NORTH AURORA – Pedal & Spoke bicycle shop at 157 S. Lincolnway will receive a $6,837 tax increment financing facade grant for parking lot improvements.
Village trustees approved the grant Monday. Pedal & Spoke owner Mike Brackett requested a 50 percent match for the project, estimated to cost $13,675. The project includes the removal and replacement of asphalt, striping and certain landscape features.
The tax increment financing grant program provides financial assistance to commercial property owners to make building, landscaping and signage improvements within the TIF district.
The program offers reimbursement up to 50 percent of the cost of improving storefronts, building facades or landscaping up to $20,000 and up to $10,000 for sign improvements that bring nonconforming signs into compliance with the village’s sign ordinance.
In addition, $2,500 has been earmarked by the village and an easement has been obtained to install a sidewalk adjacent to Lincolnway.
“Staff believes the sidewalk installation should be deferred until the underlying water main has been replaced and a comprehensive sidewalk plan has been established that would address the continuation of sidewalk to the north and south of the property,” North Aurora Community and Economic Development Director Mike Toth said in a memo to Village President Dale Berman and village trustees.