Illinois

Incentives/Policies for Renewables & Efficiency

City of Chicago - Small Business Improvement Fund

Last DSIRE Review: 07/06/2012

Program Overview:

State:	Illinois
Incentive Type:	Local Grant Program
Eligible Efficiency Technologies:	Equipment Insulation, Lighting, Chillers , Furnaces , Boilers, Heat pumps, Central Air conditioners, Programmable Thermostats, Energy Mgmt. Systems/Building Controls, Windows, Roofs, Cool Roof
Eligible Renewable/Other Technologies:	Solar Water Heat, Photovoltaics
Applicable Sectors:	Commercial, Industrial, Tenant of commercial/industrial
Amount:	25%, 50%, or 75% of the costs, depending on size of the applicant
Maximum Incentive:	Industrial property: $150,000 Single owner/tenant commercial property or landlord: $100,000 Multi-tenant building: $250,000 per property, $50,000 per tenant/landlord
Installation Requirements:	Must be located in a Tax Increment Financing District (TIF)
Web Site:	http://www.somercor.com/sbif/

Summary:

SomerCor 504 Inc. administers the Small Business Improvement Fund for the City of Chicago. The fund utilizes revenue from Tax Increment Financing (TIF) and supports commercial and industrial properties, as well as tenants, within specific TIF districts to upgrade their facilities. Certain energy efficient upgrades, such as energy efficient windows, HVAC systems, and roofs may qualify for funding under this program and are encouraged.

The grants can cover up to 75% of the costs of the upgrades and are paid after the work is completed and expenses paid-up.

Commercial applicants are eligible if they have a maximum of $5 million in gross sales for each of the past three years. New commercial businesses must use projected sales. Industrial applicants may not employ more than 100 full-time equivalent employees. Landlord applicants may not have more than a net worth of $6 million, with total liquidity of no more than $500,000. Tenant applicants may not have more than $5 million in gross sales, and must have a leasehold interest in the property with at least 3 years remaining on the lease term. Additional eligibility requirements applicable, interested parties should contact SomerCor 504 Inc for additional details.

Contact:

Derek Walvoord
SomerCor 504 Inc.
601 South LaSalle
Suite 510
Chicago, IL 60605
Phone: (312) 360-3300
E-Mail: dwalvoord@somercor.com
Web Site: http://www.somercor.com/index.php

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