Revolving Loan Fund

Facade & Exterior Improvement

Properties located in the downtown area within Redevelopment Area 1 are eligible for loans that may be used for exterior building and site improvements.   Loans may be used for restoring or enhancing the facade or elevation of a building, and also for installing landscaping or other site improvements. Eligible items include uncovering and restoring historical facades, removing existing facade materials and replacing them with more appropriate and attractive designs and materials, signage, painting, cleaning and tuckpointing masonry, and other detailing which leads to a substantially enhanced appearance. The program is primarily intended to fund projects that significantly improve the visual appearance of the property from the street. Roofing or other projects that do not improve the appearance of the property are not eligible. Design and permit fees associated with the construction are eligible project costs.

Underutilized Space Improvement

Properties located in the downtown area within Redevelopment Area 1 are eligible for loans that may be used for renovating deteriorated, vacant, or underutilized floor interiors for new and higher economic uses.  Loans will be made available at an interest rate dependent on the term and amount of the loan.  The loan amount is variable depending on the cost and complexity of the project, the amount of housing units or area of commercial space created, the amount the project will increase the value of the property, and the anticipated benefit to the downtown area.

The program is intended to be used for renovating deteriorated, vacant, or underutilized floor interiors for new and higher economic uses.  Examples of eligible rehabilitation activities include, but are not limited to: Repairing and/or replacing interior features such as stairs, elevators, lighting fixtures, etc.; Reconstruction and/or installation of floors, walls, stairs and other permanent fixtures; Installation and/or repair of mechanical systems such as heating, air-conditioning, electrical, plumbing, fire protection, etc. Design and permit fees associated with the construction are also eligible project costs.  Equipment and operating expenses may also be considered.

Property and/or Business Purchase

Loans may be obtained to assist with the acquisition of a property or business.  Generally, the role of the RDA is to provide gap financing to supplement financing obtained through a standard financial institution.