TO: Mayor and City Council
FROM: Beth Beatty, City Manager
SUBJECT:
title
Resolution to Establish a Business Continuity Grant Program for Chicago Street Businesses
end
BACKGROUND:
The City of Joliet will undergo construction projects to beautify the landscape, undergo maintenance, and improve the City's infrastructure. However, these projects will close streets to vehicular traffic, which will impact the day-to-day business activity in the Chicago Street commercial corridor from Webster Street to Jefferson Street. Please refer to Exhibit A to see the eligibility area.
The City of Joliet staff has received feedback from the affected business community about the financial impact of the construction projects. Staff researched programs the City's peer communities use to lessen the effects of large construction projects; many communities offer business interruption grants. These grants are designed to replace lost revenue allowing a business to maintain its presence during and after construction. Staff proposes adopting a similar program which would provide grants for up to 50% of lost revenue with a maximum of $100,000 per business location per year.
The proposed program is based on research staff completed on the approximate number of businesses in the area that would be eligible, as well as a financial analysis to calculate the amount of funding needed, and on feedback from businesses. The program would require an initial allocation of $250,000 from the General Fund.
On November 25, 2024, the Land Use & Economic Development Committee recommended approval of the Business Continuity Grant guidelines to the City Council.
CONCLUSION:
The proposed program (Exhibit A) is based on research staff completed on the approximate number of businesses in the area that would be eligible and performed a financial analysis to calculate the amount of funding needed, and feedback from businesses.
RECOMMENDATION:
recommendation
Based on the above, it is recommend...
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