The bill targets commercial and industrial properties that have shown a clear pattern of economic stagnation or decline of real estate taxes as a result of depressed conditions.
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The Bridge Fund Program was launched at the beginning of August to offer local taxing jurisdictions a lower-cost borrowing option for local taxing bodies. Qualifying taxing bodies such as municipalities, park districts, schools, etc. have been able to apply for a short-term loan with the County.
“This could be a game changer for properties that have set empty for years,” DeLuca said. “With our area already positioned well with great infrastructure and access to transportation, I’m confident that this will attract significant investment that will provide benefits to our community for years to come.”