The Community Development Department works with business and property owners throughout Lombard to retain existing businesses and help them expand, while also recruiting new commercial, office, and industrial tenants.
The Village of Lombard maintains a listing of available retail, office, and industrial properties for sale or lease. The listing is maintained by Village staff.
The Village of Lombard is a dynamic, progressive community located 20 miles west of Chicago’s loop in the heart of DuPage County midway between Lake Michigan and the Fox River Valley. With a population of nearly 45,000 residents and growing, the community encompasses 10.5 square miles and is a residential community with a thriving commercial base. The Village is bounded on the west by I-355 and on the south by I-88 which provide easy access to and from Lombard. Neighboring communities include Addison to the north, Villa Park to the east, Downers Grove to the south and Glen Ellyn to the west. The Village is also served by a Metra Union Pacific commuter line, which has a depot in the center of the community.
Lombard’s rich history and sense of community provide a solid backdrop for today’s bustling, modern Village. A central location within the Chicago region, direct access to two interstate highways, and available land and facilities provide for a strong economic base for the Village. The I-88 East-West Research and Development Corridor and Lombard’s 22nd Street along the Village’s southern border are home to modern office buildings and corporate clients. Numerous office and industrial parks offer quality office, warehouse and light assembly space options. In addition, a large industrial park located on the Village’s northern boundary has easy access to I-294 and I-355.
Economic Development Plan
The Village Wide Economic Development Strategy and Action Plan, approved by the Village Board on August 18, 2011, is a new tool for the Village to attract, maintain, and expand business opportunities and encourage economic development throughout Lombard. As a strategic goal set forth by the Village Board in 2010, staff introduced the framework for this plan to the Economic and Community Development Committee in November 2010 and worked with the ECDC through July 2011 to develop and refine the document. The plan sets specific goals and objectives for Village programs, policies, and commercial corridors. It includes an examination of current market realities and economic development tools that can be used to assist businesses. Three major development opportunity sites on Roosevelt Road, Butterfield Road, and North Avenues are assessed in terms of their potential economic impact. A major component of the plan is an implementation timeline for each task and objective, many of which are already underway. The document is intended to be broadly applied, allowing for flexibility due to changing market conditions.
Economic Development Tools
The Village of Lombard has several economic development tools that it can use to encourage development and redevelopment, assist local businesses, and improve the quality of life within the Village. In 2015, the Village Board approved an Economic Incentive Policy. Please direct questions to the Community Development Department at 630-620-5749.
This can be used to finance private improvements, such as roadway improvements, utility installation, and burial of overhead lines.
Business Improvement Districts:
A 1% sales tax is implemented on purchases within a designated business district to finance eligible property improvements. The Village has one established business district at a portion of Yorktown Mall. The Village approved a second business district.
Industrial Development Revenue Bonds:
In exchange for using the Village's bonding authority to finance private developments, the Village receives ¼ of 1% of the total bond amount as issuance fee.
Sales Tax Rebates:
A portion of the sales tax generated by a new or expanding retailer is used to finance that property's development.
Tax Increment Financing:
Tax increment financing, or TIF, is a development tool that generates a pool of money that is used for reinvestment within the TIF area. This pool of money is created by “freezing” the assessed value of a property when a TIF district is created. The Village, county, township, school districts, and other local governments continue to collect property taxes based upon the frozen assessed value. Any increase in the property’s assessed value generates TIF increment, which is then available for projects within the TIF district. TIF can be used to create incentive agreements such as those that were approved for the Elmhurst Memorial Lombard Health Center or Oakview Estates condominiums. In Lombard, TIF is also used to fund grant programs within the Village's three TIF districts.