TIF Incentive: Interior Improvement Grant
An Interior Improvement Grant is intended for enhancements undertaken on the interior of a structure. This grant is not intended to fund work that is solely construed as maintenance, cosmetic or is merely undertaken to improve interior finishes. This incentive is intended to encourage business and property owners to expand, upgrade, modernize, increase functionality, or accommodate a change the interior use of an interior space. Approval will include only those improvements that are considered permanent, add value to the property and will remain with the space. The Village of Roselle shall solely determine whether the proposed work meets the standard of an “improvement” as opposed to projects that are more reflective of “maintenance.” Eligible project elements meeting the standard of “improvement” may include, but are not limited to the following examples:
- HVAC, mechanical, electrical, or plumbing system upgrades
- Installation of sprinkler or fire suppression systems
- Upgrades related to accessibility (ADA) or other code compliance
- Utility capacity upgrades
- Structural upgrades
- Installation or upgrades to restroom facilities.
- Ingress/egress improvements
- Improvements that create an entirely new floorplan, significantly change the interior form of a space, or adapt a space to a significantly different interior use. Grants can cover a combination of multiple improvements such as new flooring, walls, ceilings, carpeting, lighting, trim, or attached fixtures.
- Other innovative project ideas that demonstrate the ability to create a more marketable commercial space
- Grants are based upon reimbursement of actual costs following project completion and documentation of expenses.
- Grants may fund up to 50% of approved project costs, not-to-exceed $20,000 grant funding.
- Professional design/architectural assistance is required. Design fees of up to $2,500 may be reimbursed subject to not-to-exceed grant award total.
- Multiple bids/proposals from contractors required prior to grant approval.
- Written agreement must be executed prior to starting any work related to requested funds.
- Applicants (if not the owner of the property) must provide written authorization stating that the applicant has the authority of the building owner to make the proposed property improvements and to participate in the program.
- Documentation of paid expenses and waivers of lien are to be submitted prior to reimbursement.
- Projects must be started within 60 days of approval and completed within 240 days.
- To ensure that the use of public funding for the project is safeguarded, owner/applicant are required to commit to ownership/business operation for a period of not less than two (2) years from project reimbursement. A lien against the property will be required to ensure this standard is met. If the owner or business fails to meet this standard a pro-rata reimbursement of grant funds will be required.
- If an Interior Improvement Grant has previously been awarded for the improvement of the same location or space within five (5) years of the date of application, such new application shall be ineligible for funding. This restriction can be waived, in the sole discretion of the Village of Roselle.
- Prospective applicants are required to schedule a pre-application meeting to discuss their project prior to submittal.
- The formal application process begins with submittal of an application form, associated drawings, project schedule, project cost estimates, project pro-forma, funding commitment, and/or other information deemed necessary by the Village to evaluate the merits and feasibility of the proposal.
- Applications will be evaluated by a review committee and selection shall be at the sole discretion of the Village of Roselle.
- All grant applications are subject to the availability of budgeted funds.
- Final approval will be in the form of a grant agreement approved by the Village Board.
- Preference shall be given to applicants/owners that have not received prior development assistance.