Development Incentives

Development Incentives are awarded to encourage capital investments in buildings and properties in Urbana's TIF Districts. For any eligible project, only one of the following incentive programs may be utilized. All incentive applications are subject to the availability of funding.

If you have any questions, please contact the Economic Development Division at 217-384-2444.

 

Redevelopment Incentive Program

Click here for the full Redevelopment Incentive Program Application.

The Redevelopment Incentive Program provides financial incentives in the form of reimbursement for permanent building and site improvements by Urbana businesses or property owners in a Tax Increment Finance (TIF) District.

How much will this program reimburse?

The Redevelopment Investment Program will reimburse between 5 and 20 percent of program-eligible costs. The level of incentive provided is contingent on meeting established criteria which is scored on a point basis. The criteria are specific to the TIF district.

Projects that meet the criteria of a Priority Use may not receive an incentive greater than $25,000. Projects that fall under the criteria of an Eligible Use may not receive more than $10,000.

Priority and Eligible Uses definitions can be found on the Overview of TIF Incentive Programs page.

What kinds of improvements are eligible?

All work must be permanently fixed to the real estate. Examples of permanent improvements include: building, life safety and accessibility code requirements; repair/replacement of roof; floors, structural or partitioned walls or windows; repair/replacement of electrical, plumbing, heating or cooling system; and installation of an elevator, sprinkler, and fire or smoke alarm system. Professional fees are eligible. Tenant finish work that is specifically related to the use of the building is not eligible.

Please read the full Redevelopment Incentive Program Application for more information.

 

Redevelopment Agreement Program

Click here for the full Redevelopment Agreement Program Application.

The Redevelopment Agreement Program provides incentives for new buildings, large scale redevelopments, and projects that promise exceptional economic and community outcomes. Agreements are considered on a case-by-case basis and ultimately require City Council approval.

What is the Redevelopment Agreement Program?

Redevelopment Agreements are used as incentives for major projects in Downtown Urbana and along the Cunningham Avenue Corridor. If you are working on a major development project in these areas, please contact the Economic Development Division to discuss whether a Redevelopment Agreement is a god fit for your project.

What is the maximum incentive amount?

Redevelopment Agreements are negotiated on a case-by-case basis and tend to be proportional to the scale of the investment in the property.

Click here for the full Redevelopment Agreement Program Application.

 

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Created on: Friday, August 30, 2013 - 16:44
- Author - BrandonB
- Contributors: BrandonBElizabethHWillK