Palatine council OKs grant program for downtown building improvements
Palatine is offering a helping hand to downtown business and property owners investing in building improvements.
The village council Monday approved an ordinance establishing the Downtown TIF District Facade and Interior Improvement Grant program that will provide up to $75,000 in assistance for upgrades.
The council expressed support for the facade improvements component two weeks ago, but needed more convincing about the need to subsidize interior improvements.
Modeled after a similar program that ran from 2011 to 2014, the village will reserve $450,000 from the downtown tax increment financing district to fund the program over two years. Grants can be as much as $50,000 to $75,000 per building for exterior improvements, and up to $50,000 for interior improvements.
The grants would provide reimbursement for completed work and applications would be subject to village council approval.
In order to be eligible, the building must be located within the downtown TIF district, the majority of the building's first floor must be dedicated to nonresidential uses, and the building's original construction must have been completed prior to 2000.
Eligible exterior improvements would include facade renovations, tuck-pointing, masonry repair and cornice repair/replacement, new awnings, windows, doors, attached lighting and signage, and rebuilt front walls and foundations.
Eligible interior improvement costs are limited to ADA accessibility improvements, significant energy conservation enhancements, electrical service upgrades, water service upgrades, required fire alarm/fire suppression improvements and other extraordinary expenses required by applicable codes and regulations.
Both sales-tax and non-sales-tax generating uses are eligible, although the maximum reimbursement is higher for sales-tax generating uses.
Village Manager Reid Ottesen called the program a good opportunity to invest the downtown and work with property owners and tenants.
With the interior improvements, he said village staff took to heart comments from council members suggesting it focus on life-safety code and ADA issues.
Palatine Mayor Jim Schwantz said he would like to see businesses with video gambling wait at least year before applying.
"We gave them a new source of revenue, a new way to invest in their properties," he said.