TIF Project Updates
Wings Fire House
6535 W. Cermak Road
Ricardo Zurita, owner of Tapas Br La Espanola is opening his second restaurant in Berwyn. This new concept will be different than his existing restaurant which serves Spanish food. The new establishment, Wings Fire House, will be located three doors to the east from La Espanola and will be converted into a casual sports bar primarily serving hot wings and other specialty food.
To that extent, TIF assistance will be applied to exterior facade renovation costs estimated at $54,350. The project scope of work entails: the removal of the existing stucco and replacing with new brick and heavy aluminum sectionals that will sustain tempered clear glass. mr Zurita has requested 50% in TIF funds for facade improvements to complete this project, a total of $27,175.
Supermercado Berwyn
6220 W. Cermak Road
Giorgio Pescatore, owner of Supermercado Berwyn, has requested TIF funds for a new custom awning. TIF assistance will be applied for exterior signage costs estimated at %2,740. The project scope of work entails: the replacement of the existing signage with a new custom awning. The awning will be covered in jockey red sunbrella material with an off white letter graphic to match the color of the building and will read "Supermercado Berwyn" and phone number, "708-749-9987." Mr. Pescatore has requested 50% in TIF funds to complete the project, a total of $1,370.
Tiger O'Stylies
6300 W. Ogden Avenue
Chester Hiller, owner of Tiger O'Stylies, has requested TIF funds for interior construction build-out at his bar/restaurant. In recent years, Tiger O'Stylies has become a go-to venue for live music enthusiasts showcasing rock bands on the weekends.
To that extent, TIF assistance will be applied for exterior construction costs estimated at $17,500. The project scope of work entails: demolition, installation of new bar near the kitchen area to accommodate additional restaurant space, framing, drywall, painting, and floor which includes carpet and tile. Mr. Hiller has requested 50% in TIF funds for interior construction build-out to complete the project, a total of $8,750.
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TIF Information Center |
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Working with the City, the BDC
provides expertise, support, direction, and many specific services
that can help improve your business.
Objectives and responsibilities
of the BDC include:
- Increase local employment opportunities, and sales tax and
property dollars through effective recruitment of new businesses
and development projects
- Accept, process, and make recommendations to the City of
Berwyn regarding all applications for façade and redevelopment
projects in each of the City’s four TIF districts, as
well as applications for assistance through a commercial loan
program designed to help all qualified Berwyn businesses
- Manage various improvement projects as approved by
the City of Berwyn
- Encourage private investment through the promotion of available
incentive programs
- Publish information on available commercial properties and
business opportunities
- Support business retention through training, networking, and
technical assistance
- Encourage new business development through effective recruitment
strategies
- Offer confidential assistance to prospective businesses,
streamlining site selection and development processes
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BDC Business Tips
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Thinking of Starting Your Own Business?
Starting your own business is always an exciting endeavor. It can come with many challenges, however, we're here to help!
Did you know that you might be eligible for a subsidy to help you launch your business?
Than's right, Tax Increment Financing (TIF) funds are designated sets of monies which are acquired through each of Berwyn's four TIF districts (see below). Through our comprehensive TIF program, the BDC provides redevelopment assistance to support property improvement and building activities including acquisition, architectural design, demolition, engineering, infrastructure, interior remodeling, planning, signage, and site work. TIF funds can also be used by property owners and businesses to make needed improvements to their building's facade, as well as upgrading their venue.
Following are some basic guidelines you should always follow when applying for TIF:
Start the Process:
Contact the Berwyn Development Corporation at 708-788-8100 and be sure to schedule a meeting with a TIF consultant. The BDC will provide you with information and guidance to help you navigate through the TIF application process.
Be Prepared:
When meeting with a BDC TIF consultant it is always a good idea and will prove to be very helpful in solidifying the application process if you have a business plan readily available for review. Be sure to include in your business plan details on how you will finance your business operations. This will be a very useful for the BDC to understand your financial needs and determine the amount required to help you cover any financial gaps.
Plan Ahead:
The TIF approval process does not happen overnight. It is important that you complete and submit to the BDC your TIF application three full weeks prior to the committee meeting that will review and address your submission.
