(A) There is established the Downtown Facade Improvement Loan which may be utilized by locally-owned companies to enhance the facade of existing buildings within the confines of the Downtown.
(B) The Downtown Facade Improvement Loan shall be administered by the Department. In the course of the administration, the Department shall:
(1) Provide outreach to local companies, pre-screen applications and provide technical assistance to applicants;
(2) Make available to local companies an application which can be analyzed in a quantitative manner by the Department to determine eligibility and merit for a loan;
(3) Review such applications and present recommendations to the Board for approval or denial of Downtown Facade Improvement Loans; and
(4) Maintain all records including, but not limited to, applications for assistance, metrics necessary to describe the program's responsiveness, the number and size of local companies assisted and the amount of monies distributed.
(C) A local company that is successful in their application for a Downtown Facade Improvement Loan shall be eligible for a loan of up to $5,000.
(D) Loans provided under the Downtown Facade Improvement Loan Program shall be used for improvements to the exterior of real property. Such uses shall include, but not be limited to:
(1) Repair of masonry;
(2) Repair or replacement of cornices;
(3) Replacement or repair of doors, windows or awnings;
(4) Landscaping; or
(5) Painting of the structures.
(E) Repayment of monies disbursed under the Downtown Facade Improvement Loan Program shall be required only if the local company:
(1) Relocates its principal operations outside of the corporate boundaries of the city within five years of receiving a disbursement under this Program; or
(2) Ceases operation within five years after receiving a disbursement under this Program.
(F) If monies are required to be repaid as a result of division (E) above, then the Department shall place the local company on an amortization schedule. Such monies shall be repaid in a term not to exceed one year with a fixed interest rate set at prime, as quoted in the Wall Street Journal on the day the local company relocates or ceases operations. If the Department is unable to determine the exact date of relocation or ceasing of operations, then the rate shall be fixed on the day the Department becomes aware of such activity by the local company.
(Ord. 6578, passed 4-27-09)