Barrington is offering financial incentives to lure retail shops to its downtown business district.
The Village Board voted unanimously Monday night to approve $150,000 worth of facade and retail business-assistance grants that would match funding for storefront improvements and remodeling projects initiated by property owners within the tax increment financing district.
The retail business assistance program allows businesses to spend up to $25,000 on exterior projects to qualify for reimbursement of 50 percent.
The village also would pay 50 percent of the cost, up to $10,000, for facades or signs.
“This is very good use of the property tax money that comes out of the TIF district,” Trustee Jeanne Yeagley said. “I think the effect of these funds is great for business attraction and business retention.”
