The Finish Line Grant Program assists property owners and tenants in the completion of rehabilitation projects in downtown Aurora that will enhance the economic viability of downtown Aurora.
Donor Name: City of Aurora
State: Illinois
City: Aurora
Type of Grant: Grant
Deadline (mm/dd/yyyy): 10/01/2022
Grant Size: $405,000
Details:
It is intended for rehabilitation projects that add value to the property.
The Finish Line Grant Committee will consider each case on its individual merits. They would discourage applicants from applying for funds for items which could be classified as routine maintenance.
Target Business Segments
- Apparel & Accessory Stores
- Entertainment & Recreation
- Furniture & Home Furnishings
- Specialty Retail
- Food & Beverage
Funding Information
The total available funding for the Finish Line Grant is $405,000. Funding will come from TIF 1, 3, and 5.
Eligibility Criteria
Property proposed for rehabilitation must be intended for permitted commercial and/or mixed-use and be located within downtown Aurora. To be eligible for reimbursement of project costs under this grant program, the following requirements and conditions must be met:
- The grantee must control the property through one of the following mechanisms:
- Property ownership
- Contract purchase with titleholder approval
- Lease with minimum 3-year term and landlord approval
- The applicant must be either 1) the owner of a building within the TIF districts or 2) the owner of a business within the downtown core boundaries
- A Certificate of Appropriateness must be issued by the Development Services Department. The grantee must obtain approval from the Building and Permits Division as well, if required by the extent of the work proposed.
- New retail, recreation, or entertainment business identified as a target Business Segment in the TIF district or
- 20% + expansion of an existing business in an identified segment
- The total project cost must exceed $5,000
- The improvement project must be for one or more of the items listed as eligible for reimbursement
- All work must be performed at prevailing wage, if required
- Repair, renovation, or installation projects started prior to the submission of a grant application will be considered on a case-by-case basis
For more information, visit City of Aurora.
