The City’s Small Business Improvement Fund (SBIF) would be renewed in four North Side Tax Increment Financing (TIF) districts under a proposal introduced today to City Council by Mayor Rahm Emanuel.
The SBIF program provides matching grants of up to $150,000 for the repair and remodeling of commercial and industrial properties in eligible TIF districts.
The proposal would reallocate $500,000 for SBIF grants in the Addison South and Fullerton/Milwaukee TIFs, $350,000 in the Peterson/Pulaski TIF and $300,000 in the Harlem Industrial TIF.
SBIF grants cover a range of building improvements including HVAC systems, masonry, facades, handicap accessibility, interior renovations, and other upgrades. The assistance is provided upon project completion and does not have to be repaid.
The SBIF program operates in 94 of the City's 143 TIF districts, which are designated areas that allocate local property tax growth for improvement projects within their borders. For district maps and related information, visit cityofchicago.org/TIF.
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