Nearly 500 businesses (from small home-grown operations to Fortune 500 companies) call Hanover Park home. There is more than four million square feet of business park development located within the Village. Businesses have found that Hanover Park’s three attractive business parks are convenient to the entire Chicagoland market.
The Village’s Community Development Department encourages economic growth by attracting new businesses and developments to the village, as well as retaining and expanding existing businesses and developments. These economic development efforts led to the establishment of a solid and diversified tax base, increased property values and an enhanced community image.
Hanover Park’s aggressive Economic Development Program includes community marketing and possible financial incentives — tax increment financing districts and industrial revenue bonds are among the incentive programs. The Community Development Department works with new businesses during every step of the development process (from site research and selection until final occupancy). These departments and programs have helped the Village to attract approximately 75 new businesses since 1997, and there has been a growth rate of 111 percent since 1996 — which translates to an annual growth rate exceeding 20 percent during that time.