Opportunity Zones in NW IL
NW Illinois Economic Development's applications for two federally-designated Opportunity Zones in Stockton, IL and Savanna, IL were approved! Opportunity Zones provide investment opportunities in designated zones in order to reduce or eliminate a prior capital gain.
Savanna, IL is preparing for investment using Opportunity Zone designation to attract private capital. Current business owners explain why they created businesses in this historic Mississippi River town.
“Five years ago, we saw an opportunity in Savanna, IL, and opened our first business on Main St. In June of this year, we opened our third business, Circa 1888, an Urban Farmhouse Kitchen. As the Mayor of Savanna, I see the opportunity we have here for growth and expansion and I am personally investing in our community. This historic town on the Mississippi River is on the move and it is a great time to invest in our future.”
Mayor Chris Lain, Circa 1888, Savanna Marketplace and Blue Bedroom Inn
“I was born and raised in Savanna, IL. Even though I moved away for college, I always knew I wanted to end up in my hometown. My entire family is here and I knew I would have the best support system. I know almost everyone of my customers, and because I have developed a relationship with each of them, it makes my job that much more worthwhile. Before owning my shop, I worked at a floral shop in a large city and I felt like I had lost my WHY… why I loved floral design in the first place. I couldn't imagine owning a shop anywhere else, the support from the community is indescribable.”
Samantha Ritchie, River Valley Designs
For more information on Opportunity Zones email lmccarthy@nwiled.org or call (815) 858-4491.
