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Posted on: August 6, 2019

City Initiates New Downtown Revitalization Program Guide

The Aledo City Council approved the 2020 Downtown Revitalization Program Guide by the Recommendation of 353 Court, LLC.  

353 Court, LLC presented the Downtown Aledo – Downtown Revitalization Program Guide – 2020 to the Tax Increment Financing Committee on July 31st. The program includes the Downtown Building Stabilization, Upper Story Living Loan & Storefront Improvement Program. This loan program provides a forgivable loan (0% interest rate – otherwise known as a grant), but requires private financing to complete the project.

The loan amount is a 50/50 participation split. The loan program is available for viable commercial use on first & upper-story floors, upper-story residential living and storefront improvements to the building façade. TIF funding cannot be more than 50% of the cost of the total project. The Building Stabilization, Upper Story Living & Storefront Improvement Program is forgivable funding at a minimum of $2,000 and/or 50% of total project costs. A mortgage and note will be required. Project funding from TIF up to a maximum of $50,000.

Downtown Aledo Business Improvement Grant is a one-time grant opportunity up to $10,000. New or existing businesses must be located in the historic downtown Aledo, Illinois business district. Some examples include accounting and legal assistance, branding, development of a market plan, website upgrades, inventory additions, and storefront enhancements.

Grow Aledo Program is a short-term loan with a low-interest rate that is offered to self-employed individuals, new startups or small business with only a few employees. Borrow amounts from $1,000 up to $10,000 for working capital, purchasing inventory, buying equipment, machinery and hiring needs. Repayment terms vary based on amount, needs of borrow and use of funds. Typical periods range from 12 mo. to 36 mo.

TIF Committee recommended approval of the program guide subject to availability of funds in 2019 and approval of subject projects, and to implement the downtown revitalization program as set forth in the program guide. F/Y 2020 to be discussed in fall 2019 during budget sessions.  The City Council approved Resolution No. 25R, Series of 2019 at the City Council meeting held on August 5, 2019. 

For more information please contact City Hall at 309-582-7241.

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