new
construction economic stimulus program
Lockport New Home Stimulus
Program
The
City of Lockport is committed to attracting additional commercial and
retailers in our community. The addition of this retail/commercial
development further increases our residents’ quality of life and
diversifies our tax base. Therefore, the City of Lockport is
offering this grant to increase the number new residential homes built
within the corporate limits of the City of Lockport which will increase
the assessed value of the community, encourage commercial and retail
development, and provide jobs for all trades in the construction industry.
Public Participation
The City of Lockport will provide funds in the amount of $10,000 for
detached single family homes; or $7,000 for attached single family homes,
including town homes and duplexes. A maximum of 100 awards
will be disbursed. Check both with your homebuilder and lender to see how
the grant funds may be utilized. The
grant amount may be paid directly to the title company at closing.
Application must be received 7 days prior to closing to ensure funds are
present at closing or before closing to receive funds via check after
closing. Only buyers who are purchasing a home originally permitted
between September 1, 2009 and August 31, 2010 and closing on the sale of
said home before August 31, 2011 within the corporate limits of the City
of Lockport are eligible for this program.
Criteria
for approval:
1.
Home
must be new construction permitted between September 1, 2009 and August
31, 2010
2.
Home
must be in the corporate limits of the City of Lockport
3.
Application
must be received prior to closing on the sale of said home
4.
Closing
on the sale of home must occur on or before August 31, 2011
5.
Maximum
of 100 awards will be disbursed
The
approval process may take up to 7 days and an award letter will be
provided to recipients. Check both with your homebuilder and lender to see
how the grant funds may be utilized
Applications
and questions regarding this program may be directed to: Ken Stanish,
Finance Director, City of Lockport, 222 E. Ninth Street, Lockport, IL
604441, 815-838-0549 x2112 or kstanish@lockport.org.
Please
click HERE
for more information and for an application.
LOCKPORT
PASSES TIF DISTRICT to implement downtown
redevelopment
plan
It
is undisputed that tens of millions of dollars must be invested in the
infrastructure serving the downtown, just to preserve what already exists.
Lockport wishes to preserve its historic structures and see downtown
redevelopment occur without increasing taxes or reducing other necessary
services and projects. Therefore, a TIF District has been established.
Click
HERE
for more information about Tax Increment Financing.
On-line
documents:
DOWNTOWN
REDEVELOPMENT PLAN - CLICK HERE
I-355
CORRIDOR STUDY - CLICK HERE
I-355 AREA
TRAILS MASTER PLAN - CLICK HERE
LOCKPORT'S
COMPREHENSIVE PLAN - CLICK HERE