Capital Improvement Projects in Bloomington IL
Serving Bloomington and Surrounding Areas
By working hand-in-hand with local governments, municipalities, school districts, and businesses in Bloomington-Normal and Central Illinois, Core 3 Construction is able to provide unmatched quality in any capital improvement project.
Our commitment to building & adhering to a comprehensive & strategic plan with each organization we work with allows our team to stay ahead of deadlines, remain within the project’s budget, and have a final result that stakeholders will be proud of.
We have yet to come across a project that is too big for us! Our project management team is experienced in dealing with the many moving pieces of any project; with sustainable workflows that allow for our team to exceed your project expectations.
Getting Started On Capital Improvement Projects (CIPs)
Fundamentally, a Capital Improvement Project (CIP) offers a connection between school district, a municipality, parks and recreation section and/or other local government entity along with a strategic and complete plan and the yearly budget of project over time.
- Allows consistency for a methodical assessment of possible jobs.
- The capacity to stabilize debt and merge jobs to lessen borrowing costs.
- Function as economic development tool and a public relations.
- A focus on maintaining the infrastructure of a governmental entity while ensuring the efficient utilization of public funds.
- An opportunity to cultivate co-operation among sections and a power to inform units of government of the precedence of project scope.
- Common Steps to Any CIP Project
Capital Improvements & Taxes: What You Need to Know
A capital improvement is any addition or alteration to real property that add substantial value to the property or prolongs its useful life, becomes part of or permanently affixed to the property, and is intended to become a permanent installation. Below, we have information on the relationship capital improvements have with taxes.
Are Capital Improvent Projects Tax Deductible?
All capital improvements to your home are tax deductible; however, you cannot claim the deduction until you sell it when the cost of additions and other improvements are added to the cost basis of your property. Home improvements usually come into play when you sell your home because they're included in your home's adjusted cost basis.
Is capital improvement a fixed asset?
Capital improvement assets are indeed considered fixed assets, as fixed assets are defined as those a business will use for several years. A capital improvement asset is money a company doled out to repair, improve or increase the operational efficiency of a capital asset, also known as a fixed resource or tangible asset. The catch is that a business must spend a substantial amount and the improvements must be significant before the transaction can qualify as a capital improvement asset.
What Counts As A Capital Improvement?
New additions to your home are the most obvious capital improvements. Of course, you might wonder what type of additions count: Does adding blinds count? What about windows and gutters?
In order to count as a capital improvement, a home addition must fit the three criteria listed above. So while simple things like adding blinds, windows, gutters, painting your interior walls, and handling maintenance repairs may not count, plumbing additions like fitting a new water heater, installing a septic tank or attaching a soft-water filter system are considered permanent improvements to the home.
Adding a new bedroom, bathroom, garage, porch or even a satellite dish to your home are all valid improvements. Landscaping your garden increases your home's curb appeal, an excellent way of improving market value. A new driveway, walkway, fence, retaining wall or even swimming pool are all tax deductible.
You can also declare any improvements that make your home more accessible and useful for elderly or infirm individuals, such as bathoroom handrails, stairlifts or ramps.
Capital Improvement Projects in Bloomington IL
What's understood to be capital purchase or a capital project may vary from city to county to state with respect to how big the local government provisioning the strategy is. Typically, they'll be actual pieces with a life expectancy of over one year.
A local government may also have to predict where it considers it'll confront potential increase and future demands. This may call for an inventory and evaluation of existing facilities, infrastructure and gear. Additionally, for executing the strategy, a local government may wish to come up with fundamental policies. The municipality may choose to get guidance out of their financial advisor and bond counsel as the CIP could contain funding difficulties. A review of the present financing in the municipality is also essential.
Core 3 Construction, part of the Core 3 family along with Core 3 Property Maintenance & Core 3 Landscaping, has been an established and involved business in the Bloomington-Normal community for years. Our construction development services division provides excellent project management, a streamlined process, and quality craftsmanship in all we do. The property management division maintains over 1,100 residential units throughout Central Illinois! Our company is focused on responsiveness, organization, and professionalism.
You may be representing a business or local government and have a large project that you need to bid out. We will be happy to submit bids according to your instructions and provide any follow up information or answers that you may need. Our goal is to help you and your team make the best decision possible, and to not be stuck working with the wrong company.
We look forward to possibly working with you and your team. If you have any additional questions or would like to speak with a member of our staff, please contact our office anytime.
Core 3 Construction Services
1716 R T Dunn Dr #4 Bloomington, IL 61701