ACTION REQUESTED:
Title
Communication from the City Manager with a Request for the Following:
A. APPROVE the Creation of the SOUTH VILLAGE COMMERCIAL PROPERTY REHABILITATION PROGRAM; and,
B. ADOPT an ORDINANCE Amending the City of Peoria 2017 AMENDED ANNUAL BUDGET Relating to the Use of the SOUTH VILLAGE TIF FUND BALANCE.
Body
BACKGROUND:
Earlier this year, the City Council created a residential housing rehabilitation program in the South Village TIF. At the request of Councilwoman Denise Moore, staff has put together a similar program to provide matching grants to non-residential property owners within the TIF in order to help with the rehabilitation of those properties. The grants would match private funds on a 50/50 basis up to a maximum award of $20,000. A general program outline is as follows:
1. Eligible improvements include exterior (i.e. roof) and interior (systems, renovations) improvements.
2. Tax-exempt properties are eligible for assistance but the City is unable to fund religious institutions for worship activities.
3. Building must have a current or proposed use. If vacant, applicant must provide proof of intended use (i.e. signed lease, letter of intent, etc.).
4. Properties currently in housing court are excluded.
5. Renovations requiring a site plan and/or building permit must visit One Stop Shop.
6. Applicant cannot be in arrears on any public obligation (i.e. property tax payments, liens for environmental work, etc.).
7. Applicant must provide at least two quotes on proposed work. City will only agree to pay the lowest quote, but will take into consideration factors such as minority-owned contractors or contractors based in the South Village.
8. All work must comply with local zoning and building codes. Work that requires a permit will need to apply for one or jeopardize funding.
9. City will reimburse applicants upon project completion and submission of a paid invoice.
10. All funding requests that exceed $15,000 will need the approval of City Council.
Upon Council approval, staff will create the application process and publicize the opportunity. Applications will be taken and awards given on a first come, first serve basis until funds are depleted.
FINANCIAL IMPACT: $150,000 of unobligated fund balance in the South Village TIF fund will be allocated to this program. The maximum grant allowed per property is $20,000. No more than 1/3 of the total program allocation ($50,000) will be awarded to properties that are tax exempt.
NEIGHBORHOOD CONCERNS: Unknown, but the renovation of existing property is consistent with the neighborhood improvement goals and the South Village Redevelopment Plan.
IMPACT IF APPROVED: A commercial property rehabilitation program will be established for the South Village TIF.
IMPACT IF DENIED: The program would not be created.
ALTERNATIVES: Allocate more or less funding and/or change the program guidelines.
EEO CERTIFICATION NUMBER: N/A
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2014 - 2029 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Attractive Neighborhoods with Character: Safe and Livable
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Reinvest in neighborhoods.
DEPARTMENT: City Manager’s Office