The Commercial-News, Danville, IL

Local News

May 4, 2013

TIF funding assists businesses

DANVILLE — Since the start of the city’s Tax Increment Financing districts eight years ago, a Redevelopment Incentive Program has helped multiple businesses.

The RIP grant program provides financial assistance for permanent building and site improvements on properties located within the Midtown and Western Gateway TIF districts.

“It’s to assist small business development in our community,” Mayor Scott Eisenhauer said.

The purpose of the program is to provide an incentive for existing businesses to expand and new businesses to locate within the TIF areas, while also improving the quality of design and construction of increasing the value of property and improvements in these designated areas, according to the city’s program description.

One of those businesses that received assistance was Myers Flooring Center, 802 N. Vermilion St.

Owner Shane Myers said he didn’t know anything about the TIF district, RIP and incentives. He learned about it through his Realtor, Larry Kuchefski. Myers Flooring Center opened in November 2011.

Myers Flooring received $6,022 in direct TIF incentive, $2,800 in indirect TIF incentives for public improvements/right-of-way work with $45,626 in total project costs illustrated to the city.

“We blacktopped our lot and landscaped,” Myers said about some of the improvements.

The money helped with all exterior improvements, he said.

“It helped quite a bit,” Myers said.

“I think it’s great,” he said of the program.

Other businesses also have benefited.

Chris Milliken, urban planning manager with the city, said the city did not approach the businesses, but the businesses came to the city inquiring about the incentive.

In the case of Classy Critters, 8 E. Fairchild St., it was the property owner who made inquiries. On the other sites, the business owner is the property owner, and it was the owner who came to the city, according to Milliken.

For Quad D (Classy Critters), property owners received $7,291 in direct TIF incentives, $11,170 in indirect TIF incentive for public improvements/right-of-way work and $87,303 in project costs were illustrated to the city.

Another business, Hair Express, 501 N. Vermilion St., also benefited. It received $3,300 in direct TIF incentive, $4,400 in indirect TIF incentive for public improvements/right-of-way work, with $47,499 project costs illustrated to the city.

General guidelines for the RIP grant program:

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