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Click here to view the NEW! Downtown Skokie Business Incentive Programs
Click here to view the Village's Economic Development Brochure
Click here to view the current Illinois Science + Technology Park fact sheet
Skokie's local economy is of vital importance to the Village in terms of the tax revenue and jobs that are generated, and ultimately the services and benefits that Skokie's residents derive from it. A strong local economy helps to support the Village's high quality municipal services, excellent school districts, and a great system of parks and recreational services.
The Economic Development Division works to maintain and enhance the local economy. The Village is actively pursuing efforts to expand the local tax base and increase employment opportunities in Skokie. Primary functions include coordinating special redevelopment programs, marketing available properties and development opportunities, managing tax increment financing districts and other development projects, and disseminating economic data to developers, businesses, citizens and other interested parties.
Through thoughtful planning and an overall spirit of cooperation, Skokie has grown into a thriving center of commerce, with many vibrant retail centers, a strong industrial base and extensive professional services.
Businesses appreciate their Skokie locations for good reason. The Village has not increased its property tax levy in fifteen years and there are no local taxes on natural gas and electric utilities. Nor are there any head taxes, sewer taxes, or impact fees as in other towns. Added to that is a near-suburban location connected by major highways and public transportation to Chicago and O'Hare Airport, conveniently accessible to suppliers, customers and labor markets.
Our AAA bond rating attests to strong economic health and prudent fiscal management. In 2003, Skokie became the first municipality nationwide to achieve nationally accredited Police, Fire, and Public Works Departments, and a Class 1 Fire Department as rated by the Insurance Services Office (ISO). Thanks to the community's strong tax base, Skokie's 63,349 residents enjoy the best in school districts, parks and recreational programs.
LOCATION, LOCATION, LOCATION
Skokie's combination of industrial activity, retail sales and business services is unparalleled in suburban Chicago. We rank 6th in the state for Wholesale Trade, 13th in Retail Trade, and 12th in Selected Service receipts. Additionally, we rank 7th in number of manufacturing businesses, 12th in manufacturing employment and 11th in the value added by manufacturing process. As home to one of the premier shopping centers in the area, Westfield Old Orchard, Skokie, also ranks 4th in the state in apparel sales. In the State of Illinois, only Chicago surpasses Skokie in each of these categories.
Very few communities of Skokie's size have the unique combination of major corporations, a regional shopping center and a solid manufacturing base. We are home to over 200 manufacturing firms employing more than 9,000 people, including many industry leaders. Corporate citizens include Federal-Mogul, Klein Tools, Rand McNally, Forsythe Technologies, Tech Lighting and Topco Associates.
Superb public transportation, proximity to Chicago and O'Hare Airport, and direct access to interstate highways enable businesses to serve customers nationwide and attract employees from a wide labor pool. Accessibility is a key advantage. Spanning Skokie's western edge is the Edens Expressway (I-94), providing easy entry into the community and connections with highways. Skokie is just 9 miles from O'Hare Airport and 15 miles from downtown Chicago. Commuters preferring public transportation need only walk a few blocks to access 14 Chicago Transit Authority (CTA) and PACE suburban bus lines. Each weekday, the CTA's Skokie Swift rail line carries 3,000 riders, connecting the Village with downtown Chicago. Skokie's excellent municipal services also translate to lower insurance premiums.
Enhancing the business environment while providing extracurricular opportunities for employers and employees are abundant restaurants, hotels, fitness and day care facilities, parks and a host of other amenities.
PRO-BUSINESS
Surveys have consistently shown that the vast majority of businesses are pleased with their Skokie location. Why? Because Skokie is a pro-business community.
Village staff, in cooperation with the Skokie Chamber of Commerce, conducts numerous business retention visits annually. We partner with the private sector whenever market forces impede our economic development, utilizing tools such as tax increment financing, industrial revenue bonds, Cook County assessment reductions, facade improvement grants, land underwriting, infrastructure improvements and design assistance. Our Community Development Department guides prospective and existing businesses through "one-stop permitting," development plan approvals, expansions and other issues.
In Skokie, businesses enjoy municipal services and amenities without the extra costs. Property tax rates are among Chicago's lowest, with no municipal levy increases since 1990. There are no local taxes on natural gas or electric utilities, nor are there any sewer taxes, head taxes, impact fees, or other hidden costs. Any possibility of major tax hikes is decreased by the Village's well-established infrastructure and stable population.
Skokie businesses enjoy top-rated emergency service protection from the Police and Fire Departments. Water comes from Lake Michigan via a fully looped local water main system, yet rates are among the lowest of all inland suburbs. Recently completed projects include an $80 million sewer and storm water detention system, plus a commercial recycling program designed to save businesses millions of dollars. All from a Village holding an AAA bond rating, the highest achievable.
It is little wonder that Skokie has recently been named a top ranking suburb by Chicago Magazine and one of the nation's hottest suburbs by Money Magazine.
THRIVING
Despite being a landlocked, fully developed community, Skokie continues to grow. Our partnership with the private sector resulted in the new Westfield Old Orchard -- a beautiful, 1.8 million sq. ft. outdoor mall featuring 140 stores, theatres and restaurants that has the highest sales per square foot of all major centers in the Chicago region.
A tax increment financing (TIF) district established in the 1990's, plus adoption of a long-term redevelopment strategy began the initiative to rejuvenate Downtown Skokie. Already in place are new, mixed-use developments combining residential and commercial space. A fresh streetscape and commercial renovation program have given Downtown a new appearance and vitality that is attracting new retailers, services, and residents to the area. Downtown Skokie is now home to the Illinois Science + Technology Park, a 23.4-acre campus that is expected to bring more than 3000 jobs to Skokie and generate billions of dollars in statewide economic activity. For more information on the Illinois Science + Technology Park, click here.
Community economic development efforts have also resulted in new hotels, state-of-the-art research laboratories, an 18-screen theatre/retail complex, major fitness centers, new retail and residential developments, corporate expansions and more.
In Skokie, the climate for business is stronger than ever. |
