New Grant Program Available to Bartlett Businesses
May 2018 - The Village Board has approved a new Bartlett Economic Development Assistance (BEDA) program aimed at attracting fresh business investment and helping existing business owners revitalize or expand their properties.
This pilot program will provide matching grants ranging from $5,000 to $50,000 for business projects that meet the specific criteria of the program and can be expected to enhance the Village’s overall business climate. Both new and existing businesses located in commercially zoned areas throughout the Village are eligible to participate in the BEDA program, with the exception of properties located within a Tax Increment Financing (TIF) district.
Examples of eligible projects include façade renovations; interior buildouts and/or rehabilitation; windows and doors; signs or awnings; outdoor dining areas; ADA compliance; improvements in energy efficiency; lighting; and code-compliance related items. Grants will be distributed on a reimbursement basis once projects are substantially completed.
The amounts of incentives granted will vary based upon the scope of the project and each application will be reviewed on a case-by-case basis. Village staff will review the initial application and present it to Bartlett’s Economic Development Commission for its recommendation to the Village Board, which has the final say on each application.
Funding for the BEDA program comes from dollars generated by video gaming operations in the Village and is a modest percentage of the total revenue that Bartlett receives from gaming. The BEDA grants are being made available on a first-come, first-served basis until the allocated funds are depleted or the program ends.
Priority will be given to businesses that generate sales tax for the Village, such as retail stores, restaurants, grocery or specialty food stores. Priority will additionally be given to projects that will create new job opportunities as a result of the project.
This new business incentive program is meant to help Bartlett compete with neighboring municipalities for economic investment and to bring currently underutilized and vacant properties in the Village into viable and productive use.