GRANITE CITY • The state Department of Commerce and Economic Opportunity has approved an enterprise zone that includes part of Granite City and parts of Madison and Venice.
The designation is meant to foster economic growth and create jobs by offering property and sales tax breaks to businesses that build or expand within the zone. Officials said the sales tax exemption would reduce the cost for building material that businesses buy for new construction or remodeling.
Officials in Granite City were informed of the designation at the Council City meeting on Tuesday night. Getting the designation was a collaborative effort by Madison County Community Development, the mayors of the cities involved and the Madison County board chairman.The application was one of 50 selected out of 100 cities that applied.
The enterprise zone will take effect this month and expire Dec. 31, 2030.