Romeoville will roll out a new reinvestment incentive program in April designed to help residents and veterans with home businesses who want to expand them.
The program will also provide financial incentives to residents, veterans and seniors who decide to fix up and/or add on an addition to their homes.
At a village board meeting on Nov. 18, Village Manager Steve Gulden told trustees that staff is continuing to refine details for the program. However, he did provide trustees with some information.
Those with a home business must be in business for at least one year and have a business plan, Gulden said. The incentives for the home business program could include waiving business license fees, waiving an offsite build-out permit fee up to $7,500 and establishing a start-up grant program.
“It will assist home-based businesses to get out of the home,” Gulden said. “It will help them become a more viable business to help create jobs.”
For veterans, they must have at least 51 percent of ownership in a business, serve at least one year in the military with an honorable discharge, and have a business plan, among other requirements. The financial incentives will include waiving business license fees, offsite build-out permit fees up to $7,500 and a start-up grant up to $10,000.
“It’s important to give veterans a head start when they come home from serving in the military,” Gulden said. “The program is geared to helping veterans become successful in starting up their own business.”
Lastly, Gulden said the residential program is designed to increase home value, especially in the older parts of town. He said eligible requirements may include room additions, driveway upgrades and window and door replacement, among other improvements.
Financial incentives for home owners may include tax rebates from the village on square-footage tax for additions, $500 for door and driveway upgrades, various permit waivers and other possible incentives.
Gulden said the program will encourage home investment in the community along with viable and sustainable neighborhoods.
“This is a great opportunity to partner with our residents to promote growth and reinvestment within Romeoville,” Mayor John Noak said in a statement. “By providing incentives, we feel this will alleviate some of the hurdles that residents and businesses have in financing improvements and expansion.”
Joseph Ruzich is a freelance reporter for the Chicago Tribune.
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