Twenty percent of the total cost of improvements, up to a maximum of $200,000 per project may be awarded as a low-interest loan. An applicant shall be required to submit 2 bids for all construction work, and reimbursement shall occur after all construction work has been completed and inspected by the city. Funds will be dispersed in the form of a loan which shall carry a 2.5% interest rate. The loan shall mature in 5 years and shall have a 20-year amortization.
(1979 Code, § 33.192) (Ord. 4752, passed 5-23-2003; Am. Ord. 5179, passed 8-3-2009)