The Illinois State Enterprise Zone Board recently approved the Lee-Ogle Enterprise Zone.
The zone provides exemptions to a variety of business taxes, which would then promote economic development in the two counties. The two counties were ranked sixth among 18 statewide applicants. They competed for 12 vacant slots.
Saukvalley.com reports the current zone expires at the end of next year. However, the newly approved zone expands the area by 15 square miles, allowing for greater expansion into Rochelle and Dixon. 1,100 acres have also been set aside for any future development projects.
The zone officially goes into effect January 1, and can last through 2031. However, it will face a state review after 13 years.