How It Works:
The BDC houses committees for each TIF district in Berwyn. The designated committee, Cermak/Roosevelt Road or Dept District/Ogden Avenue TIF committee will receive your application through the BDC and will review your materials. It will be the committee's task to approve or deny an application. If approved, your application will be forwarded to the BDC Board of Directors, your final round of review and approval process will take place at City Hall through the Council meetings, which take place every 2nd and 4th Tuesday of each month.
TIF Committee Meeting Schedule:
- Cermak/Roosevelt TIF Committee meets the 3rd Thursday of every month
- Odgen/Depot District TIF Committee meets the 4th Thursday of every month
- All meeting are held at the BDC Board Room: 3322 S. Oak Ave, 2nd Fl.
City of Berwyn TIF Financing Districts
- - Roosevelt Road
- - Cermak Road
- - Depot District
- - Ogden Avenue
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Tax Increment Financing (TIF) Programs |
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TIF Program Tier I
The TIF Program for Tier I projects provides financial assistance for property and business owners interested in making minor improvements to their existing commercial properties.
The goal of this program is to encourage private investment on a smaller scale where possible, by funding up-to 50% of eligible project costs, up to $10,000 of a project totaling $20,000 or more, including but not limited to:
- Window/door repair or appropriate replacement work
- Facade rehabilitation/installation
- Repair or restoration of architectural detailing
- New signs, awnings and replacement cornices
- Cleaning or painting of exterior surfaces
- Exterior Lighting
- Professional Services to include: Planning, market studies, legal, engineering or architectural services needed to complete project (only awarded based on need)
Each project must meet minimum design guidelines established for the TIF district and meet all City codes and permit requirements. An architectural review and/or design recommendation will be provided at no cost to program participants as necessary. Only TIF approved expenses are eligible.
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TIF Program Tier II
The TIF Program for Tier II projects provides financial assistance for property and business owners interested in redevelopment projects by funding up-to 50% of eligible project costs, up-to $125,000 of a project totaling $250,000 or more, including, but not limited to:
- Property acquisition, facade improvements, signs, interior remodeling, demolition, infrastructure or site improvements, planning, and architectural/engineering fees;
- Site preparation and site improvements that serve as an engineering barrier addressing ground level environmental contamination, including but not limited to parking lot and other concrete or asphalt barriers;
- Job training and retraining - costs of job training, retraining, advanced vocational education or career education including but not limited to courses in occupational, semi technical, or technical fields leading directly to employment, incurred for persons employed or to be employed by employers located in a redevelopment project area;
- Marketing - The cost of marketing a site within the redevelopment project area to prospective businesses, developers, and investors;
- Loan Interest - Interest cost incurred by a redeveloper related to the construction, renovation, or rehabilitation of a redevelopment project, provided such payments in any one year do not exceed 30 percent of the annual interest costs incurred by the redeveloper with regard to the redevelopment project during thaw year, and that the total of such interest payments may not exceed 30% of the total cost paid or incurred by the redeveloper for the development project plus redevelopment project costs, excluding any property assembly costs and any relocation costs, incurred by the municipality.
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TIF Program Tier III
The TIF Program for Tier III projects provides financial assistance for property and business owners interested in redevelopment projects by funding up-to 50% of eligible project costs greater than $250,001 including, but not limited to:
- Property acquisition, facade improvements, signs, interior remodeling, demolition, infrastructure or site improvements, planning, and architectural/engineering fees;
- Site preparation and site improvements that serve as an engineering barrier addressing ground level environmental contamination, including but not limited to parking lot and other concrete or asphalt barriers;
- Job training and retraining - costs of job training, retraining, advanced vocational education or career education including but not limited to courses in occupational, semi technical, or technical fields leading directly to employment, incurred for persons employed or to be employed by employers located in a redevelopment project area;
- Marketing - The cost of marketing a site within the redevelopment project area to prospective businesses, developers, and investors;
- Loan Interest - Interest cost incurred by a redeveloper related to the construction, renovation, or rehabilitation of a redevelopment project, provided such payments in any one year do not exceed 30 percent of the annual interest costs incurred by the redeveloper with regard to the redevelopment project during that year, and that the total of such interest payments may not exceed 30% of the total cost paid or incurred by the redeveloper for the development project plus redevelopment project costs, excluding any property assembly costs and any relocation costs, incurred by the municipality.
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Financial Assistance Programs |
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Commercial Loan Program
The BDC/City of Berwyn Commercial Loan Program funds
loans to qualified businesses for economic development purposes
throughout the City of Berwyn.
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