Economic Incentives and Grants

The Village of Riverside is committed to fostering a vibrant and prosperous business community and driving economic growth. As such, the Village has several initiatives that support local businesses, ranging from façade improvement grants to individual development agreements. Please review each type to learn about the programs and qualification.

Economic Incentive Program 

The Riverside Economic Incentive Program aims to actively assist and empower local businesses in Riverside. We offer reimbursement grants as a means of recognizing and supporting the substantial positive influence our thriving businesses have on the Village's economy.

Businesses seeking financial support for their projects can apply for a grant. Funds are provided on a reimbursement basis and availability is based upon the level of funds in the applicable Harlem Avenue Business District. This program application process begins with a discussion with the Community Development Department.

Eligibility Criteria: 

  • Located within Harlem Avenue Business District No. 1 or No. 2 or Ogden-Harlem Business District No. 3
  • Existing retail, food service or personal service establishment
  • Must be up-to-date regarding payments for municipal water/sewer charges, special taxes, assessments, parking or other citations or any other taxes or fees due or unpaid by the applicant to the Village. 
  • Project must adhere to all procedures for applicable zoning approvals and permitting processes.
     

Eligible Projects:

  • Improvements that bring the property or tenant unit into compliance with zoning, sign, or building codes
  • Outdoor dining areas or outdoor dining improvements
  • Landscaping, seating, bicycle racks or parking lot improvements
  • Energy efficiency improvements and/or exterior restoration and weatherization 
  • Accessibility improvements and structural and cosmetic repairs
  • Other projects contributing to the viability and continued success of the business 

See the Program Information for a full description of program eligibility and opportunities.

Façade Improvement Grant 

The Village of Riverside Façade Improvement Program is an exciting initiative aimed at revitalizing the downtown area by encouraging property owners and tenants to enhance and preserve commercial buildings. We offer reimbursement grants as a way to acknowledge and support the significant positive impact that individual building improvements can have on the overall charm, quality, and vibrancy of our downtown. The Economic Development Commission reviews applications for the Façade Improvement Grant Program.

Program Benefits:

Businesses can receive a rebate of up to 50% of the total project cost, with a maximum grant amount of $5,000. There is a lifetime maximum grant limit of $10,000 per business.

Eligibility Criteria:

  • Located in the downtown B-2 Commercial Central Business District  
  • Business investment must be at least $500.
  • Must be up-to-date regarding payments for municipal water/sewer charges, special taxes, assessments, parking or other citations or any other taxes or fees due or unpaid by the applicant to the Village.
  • Project must adhere to all procedures for applicable zoning approvals and permitting processes.

Eligible Projects:

  • Exterior improvements to property façade
  • Signage
Salon DAmore
Salon D’Amore received a Façade Improvement Grant in 2022 for a new sign. 
Mural at Riverside Arts Center1200x900
The 2022 mural at Riverside Arts Center is another project partially funded by the business façade improvement grant program, which is administered through the Riverside Economic Development Commission. The artist, Collin van der Sluijs is a renowned painter and illustrator from Maastricht, The Netherlands. The design featuring a red-headed woodpecker and plant life draws attention to Riverside’s role as a flyway for migrating birds.

Commercial Property-Assessed Clean Energy Program (CPACE)

The Commercial Property-Assessed Clean Energy Program is available for owners of commercial and industrial buildings and multifamily apartment buildings with five or more dwelling units. 

CPACE offers low-cost, long-term financing for energy efficiency, renewable energy, water conservation, and resiliency projects in commercial buildings. Cook County commercial property owners can obtain up to 1000% upfront financing from private capital providers for qualified upgrades such as HVAC, lighting, and solar photovoltaic systems, and more, in both existing buildings and new construction projects. By doing these efficiency improvements, annual utility savings are generally greater than the annual CPACE financing payments, generating positive cash flow from day one. 

Download the Village's CPACE Information Flyer or visit the CPACE information page on the Cook County website for more information. 

Individual Development Agreement  

Occasionally, projects may offer a public benefit but they do not meet criteria for the Economic Incentive Program or the Façade Improvement Program. If incentives or development assistance is desired, a representative of the business or developer may submit a proposal to the Village. Village staff will review the proposal, determine feasibility of Village support for the project and may present the information to the Village board of Trustees for further consideration. Past incentives have involved one or more forms of support including sales tax reimbursement, fee waivers, retail business grants, tax rebate incentives, public capital improvement incentives, and incentives for redevelopment/revitalization projects that advance Village goals.

Recent examples of projects with development agreements include:

Sherwin Williams_March 2023_1200
MEV Riverside LLC built a Sherwin Williams retail store at 3300 Harlem Avenue with an opening in late spring 2023.  Their economic incentive package included waiving up to $40,000 in permit and inspection fees. MEV Riverside LLC, Sherwin Williams, and the Village will participate in a tax sharing agreement with the Village rebating 100% of the business district sales tax attributed to the Sherwin-Williams store and 60% on sales taxes generated by the store, up to a $180,000 maximum.
Sawmilly_Opening.jpg
The Village rebated the local sales taxes and places-for-eating taxes paid by Sawmilly over a period of three years up to the $20,000 limit.
LaBarra-1200x900 (1)
The Village rebated the local sales taxes and places-for-eating taxes paid by LaBarra over a period of three years up to the $20,000 limit.

 Although special consideration may be made for certain site requirements, all projects must adhere to required procedures for applicable zoning approvals and permitting processes.