A tax increment financing incentive zone at Houbolt Road and Interstate 80 generated less than $8,000 in property taxes in 1997. Today, real estate taxes total more than $4.2 million a year. The area today is a thriving business district with hotels, restaurants, offices and distribution centers. A new interchange opened in January 1994. Joliet officials point to the Tax Increment Financing (TIF) district prepared by Teska Associates for a 250 acre parcel that helped fund the interchange and development of the Rock Run Business Park as an example of a tax break that paid off. Since 1997, developers have received $3.6 million in tax incentives while 13 taxing bodies received nearly $17.3 million in property taxes as the land increased in value with new development.
According to City officials, "This project was a successful publicprivate partnership that needed to have an economic incentive package to entice a developer to Joliet." While the tax incentive only provided direct aid to the Rock Run Business Park and interchange, that construction spurred other business development nearby, including the Empress Casino and Joliet Junior College.
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