ACTION REQUESTED:
Title
Communication from the City Manager with a Request for the Following:
A. APPROVE the Creation of the SOUTH VILLAGE HOUSING REHABILITATION PROGRAM with Associated Program Guidelines; 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.
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BACKGROUND:
Southside Community United for Change (SCUC) has requested the creation of a housing rehabilitation program in the South Village TIF modeled on the East Village Growth Cell program. The purpose of the program is to increase the owner-occupancy rate, improve the outward appearance of homes, and increase the assessed valuation of properties within the South Village TIF. The program is a 50/50 matching grant program, which provides up to $15,000 of assistance to property owners of single-family residential, owner-occupied properties (duplexes and mixed use structures are excluded from the program) for permanent building and site improvements. The East Village program was approved in late 2015 and launched in 2016. City Council recently approved changes for the 2017 program.
The South Village program would be modelled on the most recent program guidelines approved by Council for the East Village program (see attached draft guidelines and application). The program would be limited to exterior improvements only for owner-occupied properties within the boundaries of the South Village TIF. The program will be managed by the Community Development Department. If approved, staff will begin marketing the program to neighborhood groups and individuals in the targeted area. Applications will be accepted starting April 1, 2017.
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 $15,000 so a minimum of 10 projects could be completed. If interest outpaces funding, the City Council can allocate ad...
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