Economic Development Commission proposes TIF small-business improvement grants with $5,000 cap

The Economic Development Commission presented a proposed TIF Small Business Improvement Grant program intended to preserve historic commercial façades, improve accessibility and encourage investment in the village's two active TIF districts: Madison Avenue and North Avenue. "Each Grant will cover up to 50% of eligible costs with a maximum Award of $5,000 per project," Jessica told the board.

Program details in the packet restrict eligibility to exterior improvements visible from public spaces and exclude routine maintenance, interior-only work and, as drafted, building-permit fees. Staff said the first-year budget would allocate up to $50,000 per TIF district and that awards would typically be reimbursements paid after project completion. Questions from trustees focused on whether the program should fund ADA upgrades, whether tenants or property owners should apply, and whether a clawback or forgivable-loan provision should be added in cases where a funded business leaves soon after improvements. Jessica said the program as presented aims to keep applicants with "some skin in the game" while remaining modest for year one; staff will return with any edits before final approval.