Commercial Retail/Upper Story Housing Loan Program

Pekin downtown district Another effort to help revitalize our historic downtown district is the Commercial Retail/Upper Story Housing Loan Program. The loan program is available for viable commercial retail use on first & upper story floors and upper story lofts / apartments located in TIF #1 District, and provides a forgivable loan (0% interest rate-otherwise known as a grant).

Eligible loan uses include:

Upgrade Electrical Systems
Plumbing
HVAC
Sprinkler System
Elevators
Walls / Plaster / Paint / Framing
Carpet, Flooring, Trim-Finish units
Door installation / Kitchen / Bath
Upgrade of Windows
Architectural Renderings & Consultations
Other Uses (with Council consent)

Private financing is required to complete the project. The loan amount is a dollar to dollar match, up to but not exceeding $25,000.

Tax Increment Financing (TIF) funding cannot be more than 50% of the cost of the total project. One program (maximum $25,000 total) per building over a 5-year period is allowed, but a maximum of $50,000 can be permitted for building projects with multiple floors within the 5 year period requirement and project completion. At the City Council’s discretion, larger projects could be considered for additional funding. Qualified projects are treated on a first come, first serve basis as funding is available in the annual TIF budget. Download the program brochure for more information or to apply.

Please contact Pamela Anderson, Economic Development Director and/or Leigh Ann Matthews, Economic Development Coordinator, at (309) 477-2300 for more information.