Your Future. Your Fisher.

Totally Improved Fisher

Time for an Improvement?

Chances are, you’ve already pictured that perfect addition to your home, business or commercial property. Occasionally, however, you put aside your dream, especially when the cost estimates arrive. If only there was a way to reduce the cost of the project. Maybe there is!
Fisher National Bank and the Village of Fisher have created an innovative economic development program called Totally Improved Fisher (TIF). This project offers financial benefits to local property owners who want to make affordable real estate improvements to existing houses, apartment buildings and commercial structures throughout the community. 

Consider the possibilities:
      • Family room, garage, or other home addition.
      • Driveway, sidewalks, ramps, and doorways.
      • Grading, tiling, drainage, and landscaping.
      • Demolition, renovations, remodeling.
      • Siding, windows, and weatherization.
      • Decks, patios, sunrooms.
      • A completely new home on a vacant lot.
      • Business expansion or new building facade.
 

How is this Program Funded?

The Village of Fisher and Fisher National Bank are working together in 2003 to make $100,000 of funds available for economic development through a Community Revolving Loan Fund. The Village and the Bank have each deposited $50,000 in this account for the express purpose of offering low interest loans to Fisher property owners who wish to make real estate improvements anywhere in the community. If your property is located within the Fisher Tax Increment Financing District, additional savings may be realized through real estate tax increment benefits. Cash grants to reduce costs of removing deteriorated structures are also available.

 

PROGRAM GUIDELINES


NEW Construction / Residential or Commercial
OUTSIDE of the Fisher TIF District

Applicants are required to build a new structure with a fair market value of $90,000 or greater on an existing, vacant lot within the Village of Fisher to qualify for up to $15,000 (five-year balloon, 2nd mortgage) from the Revolving Loan Fund. 1

 

NEW Construction / Residential or Commercial
WITHIN the Fisher TIF District

Applicants are required to build a new structure with a fair market value of $90,000 or greater on an existing, vacant lot within the Fisher TIF District to qualify for up to $15,000 (five-year balloon, 2nd mortgage) from the Revolving Loan Fund which may be repayable in part by a credit of 50% of annual real estate tax increment. TIF District benefits are available for up to eight (8) years, a cumulative credit amount of up to $8,000, or the life of the TIF District, whichever
occurs first. TIF District benefits are subject to verification of eligible project costs and the availability of TIF funds.



Fix-Up Project / Renovation

 

OUTSIDE of the TIF District

Residential and commercial applicants are required to renovate, remodel, or make repairs totaling $5,000 or more on an existing structure to qualify for up to $7,500 (five-year balloon, 2nd mortgage) from the Revolving Loan Fund.
 

WITHIN the Fisher TIF District

Commercial applicants are required to renovate, remodel, or make repairs totaling $5,000 or more on an existing structure within the Fisher TIF District to qualify for up to $7,500 (five-year balloon, 2nd mortgage) from the Fisher Revolving Loan Fund PLUS a 50% credit of annual real estate tax increment. TIF District benefits are available for commercial projects up to eight (8) years, a cumulative credit amount of up to $8,000, or the life of the TIF District, whichever occurs first. TIF District benefits are subject to verification of eligible project costs and the availability of TIF funds. 2



Clean-Up Project


Revolving Loan Fund

Applicants are required to demolish, remove, or relocate any deteriorated, dilapidated, or obsolete structures from an existing lot within the Village of Fisher to qualify for up to $7,500 (five-year balloon, 2nd mortgage) from the Revolving Loan Fund. Total costs for the clean-up project must total at least $3,000 to qualify for assistance through the Revolving Loan Fund program. The removal or relocation of a mobile home is regarded as an eligible expense, however all other applicable structures must be real property and included in the current real estate tax assessment of the property.
 

Totally Improved Fisher Grant

Fisher residents may apply for a Totally Improved Fisher Grant to demolish, remove, or relocate any deteriorated, dilapidated, or obsolete structures from an existing lot within the Village of Fisher. Grants up to $1,000 are awarded on a first come, first served basis and limited to one grant per parcel per calendar year. Amounts are determined by multiplying the square footage of the building’s footprint by a rate of $1.00 per square foot. The Totally Improved Fisher Grant program is funded annually by the Village of Fisher and administered by Fisher National Bank.

1- The Totally Improved Fisher program does not apply to new homes constructed on lots in the Heritage Estates Subdivision which are eligible for a $10,000 private developer grant under a separate incentive program. Details available at Fisher National Bank.

2- The Illinois Property Tax Code already provides a Homestead Improvement Exemption limited to the fair cash.

The Fisher TIF District is the area
within the blue hatched line ( / / / / / ).