Submitted By
Tammie Grossman, Director of Development Customer Services Department
Reviewed By
LKS
Agenda Item Title
Title
A Resolution Adopting the Village of Oak Park’s Commercial Façade Improvement Grant Program Guidelines
End
Overview
Overview
The Commercial Facade Improvement Grant Program (C-FIP) is intended to promote reinvestment in Oak Park commercial buildings, with a focus on supporting historic preservation practices.
Body
Staff Recommendation
Approve the Resolution
Fiscal Impact
There is $50,000 budgeted for Commercial Façade Improvement Grant Program. This will be allotted from General Ledger account #1001-46202-101-530667.
Background
The Commercial Facade Improvement Grant Program (C-FIP) is being proposed to assist property owners and tenants in the rehabilitation and restoration of the visible exterior (façade fronting right-of-way) of existing commercial buildings. Commercial building owners or tenants must be able to document that retail sales comprise at least 51% of the first floor businesses gross revenues. This 50/50 grant program is reimbursement based. The minimum façade improvement investment, by the property owner or tenant, is $2,500. The maximum façade grant amount, that a property owner or tenant can receive from the Village, is $5,000 per façade. If approved, there is $50,000 budgeted for the program this fiscal year. A copy of the proposed guidelines are attached.
Alternatives
The Village Board can delay action and seek additional information.
Previous Board Action
At the November 13, 2017 Board Meeting, the Board of trustees directed staff to develop guidelines for a commercial façade improvement grant program.
Citizen Advisory Commission Action
N/A
Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
N/A
Performance Management (MAP) Alignment
A governance priority for Development Customer Services is economic development.