The following terms and conditions will apply to all projects.
(A) Funds will be limited to permanent improvements, and not to be used for working capital or refinancing of existing debt.
(B) No more than one loan will be made for improvements at any one building within a fiscal year, except multiple grants may be made to separate commercial tenants in a single building.
(C) All improvements applied for under this program must be in conformance with all building, plumbing, electrical, and other construction codes and standards presently in force (or which may come into force during the course of this program) by the village. At the conclusion of such rehabilitation, the portion of the building rehabilitated must be eligible for occupancy under applicable village ordinances.
(D) All exterior improvements must conform to design guidelines as outlined by the Commercial District Façade Improvement Committee, and must receive a certificate of appropriateness before a building permit is issued for the project.
(E) Eligible professional fees are limited to no greater than 10% of the estimated cost of construction.
(F) Approved applicants must provide a cost estimate of proposed improvements for approval by the village.
(G) Improvements approved under the program must be completed within one year of application approval.
(H) All commercial loan rates are to be approved by the village prior to payment of 3% buy-down from the village at closing. Loan terms are to be fixed for a maximum of ten years, with loan amounts applicable under this program not to exceed $200,000.
(I) The village reserves the right to provide applicants with a grant, rather than a buy-down, for those applicants who are making improvements which receive a certificate of appropriateness under the terms of this program, but who are not seeking a loan to pay for such improvements. In such cases the grant shall not exceed a value equal to a 3% buy-down of a comparable commercial loan with a five-year term. A comparable commercial loan shall be determined by taking the average commercial rate of three local lending institutions and amortizing the average rate.
(Ord. 1818, passed 8-7-00)