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Beloit council approves $1 million incentive program to spur market-rate housing
Summary
The Beloit City Council approved Resolution 2025-014 to create a competitive grant program using $1,000,000 in TIF funds to provide gap financing to residential developers for infrastructure; requests must range from $500,000 to $1,000,000 and applicants must complete a full City of Beloit TIF application and enter a development agreement.
The Beloit City Council on Feb. 3 approved Resolution 2025-014 to establish a market-rate housing incentive grant program that draws on previously authorized tax incremental financing (TIF) funds.
City staff said the program will award up to $1,000,000 in grants to residential developers to help cover infrastructure costs and thereby encourage construction of new market-rate housing in Beloit.
The program implements a project plan the council approved Nov. 20, 2023, and “implements this program and includes an application review process, eligibility, timelines, and application forms,” said Drew, a city staff member. “We are proposing a competitive grant program that would provide gap financing to residential developers for the construction of infrastructure, including water mains, sewer mains, electric and natural gas, sidewalks, roadways, etcetera.”
Under the resolution, all applicants must complete a full City of Beloit TIF application, obtain required land use approvals and enter into a development agreement with the city. Staff said they will evaluate applications and bring recommendations to the council for funding one or two projects.
The resolution sets a minimum request amount of $500,000 and a maximum of $1,000,000 per application. The council approved the resolution on a motion by Councilor Terrell, seconded by Councilor Dents; the motion passed on a voice vote with no opposition.
The program is framed as gap financing for infrastructure costs developers commonly face before revenue from new units becomes available. City staff indicated the grant funds would be used for items such as water and sewer mains, electric and natural gas service, sidewalks and roadways.
Votes at a glance
- Resolution 2025-014: Establish market-rate housing incentive grant program. Motion by Councilor Terrell; second by Councilor Dents. Result: approved (voice vote, no opposed answers recorded). - Consent agenda (items 6a–6i): Motion by Councilor Terrell; second by Councilor Fortback. Result: approved (voice vote, no opposed answers recorded). - Adjournment: Motion by Councilor Grama; second by Councilor Terrell. Result: approved (voice vote, no opposed answers recorded).
What happens next
City staff will accept applications under the program, evaluate them, and present recommended projects to the council for approval. Specific application deadlines and the schedule for staff recommendations were listed in the program overview provided to council members.
