The Commissioner shall have the authority to charge fees in the amount specified and as provided in this section for the processing of program applications and administration and closing costs: (1) of programs administered by the Department, and (2) relating to the sale of City-owned property. Such fees shall be made payable to the Department of Finance. The fees shall be nonrefundable and shall not guarantee approval of an application or adequacy of funding. The amount of such fees shall be as follows:
Loans:
Micro Loan Program
– Application fee: $100.00
– Closing fee (due at closing): $250.00
– Application fee: $100.00
– Closing fee (due at closing): $250.00
Amendments/modifications to Urban Development Action Grants and Illinois Development Action Grants (including subordination and refinancing requests)
– Administration fee (due at time of City’s approval of request): $1,000.00 or 2% of the outstanding principal balance (whichever is greater)
– Administration fee (due at time of City’s approval of request): $500.00 or 2% of the outstanding principal balance (whichever is greater)
– Administration fee (due at time of City’s approval of request): $1,000.00 or 2% of the outstanding principal balance (whichever is greater)
– Administration fee (due at time of City’s approval of request): $500.00 or 2% of the outstanding principal balance (whichever is greater)
Tax Increment Financing Bonds:
– Up to $3,000,000.00: $60,000.00
– Over $3,000,000.00: $60,000.00
plus 1.5% of the principal amount over $3,000,000.00
– Over $3,000,000.00: $60,000.00
plus 1.5% of the principal amount over $3,000,000.00
Development Assistance Program:
Commercial Facade Rebate Program
– Application fee: $50.00
– Application fee: $50.00
Industrial Facade Rebate Program
– Application fee: $100.00
– Application fee: $100.00
Business Infrastructure Assistance (small)
– Application fee $ 100.00
– Application fee $ 100.00
Business Infrastructure Assistance (large)
– Application fee: $200.00
– Application fee: $200.00
Commercial Area Signage Program
– Application fee: $25.00
– Application fee: $25.00
Security Rebate Program
– Application fee: $25.00
– Application fee: $25.00
The processing of applications for the programs specified in this section shall be contingent on the payment of the fees specified.
The Commissioner may also specify that certain project and land sale-related out-of-pocket expenses, such as recording and filing fees, title search fees, appraisal fees and credit report charges, shall be the responsibility of the applicant or purchaser, as applicable.
(Added Coun. J. 11-17-10, p. 106597, Art. IX, § 1; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 2; Amend Coun. J. 11-14-18, p. 90308, Art. I, § 14; Amend Coun. J. 11-20-19, p. 9510, Art. III, § 2)