News Column

Small Business Improvement Fund Renewed in Three TIF Districts

June 25, 2014

CHICAGO, June 25 -- The Chicago Department of Community Development issued the following news release:

The City of Chicago'sSmall Business Improvement Fund (SBIF) will be renewed in three Tax Increment Financing (TIF) districts under a plan approved today by City Council.

Under the proposal, $1 million will be renewed for existing SBIF programs operating in the Clark/Montrose TIF district and $500,000 will be allocated for the Lawrence/Broadway and Ravenswood TIF districts.

The SBIF program provides grants up to $150,000 to help owners of commercial and industrial properties within specific TIF districts repair or remodel their facilities. Eligible improvements include roof and facade repairs, sign removal and replacement, tuck pointing, building systems upgrades, and other enhancements. The assistance is provided upon project completion and does not have to be repaid.

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Source: Targeted News Service

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