Areas Served: Pekin Illinois TIF disctict
The City of Pekin Downtown TIF Commercial Retail & Upper Story Housing Loan Program is a forgivable loan (0% interest rate-otherwise known as a grant), but requires private financing to complete the project.
The loan amount is a dollar to dollar match, up to but not exceeding $25,000. The loan program is available for viable commercial retail use on first & upper story floors and upper story lofts / apartments.
Tax Increment Financing (TIF) funding cannot be more than 50% of the cost of the total project.
One program (maximum $25,000 total) per building over a 5 year period is allowed however, a maximum of $50,000 can be permitted for building projects with multiple floors within the 5 year period requirement and project completion.
At the City’s Council’s discretion, larger projects could be considered for additional funding.
Qualified projects are treated on a first come, first serve basis as funding is available in the annual TIF budget.
TIF Commercial Retail / Upper Story Housing Program is forgivable funding at a minimum of $2,000 not to exceed $25,000, or 50% of eligible uses costs; or whichever is less.
Applicants will be required to contribute matching funds.
The forgivable loan shall not exceed $25,000.00; or $50,000.00 for project with multiple floors.
A mortgage and note will be required.
The total amount of TIF funding granted to address rehabilitation will be a forgivable loan for a period of time based upon the funding amount.
Eligible Loan Uses – Upgrade electrical systems – Plumbing – HVAC – Sprinkler System – Elevators – Walls / Plaster / Paint / Framing – Carpet, flooring, trim-finish units – Door installation / Kitchen / Bath – Upgrade of windows – Architectural Renderings & Consultations – Other uses may be eligible with Council consent
Contact InformationCity of Pekin
Address: 111 S Capitol Street
City: Pekin
State: Illinois
Website:
http://www.ci.pekin.il.us/departments/economic_development/index.php
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