Economic Development Information
The City of Harvey offers both new and continuing businesses a wealth of opportunities. Harvey is located at the crossroads of major thoroughfares such as: I-57 and Sibley Blvd. I-294 and U.S. Route 6 (159th Street) I-80 and U.S. Route 1 (Halsted Street) Four major international and national railroad lines The banks of the Little Calumet River
Demographics: (2000 US Census Data)
- 5,067 Owner occupied housing units
- 3,923 Renter occupied housing units
- 1,195 Vacant housing units
- 8,990 Total occupied housing units
- 10,158 Total roof-tops
- Population 30,000
- Median age: 27.9
- 28.4% of population over 25 are high school graduates
- 7.1% of population over 25 have an associate’s degree
- 5.7% of population over 25 have a bachelor’s degree
- Median housing value: $70,500
- Median household income: $31,958
Economic Development Incentives:
- In-house Job Training representative (POET Program)
- Employ Illinois: State Treasurer’s low interest loan program
- Illinois EDGE: Offers tax credits to qualifying businesses that make a capital investment of at least $5 million and create a minimum of 25 new jobs
- Illinois Finance Authority Loan Program: IFA assists Illinois businesses that create or retain jobs by offering a loan participation program in conjunction with their lender. Through this program the Authority will purchase up to the lesser of $500,000, or a 50% participation in the loan, directly from the borrower’s lender
- 5 TIF Districts
- Enterprise Zone: The entire City of Harvey is within the Harvey-Phoenix-Hazel Crest EZ
- Cook County Incentives: Class 6b is for industrial, distribution and warehousing enterprises while 7a covers commercial property and 7b serves industrial and commercial projects over $2 million. Class 8 provides special tax incentives for industrial and commercial projects
- Cook County Tax Reactivation Program sites
- Sahloul Plaza – New construction strip mall located at 159th and Lincoln Ave.
- Nearly completed strip mall located at 154th and Dixie Highway.
- New Illinois Department of Employment Security office located at 160th and Halsted.
- Outreach strip mall located at 147th and Wallace.
New residential construction located at 147th and Givines Court (6 multi unit buildings with 4 townhouses each)
- New home construction located at 160th and Loomis (16 new homes)
- Over 54 total residential projects in various stages of development
The City in January 2021 established its first residential tax increment financing (TIF) District. Over time, the TIF District will help businesses and investors and residents in the area who are looking at opportunities for renovating or building new housing in the City’s downtown. The TIF District is a common tool used by local governments in the south suburbs – in the past this has been used for mostly commercial/industrial areas but the new transit-oriented TIF will provided an opportunity to renovate older housing in the area and demolish blighted housing that is unsafe.
The TIF District will also cover parts of 154th and UC Medicine/Ingalls Memorial Hospital, allowing for potential upgrades to both the downtown and the area west of the downtown. See the map below.
While the TIF District is brand new, the City staff is already reaching out to real estate professionals to spur residential renovation – see below for more information.
The City of Harvey City Council approved a zoning change to allow for a major new investments in downtown Harvey last month. The new building is to be called “Harvey Lofts” and would provide high quality housing for residents in the area, while being in walking distance of the downtown Metra train station and PACE bus station.
The developer is MVAH and they have built properties in the Midwest including a new building near Midway Airport. Their Harvey Lofts building will need State of Illinois funding approvals. If obtained in 10-12 months, then the construction would begin late next year –injecting $20 million in new investment and bring new residents to downtown Harvey.
Below is a rendering of their proposed 5-story building to be located on Broadway / 154th.
The City Council approved a modern new retail and fueling station on Halsted. Like other projects in the region, the investor will use Class 8 tax classification (a Cook County assessment category) to hold tax costs in line, to support an investment in a new retail store and new BP or Shell fueling station on Halsted. Importantly, the developer has committed to a high quality construction building with brick and attractive facades and signage for the site. Their approved project is shown below.
Last fall, the City was awarded a grant to develop a broadband strategic plan – designed to address a critical “digital divide” whereby seniors and students and other Harvey residents lack access to home Internet service. Specifically, the City is seeking to increase the numbers of households with fast, affordable Internet service. The City is also partnering with PCs for People and District 205 to have computer distribution events in 2021 – both in January and for a potential event to be schedule in early summer. If you have questions or want to participate in a survey please contact Economic Development Director Nick Greifer at firstname.lastname@example.org.