TIF (Tax Increment Financing Districts)
Tax Increment Financing is a special funding tool used by the City of Chicago to promote public and private investment across the city. Funds are used to build and repair roads and infrastructure, clean polluted land and put vacant properties back to productive use, usually in conjunction with private development projects. Funds are generated by growth in the Equalized Assessed Valuation (EAV) of properties within a designated district over a period of 23 years. Our community has two TIF DIstricts - Lawrence/Pulaski and Irving/Elston. Northwest Side TIF Map
SBIF (Small Business Improvement Fund)
The Small Business Improvement Fund (SBIF) helps small businesses and enhances commercial corridors in Chicago by providing financial assistance for building improvement costs. Eligible program participants can receive reimbursement grants for qualified permanent building improvements to small business properties located in certain Chicago tax increment financing (TIF) districts. PEBA services the Lawrence/Pulaski district. Lawrence/Pulaski District Map
SBIF Grant Structure
The City of Chicago’s SBIF grant uses local TIF revenues to reimburse eligible applicants for repairing or rehabilitating their facilities within specific TIF districts. The following features apply to this grant program:Maximum Grant Program Assistance
Industrial Property – $150,000 per property
Commercial Property – $100,000 per single-tenant property
Multi-tenant Property – $50,000 per owner/tenant with no more than $250,000 for overall propertyGrant Type
Reimbursement grant, paid after work is completed by the applicant, and proof of payment to their city-licensed contractors is received by the City of Chicago.Multiple Grants
An applicant may receive one or more grants for the project property up to the maximum grant program assistance. Once the project property has received the maximum grant program assistance for which the project property is eligible, then no application made for that property shall be eligible for SBIF consideration for three (3) years from the date the reimbursement that reaches the maximum grant program assistance is paid.Grant Repaid?
The grant does not have to be repaid.
For more info visit http://somercor.com/sbif/
PEBA Banner Program
Help beautify our community and receive maximum visibility for your business or organization. Through participation in this exciting program, you can advertise to the thousands that pass through the commercial streets of Albany Park/Mayfair/Irving Park daily. This promotional offer is exclusive to PEBA members
only. Display your business name on prominent commercial streets by ordering a street pole banner for your business.
Our street banners will be 72” tall and 30” wide. The color will be green/white and yellow. The bottom 28” width by 12” high will be your sponsor area done in a different color to give your name maximum visibility. The banner will be printed on both sides to have promotional impact from either direction.Contact PEBA