TIF District - click to see TIF District Map.pdf
The Fulton TIF Area is approximately 58.8 acres situated near the intersections of Illinois Route 136 and Illinois Route 84. Incremental property taxes are derived from the increase in the current equalized assessed valuation (EAV) of real property within the redevelopment project area over and above the Certified Initial EAV of such real property. Any increase in EAV is then multiplied by the current tax rate to arrive at the Incremental Property Taxes. During the life of the TIF, the property tax revenues are distributed to the city to finance some of the redevelopment expenditures within the TIF area upon approval of the Fulton City Council.
Revolving Loan Fund
The City of Fulton Revolving Loan Fund is used to stimulate economic growth in the City of Fulton by assisting with the retention and growth of an existing industrial and commercial base, providing needed equity to new start-up businesses and providing an incentive for established businesses to relocate to Fulton.
- The City of Fulton is a secondary lender.
- The City will lend up to $15,000 per each full time employee.
- The City will lend up to 30% of the total project costs.
- Interest rates are typically lower than a bank but must be approved by the Revolving Loan Fund Committee.
- The City’s terms on loan vary between 5 to 20 years depending upon loan amount, project and approval from the Revolving Loan Fund Committee.
- Eligible uses of the loan: site development/infrastructure, construction of a new facility, renovation of an existing facility, leasehold improvements, purchase of new or used equipment, and working capital.
Downtown Historic District - click to see Downtown Historic District Map.pdf
Fulton's Downtown Commercial District is listed in the National Register of Historic Places. Listing in the National Register honors the property by recognizing its importance to the community, state and/or nation.
- Listing only affects actions to the building that require a federal license, permit or funding.
- Listing does not require owners of private property to open their properties to the public, to restore them, or even to simply maintain them, if they choose not to do so.
- If a building or district is locally designated or listed, it may be subjet to any local ordinances in effect for historic properties.
- Properties listed within a designated district may be eligible to obtain federal historic preservation funding, when funds are available.
- Properties listed within a designated district may participate in programs involving federal historic income tax credits for eligible rehabilitation activities.
For more information please visit http://www.illinoishistory.gov/ps/index.htm