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TO: Mayor Thomas J. Weisner
FROM: Bill Wiet, Chief Development Services Officer
DATE: August 14, 2015
SUBJECT:
To request approval of a second amendment to the Seize the Future Development Foundation (STFDF) Finish Line Downtown Grant Program to provide for the Downtown Restaurant Forgivable Loan Program
PURPOSE:
The Finish Line Grant Program was established in 2014 to provide financial assistance for the rehabilitation of downtown buildings. The STFDF is tasked with administering the Finish Line Grant Program. The first amendment to the program was for the modification of the grant amounts. The proposed Downtown Restaurant Forgivable Loan Program is intended to complement and support the City's plans to maintain a quality downtown with diverse uses. The intention of the program is to add additional restaurants in the Downtown.
BACKGROUND:
The attached Exhibit A provides the program eligibility. The total cost of each individual project shall be no less than $66,000 and approved applicants shall be eligible for up to one-third of the project costs as a forgivable loan. The maximum forgivable loan amount is $100,000 and the project must be in the Finish Line Grant Program boundary (map attached). One-tenth of the loan will be forgiven annually, and should a restaurant cease to operate within the ten year period, the remaining balance will be recorded against the property by way of a lien.
DISCUSSION:
This program will increase pedestrian traffic downtown and provide additional amenities to compliment other commercial businesses in the downtown. It will also bring more buildings up to code while providing necessary restaurant infrastructure. Funding for the program will be from the existing Finish Line Grant Funds.
IMPACT STATEMENT:
The Downtown Restaurant Forgivable Loan Program will have a positive impact on the downtown and the existing buildings within the downtown.
RECOMMENDATIONS:
It is recommended that the second amendm...
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