By Laura Katauskas | Bugle Staff
sweditor@buglenewspapers.com
@RomeovilleBugle
The village of Romeoville is offering a program to entice both residents and small businesses to invest in their own property, with added bonuses for veterans and seniors.
While the village is still working out the details, the Romeoville Reinvestment Program intends to provide three types of investment opportunities for Romeoville residents and businesses: home-based business incentives, veteran’s business incentives and residential home improvement incentives. Additional incentives for seniors and veterans will also be included.
“There is so much potential in our community for entrepreneurism and this allows people to take that next step,” said Mayor John Noak. “We are so fortunate to have a wealth of veterans in this community and this will allow them to make a new life for themselves. Also, anytime there is reinvestment in the community it enhances the quality of life for all.”
The first prong of the program is geared toward home-based business and is aimed at assisting owners to take the business out of the home.
“This would make it a more viable business, help create jobs and enhance the overall economy,” said village manager Steve Gulden.
A preliminary look at eligibility would require an owner to be in business at least for one year; be part of the village’s incubator program for education; have a business plan and reside in Romeoville. Potential incentives would include waiving permits and business license fees up to $7,500.
The second area would provide opportunities for veterans to build a business. Considering some veterans have a hard time when coming back, the incentives are meant to give a head start. To be eligible, a veteran must have served in the U.S. Armed Forces for one year and have an honorable discharge. The program will set out to help veterans complete a business plan and the proper tools to succeed.
The incentive is increased up to $10,000 to cover start-up fees.
The third area would involve residential investment.
“This is designed to create more home value especially in the older sections like Hampton Park and to encourage viable sustainable neighborhoods,” said Gulden. “It would help to improve appearance, increase property value and reduce costs to homeowners to build some of these improvements.”
The program would be open to those owner-occupied, single-family homes built prior to 1980. Improvements must be compatible with existing the neighborhood and cannot be part of an insurance claim. Some improvements would include room additions; driveway upgrades (priority to those with gravel driveways); siding, window and door replacements; and porches.
Potential incentives include a 100 percent tax rebate on village portion; $500 for windows, siding, doors and driveways; and 50 percent of tax rebate on village portion for porches. Permit fees would be waived and possible lower contractor rates would be obtained by coordination with village contacts.
The same program will be offered to seniors and veterans with an increased incentive rate with the 100 percent of tax rebate; but more for replacements up to $750 and 60 percent of tax rebate of village portion for porches.
“It is a program that does three things. It gives seniors and opportunity to help increase their home value. It helps veterans start up a business and gives them the tools to success and allows certain incentives for residents to improve their house to make the neighborhood sustainable for a long time,” said Gulden.
The program is expected to begin in April 2016.