Finish Line Downtown Grant Program
The Finish Line Downtown Grant Program is a streamlined grant program geared towards assisting property owners in TIF District 1 and a portion of TIF District 3 with rehabilitation projects in order to increase the economic viability of downtown Aurora.
To assist property owners in the completion of rehabilitation projects in downtown Aurora.
Property that will be rehabilitated must be commercial or mixed-use property within the downtown TIF District, TIF 1 and a portion of TIF 3.
Amount of Grant:
The grant will be for 20% to 50% of the rehabilitation costs not to exceed a $75,000 grant.
Upon receipt of a complete application, Invest Aurora will review within one week. An approved project will receive a Certificate of Eligibility.
The Project must be completed and secure a Certificate of Occupancy (or equivalent) from the City of Aurora within 180 days from the receipt of the Certificate of Eligibility. Should the project fail to be completed and secure a Certificate of Occupancy within 180 days, the Certificate of Eligibility will be considered invalid and no formerly approved funds will be dispersed.
The grant will be in the form of reimbursement upon completion of the project. At that time, the property owner must:
- Show proof of waiver for all liens on property
- Show proof of payment for completed work
- Provide a copy of the Certificate of Occupancy (or equivalent) from the City of Aurora
The commercial uses outlined below are not permitted as a use for the first three years of the building’s rehabilitation:
- Rooming & boarding/single room occupancy
- Used clothing store
- Pawn shop
- Flea market
- Pay day loan store or currency exchange
- Barber shop, hair dresser or tattoo parlor
- Adult entertainment
- Packaged liquor stores
- Vapor or electronic cigarette shops
- Massage parlors
- Gun clubs and shooting ranges
- Drug paraphernalia/head shops
- Religious uses
Should one of these uses already exist within the building prior to rehabilitation, that use will be allowed to continue as a viable use within the building.
The property owner/applicant must agree in writing that they will maintain ownership and operation of the property, as well as, not allow unpermitted uses outlined above for three years. Three years will be measured from the time of the Certificate of Occupancy for the building. Should the building be sold before three years have passed, all distributed funds by Invest Aurora must be paid back in full.
October 15, 2018 0 comments
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