Incentives

The City of Lockport has a number of incentives designed to help attract new business and retain current business. 

Tax Increment Financing (TIF)

TIF is a tool used by local governments to encourage economic growth within TIF districts by dedicating tax revenue generated within the TIF for improvements within the district.  The state allows a TIF district to be in place for up to 23 years. 

When a TIF district is established, the current value of property within the district is used to establish the "base" tax revenue received by the various taxing bodies (e.g. the village, school district, township, park district, etc.).  This base tax revenue continues to be distributed to the various taxing bodies throughout the life of the TIF district. 

The future growth of property values within the TIF district, and the additional property tax generated by the increased values, is known as the increment.  The increment is used by the village to make investments in the TIF district to encourage continued economic growth within the district.  Location within a TIF district does not alter the property tax rate for individual property owners.

Ben Benson, City Administrator
eMail: bbenson@lockport.org

Pam Hirth, Director of Community & Economic Development
eMail: phirth@lockport.org

For more information on TIF districts, visit the Illinois TIF Associate website

 
Downtown TIF District
Created: March 2009
Expires: March 2032

TIF District map >

Facade Grants

Facade GrantsBuildings within the Historic Downtown often qualify for a facade grant. This money is used by the business or property owner to help pay for face-lifts to the building's outer facade.

Since 2002, the City of Lockport has provided $141,755 to over 50 Downtown businesses through this grant.

For more information, contact:
Pam Hirth, Director of Community & Economic Development
eMail: phirth@lockport.org

 

 

 

Purpose

· To encourage private investment through renovation of facades
· To encourage good design
· To preserve the architectural character of buildings

Eligibility

· Property owners and tenants of commercially zoned buildings in the City of Lockport
· Five years have elapsed since the last grant was awarded
· The existing business/property undergoes significant expansion which requires improvement to the property

Examples

· Paint removal from brick surfaces by chemical and water wash methods
· Tuck-pointing of brick
· Repairing Cornices
· Repair/replacement of windows and doors with compatible materials and design
· Removing false facades and other inappropriate additions
· Infill design and construction
· Reconfiguration and landscaping of gravel parking lots

Procedures

· Property or Business Owner must submit a completed application, photographs, drawings, plans & specifications, and contractor cost proposals to the City’s Planning Department. This package must be complete to qualify.
· Upon approval of the City Planner (and the Heritage and Architecture Committee if the property is in the Historic District), the Property or Business Owner must present the project to the City Council.
· If approved, a grant agreement will be executed between the City and the applicant.
· Upon approval of the proposed improvements, the City reimburses business owners 50% of the eligible costs, up to $5,000, for front façade or rear façade improvements. Grant funds will be disbursed once the City Planner receives copies of all invoices and checks showing proof of payment, and after the project has been inspected.

Guidelines

· All projects are eligible to receive up to $5,000 in matching funds from the City.
· Projects will not be reimbursed if constructed prior to receiving approval for the grant from the City Council.
· All projects must be completed within 180 days of the date that the grant is awarded.
· Proposals for all aspects of the project will be evaluated in terms with compliance with existing ordinances.