BACKGROUND

In April 2014, the Village Board approved a Zero Interest Loan program to help encourage economic development in Arlington Heights.  As approved, the program offers a loan of up to one-half of eligible project costs, not to exceed $10,000. 

Due to the limited number of applications that have been submitted, Village Staff proposed modifications to the program based upon feedback received from interested businesses.

FUNDING

The program is funded through rebates from the Cook County Class 6b property tax abatement incentive.  Over the next five years, it is estimated that approximately $250,000 will fund this program from approved Class 6b recipients. 

PROPOSED LOAN STRUCTURE

The program would continue to offer a loan of up to half the project costs.  However, the proposed change would increase the maximum loan amount from $10,000 to $20,000. 

ALLIANCE MOTION

Scott Whisler moved to recommend to the Village Board an increase of the Zero Interest Loan Program maximum disbursement amount from $10,000 to $20,000.  Jon Ridler seconded.  All Alliance members voted in favor of the motion. 

RECOMMENDATION

It is recommended that the Village Board concur with the Arlington Economic Alliance motion to increase the maximum loan amount from $10,000 to $20,000.