Upper Floor Development Incentive Program
The City of Wheeling has developed an incentive program to bring back the vibrancy of our city by providing funds for the development of upper floors.
Any developer who is looking to utilize the upper floors of their building for either commercial or residential purposes is eligible for the program. The funds provided are to be used for the following: construction of a stair tower, a pressurized elevator shaft, a fire escape or a sprinkler system, tap fees or any component of constructing a second means of egress.
The City of Wheeling will provide up to 50% of the project (based on a formula) with a maximum subsidy of $200,000.00. This will be in the form of a three - year forgivable loan. You must have the upper floors rented within three years from receipt of the loan. Each year an inspection will occur to make sure that the ownership is still the same as the time of the loan, that all fees and taxes are current. At the three-year mark, the city will complete their review. If all is found to be satisfactory, they will release the Promissory Note. If not, a letter stating why the note cannot be released will be sent and the entire amount of the loan is to be paid back within 30 days of receipt of the letter.
To be eligible to receive these funds you must demonstrate the following:
Once your project is completed and approved, the City of Wheeling Building Department will issue you a Certificate of Occupancy for the use provided in your plans (Architectural drawings). The City of Wheeling will then reimburse you and have the Promissory Note signed and recorded at that time for a three-year period. If you meet all requirements at the end of that period the note will be forgiven.