Multi-County Industrial Park

A multi-county industrial park is a written agreement between two or more counties. It includes provisions addressing the development of the park, the sharing between the participating counties of the expenses and revenues relating to the park, and the manner in which such revenues must be distributed to each of the taxing entities within each of the participating counties.

The park area is exempt from property tax. The owners or leasees of any property situated in the park must pay an amount equivalent to the property taxes or other fee in lieu of payments (FILOT) that would have been due and payable.

Job Tax Credits for each job are increased by $1,000 if new or expanding facility is located in a Multi-County Industrial Park.

A multi-county park agreement is required in order for the county to approve a special source revenue credit. the company will be required to obtain a bond attorney to draw up an ordinance which will be presented to the county council for approval. The ordinance will require approval on three readers and will also require a public hearing.


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