Roselle officials discuss new ways to attract and keep businesses

Roselle officials are talking about offering grants to promote economic development in certain parts of the town.

The village board recently reviewed a proposal to create grant programs for new and existing businesses in Roselle's three tax increment financing districts.

In a TIF district, as redevelopment boosts property values, the extra tax revenue that otherwise would go to taxing bodies can be used to pay for improvements to the area for up to 23 years.

Roselle could use TIF money to establish up to four grant programs. The board is expected to continue its discussion on the idea in March.

If approved, the first program would offer a Small Village Micro Grant, where new businesses could receive up to $2,500 for renting or leasing space within a TIF district.

The second program would establish a site appearance grant, which would provide up to $2,500 to business or property owners for projects that improve the appearance and aesthetic value of a property in a TIF district.

The third program would provide grants of up to $20,000 to business or property owners for projects making exterior improvements to a building in a TIF district. The improvements could include new signs, door replacements, exterior lighting, and restorations.

The fourth program would provide grants of up to $20,000 to business or property owners for projects making interior improvements to a building in a TIF district.

Recipients of all four grants would be required to provide matching funds.

Trustee Wayne Domke, who is running for mayor in the April 6 election, voiced support for the idea of creating grant programs.

"Pandemic or not, we are not resting on our laurels here," Domke said. "We want to make sure that we are looking for these chances instead of letting these chances come to us."

The board also talked about a village-owned, 6.5-acre property at the southwest corner of Roselle Road and I-390.

Trustee David Pileski, who is running for mayor, said a previous plan to build a hotel on the vacant site isn't feasible now because of the COVID-19 pandemic.

"I think we need to get our ducks in a row," Pileski said. "I don't think that the economy is in a great position today, but it's even more of a reason to do the layout work to figure out what is the best investment."