HomeMy WebLinkAboutItem 4- Historic Preservation Revolving Loan Fund Historic Preservation Revolving Loan Fund
Applicant Eligibility
The property must beedleast 50years old and located inthe following Historic Preservation Districts,
designated aeaCity Landmark, orindividual historic property:
0 Jackson Park
0 Cathedral
0 W. 11th Street
0 Langworthy
0 0|d Main
Loan Amount/ Terms
0 Upbo $25.000
0 3% interest rate
0 10 years
Monthly principal and interest payments begin after project uomp|etion, but not longer than six months after
loan closing. Limit one loan outstanding per building.
Work must be initiated within three months and completed within six months from date of Historic Preservation
Commission approval. The Commission may grant additional time, ifneeded.
Security
Preferably at least a second mortgage position and promissory note, or an amount not toexceed 100Y6of|oan-
to-va|ue The property value will be based on the assessed value, or on the appraised value after
improvements if the assessed value ienot agood indicator.