ACTION REQUESTED:
Title
Communication from the City Manager with a Request to APPROVE Revisions to the CITY FA?ADE IMPROVEMENT PROGRAM.
Body
BACKGROUND: On March 1, 2005, Council approved the Peoria Medical and Technology District which allocated funds for Main street Fa?ade Improvement Program. Subsequently five additional Fa?ade 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 Fa?ade Improvement program was consolidated into a uniformed Fa?ade Improvement Program. The consolidation provided a unified benefit based on a 50% reimbursement for eligible fa?ade 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 fa?ade 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 existin...
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