Illinois

Incentives/Policies for Renewables & Efficiency

Chicago - Small Business Improvement Fund

Last DSIRE Review: 08/31/2010

Program Overview:

State:	Illinois
Incentive Type:	Local Grant Program
Eligible Efficiency Technologies:	Equipment Insulation, Chillers , Furnaces , Boilers, Heat pumps, Central Air conditioners, Programmable Thermostats, Energy Mgmt. Systems/Building Controls, Windows, Roofs
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:	$150,000
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 to a maximum of $150,000. In order to qualify, industrial tenants must have a maximum of 100 full-time employees, commercial tenants must have maximum sales of $1.5 million/year for the previous three years (or equivalent average), and property owners/landlords must have a maximum personal net worth of $4.0 million and a maximum total liquidity of $300,000. 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

Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 1995-2010 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.