Committee approves TID budget amendments to fund small-business programs and land-bank demolitions

The Finance Committee approved amendments to several TID capital budgets to fund small-business assistance programs and to allocate money to the land-bank program to finance future demolitions.

Legistar item 86,986 amends the economic development division capital budget by adding $500,000 to TID 44, $750,000 to TID 46, and increasing TID 51 by $850,000. The item also authorizes transferring funds from TID 51 to the land-banking program to fund demolition work at land-bank properties located at 1810 South Park, 1901 South Park, 18814 North Avenue, and 826 North Avenue.

Matt, a city staff presenter, told the committee that the added funding will be available to a suite of small-business programs, including the Facade Grant Program, the Commercial Ownership Assistance Program, the Building Improvement Grant Program, and the Small Capacity Program. He said TID 44 and TID 46 previously lacked funding for these small-business programs and that TID 51’s increase primarily addresses additional costs associated with property acquisition and demolition work in the All Metals Triangle area.

Alder Madison asked whether the increases specify per-program allocations; staff replied that the funding is flexible across the listed programs and will be allocated based on demand. "We can use this funding for any combination of those programs based on what the demand is from the small businesses in that particular district," Matt said.

The motion to adopt was moved by President Figueroa Cole, seconded, and recorded as a unanimous vote in favor. The staff presentation noted this amendment will allow small businesses in the affected districts to access multiple grant and assistance programs and will provide budget authorization for planned property acquisitions and demolitions.