CENTRAL BUSINESS DISTRICT
RETAIL BUSINESS GRANT PROGRAM
- Presented by:
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City of Elmhurst
(Department of Planning, Zoning, and Economic Development)
Elmhurst City Centre
Elmhurst Chamber of Commerce & Industry - Sponsored by:
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City of Elmhurst
PURPOSE
The purpose of the Retail Business Grant Program is to attract targeted retail businesses and to assist existing businesses in the Central Business District (CBD) with expansion activities.
ELIGIBILITY
General guidelines exist for both new and current businesses but priority will be given to businesses that best complement the Elmhurst downtown retail mix. A new or current business in the Elmhurst CBD, which conforms to targeted retail categories, will be eligible for the Retail Business Grant Program (see Retail Category List, page 4). Each retail business shall provide new merchandise for sale as a majority of all merchandise for sale at the business; resale stores are not eligible for the Program. Antique stores shall be eligible for the Retail Grant Program, subject to Committee review.
Existing retail businesses that have expansion plans may also apply to the program. As grant monies derive from City TIF 1 funds, only businesses residing in or moving into the TIF 1 boundaries are eligible (see attached TIF 1 map.)
GENERAL DESCRIPTION
Goals: The Retail Business Grant Program's goals are twofold.
- To strengthen the retail mix in the City's downtown via variety and complementary stores.
- To grow existing retail clusters:
- Home improvement
- Specialty foods
- Jewelry
- Entertainment
- Crafts and hobbies
Examples of strengthening the retail mix might mean adding stores such as teen apparel, a music or bookstore, a gourmet food store to provide greater variety to the downtown shopping experience and to encourage retail stores with evening hours.
Applications must include projected tangible benefits to the TIF I area. Some examples would be annual sales, number of jobs created, etc.
GRANT FUNDS ELIGIBILITY
Participants will be eligible for up to $10,000. Participants must expend verified funds and then will be reimbursed for qualified expenditures (see Acceptable Expenditures, page 4) up to but not exceeding 50% of acceptable expenditures. The Retail Business Grant Program shall not exceed $10,000 per participant and during the 2006-2007 funding year, the City's full expenditure shall not exceed $50,000. The Selection Committee may recommend amounts of less than $10,000.
PROCEDURE
Candidates for the Retail Business Grant Program should contact either City of Elmhurst Planning, Zoning and Economic Development or the Elmhurst City Centre for applications. Five copies must be submitted from each applicant. Applications may be obtained from and submitted to:
Department of Planning, Zoning and Econ. Dev.
209 N. York Street
Elmhurst, IL 60126
630.530.3100
Elmhurst City Centre
Two City Centre
Elmhurst, IL 60126
630.993.1600
SELECTION COMMITTEE
The Selection Committee will review all applicants on an as-needed basis. Proposals shall be evaluated on their viability, their contributions to the TIF I district retail mix, their support to the City tax base and their completeness and eligibility. When appropriate, banking professionals from the Elmhurst Business Alliance will be asked for their insight in terms of reviewing or strengthening a business plan.
After the Selection Committee has made a decision regarding an applicant's grant eligibility, the Committee will inform the City Manager of the decision. The City Manager will then inform the City Council of the action.
The Selection Committee will be comprised of four representatives from the following organizations:
- Executive Director, Elmhurst City Centre
- Director, Department of Planning, Zoning and Economic Development
- President, Elmhurst Chamber of Commerce and Industry
- An Alderman who is a member of the City's Finance Committee, each committee member serving on a rotating basis.
EXAMPLES OF ACCEPTABLE EXPENDITURES
- Build out of Space
- First Three Months of Rent (existing business must move into a new space in the TIF area or expand their existing space).
- Signage
- Moving Expenses
- Visual Merchandising
- Retail Consulting
- Licensed Space Designer (ASID)
EXAMPLES OF NON-ACCEPTABLE EXPENDITURES
- Production Equipment
- Media Marketing and Advertising
- Payroll
- Day-to-day operational costs (e.g. utilities, taxes, maintenance)
- Refuse
- Product
RETAIL CATEGORIES
- Clothing Stores (all ages)
- Produce Market
- Book Store
- Music Store
- Design/Decoration/Furniture
- Electronics
- Home Improvement
- Specialty Food
- Crafts/Toys/Hobbies
- Custom Jewelry (Silversmith/Goldsmith)
- Kitchen/Home Accessories
- Children's Product
- Entertainment venues which complement our numerous restaurants
- Computer Store
- Specialty Retail
- Upscale Shoe Store
Application Form and Business Plan
Central Business District Retail Business Grant Program - Application Form
(To be accompanied by applicant's Business Plan)
Central Business District Retail Business Grant Program - Business Plan
The above documents are in Adobe Reader PDF (Portable Document Format). You need Adobe Reader to view these documents.RETAIL BUSINESS GRANT PROGRAM
TERMS AND CONDITIONS
- The business must be located within the Elmhurst City TIF I boundaries (see attached map). An existing business in Elmhurst that is outside of the TIF I boundaries would not be eligible for funds unless it was opening an additional location in the City of Elmhurst TIF I boundaries.
- Businesses that are thought to add to or enhance the business mix of the Elmhurst City Centre will be favored.
- The criteria for evaluation will be the feasibility of the business plan. An applicant may be required to submit a personal financial statement. A successful business plan will be the one that conveys the most promising combination of financial feasibility, product and market knowledge, growth potential, job creation and financial need.
- Applicants to the Retail Business Grant Program must have a minimum three-year lease in a first floor retail location. In some instances, approval may be contingent upon a written lease from a landlord and the applicant.
- The grant application and business plan are not to exceed 16 double-spaced pages, including exhibits.
- Each applicant will retain all rights to the business plan regarding its use at all times.
- The Selection Committee may request a personal interview and/or the proposal business plan to be presented as part of the review process.
- A new or expanding business either must open for business or have expanded their business within nine months from the date of grant approval.
- All eligible expenditures will be matched by the City of Elmhurst at 50% of costs as designated by an appropriate receipt or invoice. Overall costs may be submitted up to $20,000 within twelve months after registering the business with the City of Elmhurst or applicant approval of the Retail Business Grant Program if the business is already registered.
- Failure to abide by the grant terms and conditions will result in forfeiture of Retail Business Grant Program funding.
- An Applicant who is rejected by the Selection Committee will have the option of appealing directly to the Finance Committee.
- The Finance Committee of the Elmhurst City Council has the right to amend or waive program terms and conditions to accommodate special circumstances.
Terms and Conditions available in PDF format and able to print.
The above documents are in Adobe Reader PDF (Portable Document Format). You need Adobe Reader to view these documents.- NOTE: Please direct questions to:
- Department of Planning, Zoning, and Economic Development 630-530-3100
- Elmhurst City Centre 630-993-1600