(A) The purpose of the Low Interest Loan Program is to provide funding assistance to existing businesses located along the Route 30 and 45 corridor, and within the Historic Downtown District (as depicted on the district map attached to Ord. 1818) in improving the façades of their existing structures.
(B) Applicants making improvements within the guidelines herein established may apply for funding under this program after receiving a certificate of appropriateness from the Design Review Committee (1890's Committee). Funding under the program is to be provided in the form of a commercial loan interest rate buy-down of 3%. The 3% buy-down is to be provided from a fund established by the Village Board as part of the fiscal year budget and paid to the lending institution at time of loan closing.
(Ord. 1818, passed 8-7-00)