TIF/BDD

     The Village of Forreston would like to make our business owners aware of some changes to the guidelines of our BDD/TIF development and redevelopment plan. The implementation of these development plans allowed the Village to impose a sales tax designed to fund the development or redevelopment of certain designated areas within the Village. This revenue stream was specifically created to

                               - Address infrastructure needs

                                - Address downtown streetscape improvements

                                - Address blighted and vacant buildings

                                - Assist existing buildings with expansion

                                - Offer assistance to help attract new businesses

     Previously the Village has been dispensing BDD funds in an amount up to $5000 per approved application. This was set up in the early days of the implementation of the BDD when the Village was unsure what to expect in revenue. Beginning October 1, 2025, the general funding practice will be done at a percentage of project cost rather than a flat amount. In general, interior projects, upgrades, and cosmetic changes will be reimbursed at 50% up to $5000. For exterior and structural type improvements, reimbursements will be 75% up to $10,000.  

      In the past applications were reviewed by the Village Board as a part of regular board meetings. Moving forward the board is forming a committee made up of board members, business owners, and village residents.  This new process will allow us to give a more focused, thoughtful, and in depth look at each application. Upon receiving an application for a specified choice of funding the committee may find that your project may be more suitable for another. For example, a business may apply for BDD funding but depending on the proposed nature of the project you may be more qualified for a TIF funding grant, etc. Please remember that all of the above depends on fund availability.

      Keep in mind that the Village offers a grant in the amount of $500 for expenditures incurred towards a grand opening or open house. We are also happy to support our FABA/Forreston Area Business Association with a yearly grant from BDD funds.

These guidelines can evolve and change over time, but the Village will always try to make the necessary updates available on our website.