Home Rule Assists Economic Development
“Home rule’s greatest impact on Illinois has been its contribution to economic development.”
– August 1985/Illinois Municipal League
Home rule has been used to:
- Help rebuild downtown commercial centers
- Finance new factories
- Attract private investment
- Build new shopping malls
- Underwrite the cost of pollution control equipment
- Promote housing construction and home ownership
- Prevent deterioration of residential neighborhoods
- Improve quality of community services
“With little or no apparent cost to the taxpayer.”
– August 1985/Illinois Municipal League
Home rule allows the municipality:
- More latitude to bargain with developers
- By removing statutory restrictions on borrowing, home rule gives local officials many more options to financially support development
- Home rule communities receive direct allocation authority to issue industrial revenue bonds ($50 per capita)
- Non-home rule must go through a state-wide pool
Home rule communities have additional authority to:
- Enter into development agreements
- Offering real estate tax abatements as a development incentive Non-home rule communities are limited by amount and time period (10 years)
- Home rule units can impose a sales tax that can be used as a rebate incentive as well as other economic development incentives
WITH HOME RULE our village can grow and improve it’s economic development!
Vote YES for Home Rule in Villa Park on Feburary 5th, 2008.