(A) Program establishment. The Redevelopment Commission Revolving Loan Program is hereby established and approved. The Program will be administered by the Redevelopment Commission in accordance with the revolving loan program and application established by the Redevelopment Commission.
(B) Purposes. The amounts in the Revolving Loan Fund may be used to directly stimulate and improve the appearance and structural conditions of downtown buildings by granting low interest loans for the exterior or interior rehabilitation of existing downtown buildings.
(C) Repayment. All loans made by the Redevelopment Commission pursuant to the Program will bear interest at the rate of 4% below the national prime rate, or 3%, whichever is greater. The term of each loan will be determined by the Redevelopment Commission; however, in no case shall the term exceed 20 years. The Redevelopment Commission will loan up to $50,000 for each qualified applicant under the Program, unless the loan is determined by the Redevelopment Commission to have a significant impact on the downtown, in which case a loan under the Program may be up to $100,000.
(Ord. 2010-36, passed 12-14-2010; Am. Ord. 2011-10, passed 9-13-2011)