REO Properties – Economic Development Grant Awarded

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November 16, 2017
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August 14, 2018

REO Properties – Economic Development Grant Awarded

Village of Stillman Valley Awards $21,155 Business Matching Grant

 

STILLMAN VALLEY, IL (July 24, 2018) – On Tuesday, July 17, 2018, Village leaders and residents gathered for a presentation of the first Business Matching Grant for the fiscal year 2018-2019. Rod & Dan Olson, Co-Owners, REO Properties are the recipients of the $21,155 grant which he plans for use for exterior improvements to his business located at 120-116 W Wilson Street. This is the second year in which the Olson’s have applied for and received a Business Matching Grant.

 

“Our business, Can-Duit Electric, has been operating for over thirty years in Stillman Valley. We recently created a new company, REO Properties, to purchase buildings such as that on Wilson Street and renovate them into useful space. The Wilson Street Project which began in June of 2017 has been quite an undertaking,” said Rod Olson. “We’ve been rehabilitating an old tool shop into what will be a commercial complex of eight units. We’ve combined our skills as electricians with our history of carpentry, plus our abundance of local contractor contacts, to create what we hope will be a place for businesses to thrive and provide the community with more resources. We are grateful to live and work in Stillman Valley and to have the support of residents as well as board members in this venture.”

Since its inception in 2016, the Business Matching Grant program has awarded over $75,000 in grants to businesses located in the Village of Stillman Valley. Looking for ways utilize revenue from video gaming, the Village leadership along with the Stillman Valley Economic Development Committee created the program for the purpose of promoting and advancing the economic climate and the future of the Village. “It is important to the Village Council to promote and foster economic development. This program allows us to provide financial support our business owners for very specific projects that help improve our Village,” said Becky Waltrip, Village President.

 

Each year the Village Council approves funds for the Business Matching Grants with the funding coming from the video gaming receipts. No general funds are used to fund the grant program. These grants are available to all businesses located within the Village limits for improvements such as upgrades to utilities, store front improvements, sidewalks, outside building repairs and outside grounds improvements. The grant is to be no more that 50% of the cost of the project per business year. Applications are due by May 1st of the current year.

 

About The Village of Stillman Valley

Stillman Valley is located in Ogle County, Illinois with a population of 1120. It lies east of Byron, south of Rockford and west of Davis Junction.