HomeMy WebLinkAboutRes 41-07 11/06/2007
RESOLUTION NO. 41-07
A RESOLUTION AMENDING THE DOWNTOWN TAX INCREMENT FINANCING (TIF) DISTRICT
MATCHING GRANT GUIDELINES FOR FACADE IMPROVEMENT AND INTERIOR
BUILD OUT PROGRAM IN THE VILLAGE OF MOUNT PROSPECT
WHEREAS, the corporate authorities of the Village of Mount Prospect determined that it was in the
best interests of the Village to amend the guidelines of the Downtown TIF District Matching Grant
Program for the Fa<;ade Improvement and Interior Build Out Program; and
WHEREAS, the Fa<;ade Improvement and Build Out Program promotes revitalization within the TIF
District; and
WHEREAS, the amended guidelines enable better use of the Fa<;ade Improvement and Interior
Build Out program funds as a recruitment tool for new businesses and allows for more flexibility in
spending the funds.
NOW, THEREFORE, BE IT RESOLVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOK COUNTY, ILLINOIS:
SECTION ONE: That the President and Board of Trustees do hereby authorize amendments to
the Downtown Tax Increment (TIF) District Matching Grant Guidelines to allow the merging of the
Fa<;ade Improvement Program and Interior Build Out Program, a copy of said program guidelines
attached hereto and hereby made a part hereof as Exhibit "A".
SECTION TWO: This resolution shall be in full force and effect from and after its passage and
approval in the manner provided by law.
AYES:
Hoefert, Juracek, Korn, Lohrstorfer, Zadel
NAYES:
None
ABSENT:
Corcoran
PASSED and APPROVED this 6th day of November 2007.
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Irv~ ilks
Mayor
ATTEST:
'77?~Q~
M. ~'sa Angell
Village Clerk
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VILLAGE OF MOUNT PROSPECT
FA~ADE IMPROVEMENT / INTERIOR BUILD-OUT PROGRAM
Downtown TIF District Matching Grant
Program Guidelines
50 S. Emerson Street
Mount Prospect, IL 60056
(847) 818-5328
PROGRAM DESCRIPTION AND ELIGIBILITY
PURPOSE: The purpose of the Fa<;ade Improvement Program and Interior Build-out Program is
to promote revitalization within the TIF District (see map). The image, appearance, and
environment of the downtown are important factors in attracting shoppers and in a healthy
economy.
The goals of the program are:
1. To provide a diverse shopping mix for residents and commuters in the Village's
downtown.
2. To invest in existing businesses and strengthen their appeal to local shoppers.
PROGRAM TERMS: The financial assistance is a matching grant (50% of total project cost will be
paid by the Village of Mount Prospect) up to $10,000. Property owners must install at least
$1,000 of improvements to qualify for the program. The amounts may vary by project and each
application is reviewed on a case-by-case basis. The amount may increase depending on the
scope of the work and the need for improvement.
Building owners in the TIF District are eligible as well as tenants who produce written consent
from the building owner for all proposed improvements. All improvements must conform to
the Village's regulations including, but not limited to, the Zoning and Building Codes. The
municipal code is available online www.mountprospect.org.
ELIGIBLE COSTS: Structural and permanent improvements are given priority. Some examples of
eligible costs are:
1. Fa<;ade Renovations
2. Lighting
3. Windows / Doors
4. Upgrading / retrofitting mechanical systems
5. Parking Improvements
6. Signs or awnings
7. Life Safety / Sprinkler Installation and Upgrades
8. Reconfiguring of space, furnishing work (i.e. painting, coverings for walls and floors)
9. The Program will fund up to one thousand five hundred dollars ($1,500), for
architectural renderings, engineering services and other soft costs related to the project.
Improvements for street level spaces will be given first priority. Fa<;ade renovation of upper
floors may be eligible if street level improvements are also approved.
INELIGIBLE COSTS: The following are unacceptable expenditures:
1. Pay roll
2. Day-to-day operational costs (i.e. utilities, taxes)
3. Refuse management
4. Production Equipment
5. Rent
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TARGETED BUSINESSES: All sales tax generating businesses locating in the TIF district are
eligible for the program. Examples of businesses that the Village would like to attract to the
downtown are:
1. Entertainment Establishments
· Bars, restaurants, family entertainment such as bowling or small theater
2. Full line Grocery or specialty food stores specializing in produce, meats, fish, etc.
3. Apparel and Shoe stores
4. Craft stores including knitting, stamping, sewing, paint yourself - pottery and other
venues that offer classes as well as supplies
5. Stationary stores
6. Toys and Hobbies and other Children's Product
7. Kitchen/Home Accessories
8. Specialty Retail such as purses, accessories
ANNUAL REPORTING REQUIREMENTS: Qualifying Businesses will report their annual sales taxes
to the Village Community Development Department. This information will be held in
confidence by the Director of the Department. An aggregate number quantifying the "sales per
square foot" will be used in business recruitment as this is an important factor in business
selection. Data on individual businesses will not be released.
TIF MAP:
Exhibit 4"
Tax Increment Finance Dislrict 111
As __
Redevelopment Target Areas
Key
~ GovammentalfOtrlCe
fill Central Commercial
_ Mixed Use
~ low Density Residential
L8 Moderate Density Residential
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PROCEDURES FOR ASSISTANCE
The applicant must submit a completed application to the Community Development
Department. The following steps will occur after staff has reviewed a completed application:
1. Pre-Application Meeting
The applicant should schedule a meeting with Village Staff to discuss the feasibility of
the proposal.
2. Submittal of Complete Application
The applicant must submit a complete application, which includes the items listed
below.
3. Staff Review
Once a completed application is received, an interdepartmental committee will evaluate
the application. Upon completion, the committee may request revisions to the applicant.
Please note that the committee is advisory and only the Village Board has the authority
to approve or deny an application. When the required revisions have been made, the
application will be forwarded to the Village Board approximately 5 days prior to the
Village Board meeting. The applicant is required to appear before the Village Board at
the meeting.
4. Village Board Action
At a regularly scheduled meeting, the Board will conduct a public review of the
application. Public opinions will be heard at this meeting. Upon the conclusion of the
public review, the Village Board will make a determination on the grant amount. Rehab
work may commence once Board approval obtained.
ApPLICATION REQUIREMENTS
o Completed application (attached)
· Tax Identification Numbers
· Property owner and business owner contact information
· Plan shall be folded not to exceed 8 1/2 " x 14" in area
o Applicant Affidavit
o One copy of paid receipt of the most recent tax bill for the property
o Business Plan (see sample)
o Projected and past (if available) sales tax revenue
o Sales dollars per square footage of retail space (current and projected)
o Documentation of membership in local business association
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