ACTION REQUESTED:
Title
Communication from the City Manager with a Request to APPROVE Revisions to the CITY FAÇADE IMPROVEMENT PROGRAM.
Body
BACKGROUND: On March 1, 2005, Council approved the Peoria Medical and Technology District which allocated funds for Main street Façade Improvement Program. Subsequently five additional Façade Improvement programs were created to provide parity in the availability of this benefit within the City TIF Districts. In November of 2012 the administration of the Façade Improvement program was consolidated into a uniformed Façade Improvement Program. The consolidation provided a unified benefit based on a 50% reimbursement for eligible façade improvements up to a $10,000 limit or a $5,000 maximum.
In 2021, the City was the recipient of $47.1 million of Coronavirus State and Local Fiscal Recovery Funds. With the adoption of the FY2022 Budget, the City Council voted to use $750,000 of FRF
to provide small businesses with grants and loans for working capital and capital improvements and support. For the façade improvement portion of the grant funding, the funds would be used for grants for exterior surface improvements and major facade renovation and reconstruction.
To update the program to address the receipt of federal funds, Staff recommends the following changes:
• Expand availability to any eligible commercial corridor throughout City of Peoria
• Increase the maximum reimbursement amount to $50,000
• Increase the reimbursement match in distressed areas only to 75%
• Administrative approval limit for this program set at $50,000
FINANCIAL IMPACT: Use of Fiscal Recovery Funds to fund the program in 2022 and 2023. This investment promotes additional investment in distressed areas designed to raise tax base in targeted areas.
NEIGHBORHOOD CONCERNS: This benefit is available along commercial corridors throughout the city impact each neighborhood.
IMPACT IF APPROVED: City would receive additional income from existing property that is currently not generating any income.
IMPACT IF DENIED: The City would continue to provide the benefits of this program at lower levels of support. Deployment of the Fiscal Recovery Funds would be challenged and required to be redeployed to meet distribution requirements.
ALTERNATIVES: Council could modify the program.
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Financially Sound City
2. Grow Peoria
3. Beautiful Peoria
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
2. Support sustainability.
3. Have an efficient government.
DEPARTMENT: City Manager's Office