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Economic Development
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. Click here for the Village's Community Profile.
Available Property Information
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.
Economic Development Plan
The Village Wide Economic Development Strategy and Action Plan, approved by the Village Board on August 18, 2011, as a tool for the Village to attract, maintain, and expand business opportunities and encourage economic development throughout Lombard. The plan sets specific goals and objectives for Village programs, policies, and commercial corridors. The document is intended to be broadly applied, allowing for flexibility due to changing market conditions.
Demographics
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.
Economic Development Incentives
The Village has developed an Economic Incentive Policy for new businesses, which implements the “explore all options” approach, and a separate policy for existing businesses on business retention. Both policies were reviewed by the Economic and Community Development Committee and approved by the Village Board.
Tax Increment Financing (TIF)
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. The Village has four (4) TIF districts. TIF can be used to create incentive agreements such as those that were approved for the Elmhurst Memorial Lombard Health Center or Holladay Properties. In Lombard, TIF is also used to fund grant programs within three (3) of the TIF districts.
Sales Tax Rebates
A portion of the sales tax generated by a new or expanding retailer is used to finance that property's development.
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 on September 19, 2019.
Special Assessments
This can be used to finance private improvements, such as roadway improvements, utility installation, and burial of overhead lines.
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.