s staff and EDC work in concert with the Heartland Partnership, also known as the Economic Development Council for Central Illinois.

  • The Partnership is ready to help businesses secure low interest loans available from Tazewell County and other sources.
  • The Partnership has a history of helping area businesses with low interest loans, including large loans from the Illinois Development Finance Authority.
  • Economic, demographic and other regional information is available at Heartland Partnership.