On May 19, the Riverside board of trustees reviewed the extent of economic incentives available to businesses in the village’s three Harlem Avenue business districts, including providing grants to new and existing businesses to fund physical improvements and create pathways for private-public partnerships to improve Harlem Avenue. Voted to expand. street view.
The 4-0 vote (trustees Edward Hannon and Megan Claucherty were absent) means the expanded incentive program will go into effect immediately, and Village Manager Jessica Frances said she plans to bring two such incentive applications to the board of trustees at their next meeting. June 16.
These submissions will include a request by Cubanito Express, a new restaurant at 3222 Harlem Ave., to create outdoor seating for the small restaurant. Second, it would be a more complex deal to cover a good fraction of the cost of improving the parking and landscaping at 2710 Harlem Ave., which the village plans to sell to the neighboring property owner.
The village land is located at 2720 Harlem Ave. The owner of the mall, Dr. Selling to Milad Nourahmadi is 2704 Harlem Ave, owned by Nourahmadi. This is an important element of attracting an adult cannabis dispensary to an empty building at.
The new parking lot at 2710 Harlem Ave. will provide parking for both the south mall and the dispensary, and the deal offers the village the opportunity to significantly improve the appearance of a large village walkway at Harlem Avenue and Longcommon Road. .
“When we’re making a certain capital expenditure, we’re going to see these different returns,” Frances told the board of trustees at the May 19 meeting. “The goal of this program is to fill these empty storefronts and make major improvements, so it’s an added value to the Riverside community.”
The riverside trustee established the village’s first business district in the Harlem/Longcommon area in 2017. Three years later, the village board created two more business districts along Harlem Avenue, one between Addison and Lawton Roads, and the other in Harlem and Ogden.
All three were created by regulation and will last 23 years. The village also decided to impose a special sales tax of 1 percent in each business district. These funds are kept in reserve for use in the business region where they are collected.
These funds can be used for a variety of purposes, including economic incentives and infrastructure improvements, and can prevent the village from having to use general operating funds for these purposes.
The Harlem/Longcommon sales tax fund is currently about $192,000 in red, but that figure doesn’t reflect the $230,000 the village would receive from the sale of 2710 Harlem Ave.
The business district where Cubanito express is located has about $31,000 in sales tax funds. General fund, 2710-20 Harlem Ave. It can lend business district money to help fund more expensive improvements, such as those designed for
“These different economic incentive programs and waivers really help make it easier for businesses to come to Riverside,” Frances said.
Business district funds cannot be used outside of district boundaries. For example, they cannot be used to provide incentives in downtown Riverside, which does not have its own business district.
However, this may change. On May 19, the trustees granted Frances permission to seek a preliminary opinion from Kane McKenna & Associates, the city’s financial advisor in creating the Harlem Avenue districts, on whether the downtown area meets the standards for establishing a business district.
If the village decides to continue to create a downtown business district, this will trigger a formal process that will include public hearings and provide an opportunity to seek input from residents and local business and commercial property owners.