TIF revenues may finance only activities considered “TIF eligible” as defined under the Illinois Tax Increment Allocation Redevelopment Act. RIP grants may be used to fund only the following “TIF eligible” activities: costs of the rehabilitation, reconstruction, repair or remodeling of an existing private building; site preparation and improvement costs; and relocation costs.
RIP grants may not fund the construction of a new, privately owned building, the acquisition of inventory, general operating costs, or furniture, fixtures, and equipment as these are not eligible costs.
A prospective applicant should meet with a city planning official to discuss a potential project, review program guidelines and the process for receiving a RIP grant, and obtain an application form.
An applicant should submit a completed application and all required attachments.
The application will be reviewed and a determination made. If the application is approved, the grant amount will be calculated based upon the review criteria and funding availability.
For grant amounts which require city council approval, the application and staff review report will be submitted to the city council for final action.
Once a grant amount has been determined and an application has received final approval, the project may proceed.
The grant check will be awarded after project completion or upon submittal of copies of invoices and proof of payment of all related costs.
Upon the completion of all work, actual project cost information, actual job creation/retention information and other documentation as provided for in the agreement shall be submitted by the applicant.
Anyone considering investing in the Midtown or Western Gateway Tax Increment Financing areas and who are interested in learning how TIF might be able to assist can contact the city at 431-2321 for details.