APPLICATION for the Historic Facade Improvement Program

 

CLICK HERE TO DOWNLOAD THE APPLICATION

 

PROGRAM PURPOSE:

  • To offer incentives and assistance to property owners in the downtown target area to make exterior improvements that reflect a historic character

 

PROGRAM GOALS:

  • Improve the visual appearance and aesthetics of Main Street by create a historic downtown feeling
  • Revitalize Main Street by encouraging a ‘historic’ style of architecture in the downtown target area
  • Restore buildings to historic appearance as closely to historic photos when possible (1878-1948)

 

ELIGIBLE PROPERTIES:

  • Eligible properties must be located within the eight-block downtown area of which the boundaries are Estey on the west, Spring on the east, and include frontage on Main Street (to the alley)

 

FREE TECHINCAL ASSISTANCE:

  • Technical assistance / historic architectural services will be provided by the City for a project proposal and preliminary cost estimate to determine best design for the property
  • Applicant must submit a formal application to initiate the City to engage the services of an architect

 

USE OF FUNDS:

  • Façade materials and construction
  • Windows and Doors
  • Awnings
  • Signage
  • Lighting
  • Landscaping

 

STRUCTURE OF FUNDING:

  • 35% Loan
  • 35% Grant (vested after payment of loan)
  • 30% Equity

 

MAXIMUM AVAILABLE:

  • Maximum up to $21,000 loan and $21,000 grant with $18,000 equity (for a total project of $60,000)

 

TERMS:

  • Loans can be amortized over the lesser of seven (7) years or the life of the security, depending on the type of asset, subject to approval by the LEDA Board

 

INTEREST RATE:

  • The interest rate will be at a rate determined by the EDA

 

LENDING CRITERIA:

  • Applicant must have ownership interest in the property
  • Loans will not exceed the level of funding available in the RLF
  • A mortgage and note will secure all loans, and personal guarantees may be required
  • If the recipient sells or transfers title to the property within a five-year period, immediate pay off of the loan will be required. The grant is considered fully vested only after the loan is paid in full.
  • Work cannot commence until the loan/grant have been approved, and should be completed within 120 days, weather permitting.

 

FEES AND OTHER COSTS:

  • $100 non-refundable application fee paid upon submission of the application
  • Applicant is responsible for all out of pocket costs incurred in processing and closing the loan to include, but not limited to: mortgage filing fees ($46.00), mortgage registry tax ($2.30 per thousand), and applicants attorney fees, etc.

 

PROCESS TIME:

  • The Loan Review Committee and Heritage Preservation Commission will review all applications for recommendation to the EDA Board for final approval. The EDA meets the second Tuesday of each month, so final applications must be submitted 3 weeks prior to allow time for review.
  • Please allow 30-60 days from receipt of completed application including project proposal, project bids, financial statements, and tax returns.

 

DISBURSEMENT PROCESS:

  • Applicant must submit all invoices upon completion of the project to request reimbursement
  • Applicant must submit proof that their 30% equity contribution has been paid before the grant/loan funds will be issued.
  • After an inspection by the City/EDA to verify completion of the work, a check will be issued. Please allow a minimum of 7 days from the time invoices are submitted for reimbursement checks to be issued.