(A) Utilizing either Urban Development Action Grant (UDAG) or Rehab Loan Program monies, a fund is hereby established to be known as the “Crawfordsville Commercial Historic District Capital Improvement Non-reverting Fund,” to be maintained by the Clerk-Treasurer of the city. The purpose of said fund is to make available as an incentive to property owners in the Commercial Historic District monies in the form of grants and low interest loans to improve and rehabilitate buildings in said district. The fund amount will be $300,000. For the rehabilitation of a downtown building, grants at 50% of the cost of said rehabilitation up to $10,000, and additional low interest (2%) loans of $10,000, with a seven-year pay back period, will be made available per property. Historic facade restoration will have priority for the $20,000 grant/loan awards.
(B) From and after the passage of this section, all sums paid to the city in repayment of monies loaned or advanced to property owners in the Commercial Historic District for the rehabilitation or improvement of buildings; plus any interest charged to property owners on said loans from this fund shall be paid into this fund, the same to be maintained as a non-reverting fund solely for the purposes herein set out.
(C) To the extent of the availability of monies in this said fund, the Board of Works and Safety, upon prior review and approval of the City Council, may make, from time to time, grants and loans therefrom to property owners in this Commercial Historic District of the city, in accordance with the terms as set forth by this section, to assist property owners in the rehabilitation or improvement of buildings in the Commercial Historic District.
(Ord. 33-2002, passed 11-12-2002)