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State Bank of Niantic Zone Request <br /> Page two <br /> September 4, 2008 <br /> new jobs. The decision to proceed with the project is contingent upon approval <br /> of the Enterprise Zone boundary amendment request. <br /> The project is not eligible for property tax abatement however, it is eligible <br /> for the sales tax exemption on construction materials and an assortment of <br /> state income tax credits and exemptions, some of which are specifically <br /> beneficial to banking companies located within the boundaries of an <br /> Enterprise Zone. <br /> The parcel is near the existing Enterprise Zone connecting strip on the north side <br /> of Highway 36 East and will be amended into the zone by adding an additional <br /> connecting strip from the public right of way on the north side of U.S Route 36 <br /> across the highway along the public right of way of Parkway Crossing Drive to <br /> the intersection of the property border. <br /> A map of proposed parcel, highlighted in dark blue, is included for your review. <br /> Existing Zone boundaries are highlighted in light blue. <br /> The acreage of the parcel in Exhibit "A" totals approximately 1.680 acres. Since <br /> the last modification request presented to you in May 2008 and subsequent <br /> application approvals by the Illinois Department of Commerce and Economic <br /> Opportunity, the boundaries have been updated and re-mapped utilizing <br /> Geographic Information Systems (GIS) technologies. As a result of the updates, <br /> it has been determined that the current boundary encompasses 10.72 square <br /> miles. With the addition of this property, the size will increase to 10.723 square <br /> miles and is below the statutory maximum of 12 square miles. <br /> Your concurrence is the fifth step in the local portion of fhe formal <br /> application and approva/ process. As mentioned above, the Enterprise <br /> Zone Advisory Board and the Macon County EEHW Committee have <br /> previously approved the addition and the full Macon County Board is <br /> expected to approve on September 11, 2008. No objections were heard in <br /> the June 16, 2008 public hearing. The l/linois Department of Agricu/ture is <br /> reviewing the addition as required by statute. <br /> Upon your approval, EDC will submit the formal application to the State of Illinois <br /> and final approval is expected by the end of October. <br /> Thank you for your consideration of our request. <br /> JCC/hs <br /> enclosures <br />