ACTION REQUESTED:
Title
Communication from the City Manager with a Request to APPROVE Revisions to the COMMERCIAL REHABILITATION PROGRAM.
Body
BACKGROUND: As a part of the revitalization of the South Village District, Council approved a Commercial Rehab Program which provides a grant equal to 50% of improvements (interior and exterior) up to a maximum of $20,000. The Program is intended to encourage owners and business tenants of existing commercial properties to restore or renovate their buildings to improve the area's physical character and enhance the aesthetics of the commercial environment. Program benefits were also extended into East Village Growth Cell. The program has functioned as companion program to the Fa?ade Improvement program in areas where both have been available.
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. The funds would be used in a manner consistent with the existing Commercial Rehabilitation Program.
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. 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 inco...
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