TIF Incentive: Strategic Investment Incentive
A Strategic Investment Incentive is a customized assistance package intended to encourage projects that will have a considerable impact upon the Village. Due to the fact this incentive category is intended to represent a significant investment of public funds, there is an expectation of a significant return on investment that will benefit the community. Projects deemed eligible for the Strategic Investment Incentive must provide a minimum private investment amount of one million dollars ($1,000,000), and must demonstrate the project has the ability to meet no fewer than fifty (50%) percent of the following criteria establishing eligibility:
- Ability to significantly increase equalized assessed value and property tax generation on the subject property.
- Ability to generate significant retail sales taxes. Ability to create a significant number of new employment opportunities.
- Ability to deliver a proposed use(s) that will not “cannibalize” from others within the existing Roselle market. Ability to achieve major community goals outlined within the Roselle Comprehensive Plan and/or the Roselle Strategic Plan.
- Ability to deliver a unique project-type that would enhance the image of the Village of Roselle.
- Ability to generate a significant number of visitors, tourism or foot traffic increasing vibrancy and commercial activity within the Village.
- Potential to attract related spin-off, or complementary, business development elsewhere within the Village.
- Ability to convert vacant, nearly vacant, or underutilized property into leasable space.
- Commitment to undertake a sensitive restoration of historic property.
Projects meeting the criteria established for a Strategic Improvement Incentive will be unique in nature. As a result, the program details will be subject to negotiation between the applicant and Village to reflect a customized approach.
- 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.
- Depending upon the scope of the proposal, the Village may supplement the review committee with a third-party financial consultant.
- All grant applications are subject to the availability of budgeted funds.
- Final approval will be in the form of a development agreement approved by the Village Board.
- Preference shall be given to applicants/owners that have not received prior development assistance.