TIF - Interior Improvement Grant Information
If you have any questions about this application at any stage please contact Matthew Galloway, Economic Development Analyst, Village of Roselle, 31 South Prospect Roselle, IL 60172 at 630-671-2808 or firstname.lastname@example.orgOVERVIEW
Thank you for considering participation in the Roselle Tax Increment Finance Incentive Program! The Village of Roselle has established the use of tax increment financing (TIF) as a strategic tool in its economic development program. The use of TIF is intended to foster development and redevelopment in areas of the community where public incentives are necessary to supplement private investment. Three TIF districts have been established within the Village to achieve this goal. Each TIF District has unique needs, which are identified within planning studies that formed the feasibility and redevelopment plans for each. This program guide has been created to identify the potential available Roselle TIF incentives. It will provide a framework for discussion and negotiation between the Village and prospective business and property owners located within the TIF Districts. The use of incentives is to fund qualified projects that would not happen without such assistance. Thus, the use of incentives is not an entitlement but a means of creating opportunities that will add value to the community. All project eligible reimbursements must be eligible for reimbursement under the Illinois Tax Increment Allocation Redevelopment Act. TIF incentives may be considered for commercial, industrial, and mixed-use projects within the three established districts. Standalone multi-family projects may be considered within the Town Center only. Application materials required to participate in the TIF Incentive Program are incorporated within this guide.
To implement the overall economic development goals of the Village and to enhance the quality of life of residents, the incentive program has been designed to provide a wide latitude of eligible project types.
Use of incentive funding is intended to:
- Facilitate development of vacant land or the redevelopment of existing structures;
- Facilitate expansion, rehabilitation, renovation or physical upgrade of existing structures or interior space;
- Provide associated site improvements necessary to accommodate increased intensity of use or expansion of building areas (i.e. parking, stormwater detention, landscaping, etc.);
- Facilitate the occupancy of vacant space through remodeling, modernization or required building, fire, and life safety code upgrades;
- Facilitate exterior building façade improvements to enhance physical character of structure or modernization of design elements;
- Encourage physical alterations to upgrade the appearance of property (i.e. replacement of antiquated signage, installation of landscaping, etc.);
- Enhance competitive recruitment;
- Provide start-up assistance grant funding to prospective small businesses that may have other location options;
- Encourage the implementation of policy priorities of the Village, including, but not limited to attraction of sales tax producing businesses; attraction of business categories not sufficiently accessible within the community; incentivizing environmental remediation; etc.
INCENTIVE PROGRAM GRANTS
Five categories of grant funding are available. They include the Small Business Start-Up Grant, Façade Improvement Grant, Interior Improvement Grant, Site Appearance Grant, and Strategic Investment Incentive. Specific details and grant conditions will be identified within a written agreement to be executed prior to starting work. All template grant agreements will be subject to modifications recommended by the Village Attorney to accommodate the needs of a specific grant project, except there shall be no changes in the amount of the grants or the final performance requirements for grant payment without approval of the Village’s Corporate Authorities
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