JANES AVENUE TIF DISTRICT Residential Improvement Grant

Transcription

1 JANES AVENUE TIF DISTRICT Residential Improvement Grant GUIDELINES I. PURPOSE II. ELIGIBLE PROPERTIES III. GRANT AMOUNT AVAILABLE IV. ELIGIBLE IMPROVEMENTS V. GRANT PROCESS VI. GRANT AGREEMENTS VII. GRANT DETAILS AND REQUIREMENTS VIII. TIF OVERVIEW IX. QUESTIONS I. PURPOSE The TIF Residential Improvement Grant Program is intended to assist residential property owners located within the boundaries of the Janes Avenue Tax Increment Financing (TIF) District to improve their homes. All grant funds are provided through TIF funding (see VIII for more information on TIF funding). By encouraging reinvestment through this grant program, not only does the resident benefit, so does the community. II. ELIGIBLE PROPERTIES Residential properties located in the Janes Avenue TIF District (see map on page 4) are eligible for the grant program. III. GRANT AMOUNT AVAILABLE 50% of eligible improvement construction costs may be reimbursed to the homeowner. The grant amount cannot exceed $5,000 per unit and proof of expenditure is required prior to reimbursement. IV. ELIGIBLE IMPROVEMENTS Kitchen remodel Bathroom remodel New deck or porch Accessibility improvements (ramps, chair lifts, lowered counter heights, etc.) Page 1

2 V. GRANT PROCESS 1. Submit application (form attached) to the Community Development Department, Five Plaza Drive, Woodridge, IL Meet with Community Development staff to review application and project. 3. Application is reviewed by the Village to verify eligibility. 4. Applicant notified of award. 5. Enter into TIF Residential Grant Agreement. 6. Applicant to submit building plans for building permit. 7. Commence construction after building permit is issued. 8. Submit documentation of as-built project costs for review (receipts required). 9. Grant reimbursement dispersed after review of paid invoices and final property inspection. VI. GRANT AGREEMENTS Selected applicants will be required to enter into a TIF Grant Agreement with the Village of Woodridge. Grant Agreements must be signed and returned within 30 days of the grant award notification or it will constitute a forfeiture of the grant awarded. VII. GRANT DETAILS AND REQUIREMENTS Grants will be awarded on a first come, first served basis. All projects must be a minimum of $5,000 to be eligible for the program. Applicants cannot owe the Village any outstanding fees to be eligible for the program. All improvements must be completed within 1 year of the grant award. Work must be completed by a licensed contractor. Should the homeowner wish to do the work, the grant will reimburse costs for materials only. Grants will be dispersed on a reimbursement basis. Project plans must be approved prior to the award of the grant; any work done before the grant is awarded will be ineligible. Grant Agreements are subject to final approval by the Village. Copies of paid invoices, statements and other necessary documentation must be submitted to the Village. Only final, actual costs will be reimbursed after final inspection. The Village reserves the right to approve the design of the project. Improvements must comply with local regulations (i.e. Village Code). VIII. TIF OVERVIEW When a TIF district is created, the value of the property in the area is established as the base amount. The property taxes paid on this base amount continue to go to the various taxing bodies as they always had. As property values rise, the taxes generated over the base amount is called the increment. This increment is collected into a special fund for use by the Village to pay for public improvements and other eligible projects within the TIF district to encourage reinvestment. The Janes Avenue TIF District was created by the Village in 1995 to encourage redevelopment in the Janes Avenue area (see map on page 4). In total, there are three commercial properties, 378 multi-family units and 30 single-family homes in the TIF district. Since 1996, the Village has Page 2

3 reinvested approximately $3,700,000 in the Janes Avenue TIF through four primary projects: streetscape improvements at Janes Avenue and 83 rd Street, a grant to the Waterbury residential complex for parking lot and landscaping improvements, a façade grant for the commercial property at 8200 Janes Avenue, and the acquisition, demolition and redevelopment of the northeast corner of Janes and 83 rd Street. IX. QUESTIONS Please contact Jennifer Horn at jhorn@vil.woodridge.il.us or with any questions about the TIF Residential Home Improvement Grant Program. Page 3

4 N Janes Avenue TIF District Boundary Map Page 4

5 JANES AVENUE TIF DISTRICT Residential Home Improvement Grant APPLICATION NAME OF APPLICANT(S): ADDRESS OF APPLICANT: TELEPHONE: FAX: ADDRESS OF SUBJECT PROPERTY: PERMANENT INDEX NUMBER (PIN #) OF SUBJECT PROPERTY: PROPOSED IMPROVEMENTS: APPLICATION CHECKLIST The following items must be submitted with your application. Applications will be deemed incomplete and will not be processed if there is missing information. Proof of ownership of the Subject Property. o Warranty Deed, mortgage statement or title insurance document. Minimum of two detailed cost estimates from licensed contractors (for each component of the project). Note: Reimbursement will be for material costs only if you complete the project on your own. Receipts will be required with your payment request. Photographs of the area where proposed improvements are to be made. I/We hereby represent that the information contained in this application and documentation provided is true and correct to the best of my/our knowledge. Signature of Property Owner(s): Date: Page 5