I’ve noticed that many of our rural Illinois communities have a vacant or derelict building in the heart of their downtown or on main street. While the missed opportunities of a property sitting vacant seem basic, the concept is complicated. Intent, code, statute, and insurance classification may be used to determine whether a real property is classified as vacant, unoccupied, abandoned or derelict. Despite the definition, this category of properties can overshadow neighborhoods, business districts, and communities large and small.
The Opportunity Zones incentive is a new community investment tool established by Congress in the Tax Cuts and Jobs Act of 2017 to encourage long-term investments in low-income urban and rural communities nationwide. Opportunity Zones provide a tax incentive for investors to re-invest their unrealized capital gains into dedicated Opportunity Funds.
In the fall of 2019, the communities of Canton and Havana were hit with the shocking news that Vistra Corp. planned closing the local coal-fired power plants within three months. Community leaders were left to navigate the detrimental impacts to their tax base and workforce and they turned to each other to share ideas and resources.
Morton Economic Development Council and Morton Chamber of Commerce identified “the advancement of its economic development efforts” and the “creation of a livable community for all” as key priorities, and subsequently engaged with University of Illinois Extension and UIUC Department of Urban and Regional Planning in an app
You have worked hard to stay in business and prepare to reopen during this pandemic. Now, you are challenged with the fact that many customers are nervous about returning to their favorite restaurants and retail stores.
Local eateries, restaurants, cafes, pubs, and coffee shops are the social and economic lifeblood of many Illinois communities. Following the stretch of statewide shutdowns that began in late March, residents may be eager to see their favorite food and drink establishments reopen and employees return to work.
As local restaurants prepare to reopen in Illinois, a taped webinar from Part 1 of Scaling Up Illinois Restaurant Operations: Financial Considerations held on May 28, 2020 is now available. Included on the broadcast is Gretchen Ernst from Gordon Food Service, providing broadliner perspective about supply and demand effects on restaurant food and kitchen supplies.
Business owners should take a close, hard look at the long-term prospects for profit. Does it make sense to continue, or should you limit losses, close the doors for now, and save your time and energy for a future business?
Retailing in the U.S. has been transitioning for the greater part of the last decade. Since the recession, retailers both small and large have had to adapt or dissolve. COVID-19 forced shutdowns of non-essential businesses, including most retailers. Unless your store had an online presence, your sales have probably dropped to near zero.
During the past several weeks, families and businesses around the country have endured tragic loss of human life, modified their way of life, and lost vital economic resources. Many of us stay at home “doing our part” not to risk exposure and illness that might further burden our hospitals, as others work to save lives and provide needed food and products.
Illinois has announced $14 million for the Hospitality Emergency Grant Program. Grant funds are available to support working capital, such as payroll and rent, as well as job training, retraining, and technology to support shifts in operations, such as increased pick-up and delivery.
What types of businesses are eligible?
UPDATE: The State of Illinois has received a federal disaster designation, allowing Illinois businesses affected by the coronavirus crisis to apply for low-interest loans from the US Small Business Administration.
Working and living in small towns makes business closures personal for community leaders. Whether the reason is owner retirement, changing trends or international competition, closures stick with us. Communities suffer each loss in tax revenue, jobs, leadership and morale. To address the voids, University of Illinois Extension shares insightful counter strategies in various ways. Please see related articles archived at www.extension.illinois.edu/blogs/building-entrepreneurial-communities: