To accomplish the objectives of the Monticello Business District (MBD) and assist with public/private redevelopment efforts, the City has created a Monticello Building Improvement (MBI) Grant program.
Donor Name: City of Monticello City Council
Type of Grant: Grant
Deadline (mm/dd/yyyy): 12/15/2021
Size of the Grant: $10,000
The purpose of the grants is to stimulate efforts to improve the structures in Monticello’s commercial and business facades located in the historic downtown and beyond.
For public/private projects, the City of Monticello is establishing this program to give financial assistance to eligible businesses to help fund these qualified improvements.
Objectives of the MBI Program
As stated in the Monticello Business District Plan, funds received from the Monticello Business District as it relates to the Monticello Building Improvement Grant program are to be used to achieve the following objectives:
- Improve and reduce the blighting conditions within the District.
- Facilitate the repair, renovation, rehabilitation and restoration of deteriorated structures.
- Provide assistance in facilitating the highest level of public safety to the community.
- Enhance the sales tax base of the District through small business retention and recruitment.
- Enhance the property tax base of the District by encouraging redevelopment and investment.
There is a $10,000 reimbursement of 50% of the approved eligible project costs per grant. The funding each year varies based on the Business District retail tax revenue.
The following are minimum requirements that all applicants must meet to be eligible to participate in the MBI program:
- The applicant must be the property owner or business tenant of an existing or incoming business or industrial-zoned property within the Monticello Business District.
- Local and State taxes, permit fees, and City of Monticello licenses and service accounts must be current at the time of application, with no fines or ordinance violations unresolved. Proof of sales tax payments may be requested. Where applicable, the business must be in good standing with the State of Illinois.
- A plan adequately describing the improvements to be performed along with official estimates or proposals for the work must be submitted at the time of application. The plan should include a project budget and construction schedule. The budget should identify total project costs, funding sources, evidence that the funding is sufficient to successfully complete the project, and proof that applicant has contingency funds (typically 10% of total project cost) available to address unexpected issues.
- A Monticello Business District Redevelopment Agreement (RDA) must be executed between the applicant and the City Council prior to project commencing, if the grant is awarded.
- Applicant is limited to one application per two (2) years, and one building/property per application, per round. If a reimbursement has been previously provided to the a building or an applicant within the last three (3) years, priority will be given to new applicants.
- Preference will be given to locally owned, independent and non-franchised or chain businesses. Applicants of franchise or chain restaurants are eligible, but will receive fewer points towards the overall score.
- Applications for projects already under construction will not be considered. Projects already under construction are defined as projects specifically separate from the project proposed as part of this program. For example, a roof replacement that is ongoing and already under construction would not be eligible, however façade work of the same building that has not commenced would be considered separate.
- Sufficient funds must be available in the Monticello Business District fund of the City to be awarded.
- Program application submittal does not guarantee program award.
For more information, visit City of Monticello.