2006-03-27 Regular Meeting and Workshop Meeting

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RETAIL ASSISTANCE PROGRAM POLICIES Redevelopment Agency Downtown Project Area Updated April 29, 2005 I. BASIC GRANT II. SIGNAGE GRANT III. FORGIVEABLE LOAN IV. DEFERRED LOAN V. EASEMENT PURCHASE Program unavailable Pro!!ram unavailable Non-secured loan for more moderate Loans to property owners for Agency purchase of an easement on a DESCRIPTION, Applicants spending at least Applicants spending at least $500 projects that may be converted to a significant building property to secure interest in a AMOUNTS & $1500 on exterior improvements on exterior signage are eligible grant over a five year term if certain rehabilitation. Downtown property. CONDITIONS are eligible for a rebate grant up for a rebate grant up to 50% of building maintenance and business Max Loan Amount = $500,000 Examples of easements include: to 50% of the costs or up to a the costs or up to a maximum operations agreements are met. . All loans approved by San . right-of~access maximum grant based on linear grant based on linear storefront Max Grant Amount = $75,000 Mateo Loan Committee . fas;ade storefront footage; footage; Deferred loan is "forgivable" at 20% . loans> $100,000 also require . landmark per year for 5 years as all conditions approval by City Council. . signage Linear Feet ", Max Rebate Linear Feet Max Rebate are maintained. Compliance . 5% simple interest Max Easement Value = $150,000 Less than 25 $7,500 Less than 50 $7,500 monitored by; . Loans carry promissory note All easements are brought to City 25 - 50 $12,000 50 - 75 $10,000 . Redevelopment Agency secured by a deed of trust Council for approval. 51 - 75 $15,000 76 or more $15,000 . City staff - i.e. Code Enforcement . Due in 15 years, or upon sale Building value and easement value 76 or more $20,000 or title transfer determined on a case-by-case basis. These amounts may be applied in . Appraisal by State Certified addition to the basic grant. General appraiser . LTVno>70% · Owners and tenants of · Owners and tenants of . Owners and tenants of commercial . Owners of commercial . Owners of historic commercial ELIGIBLE commercial property in the commercial property in the property in the Downtown property in the Downtown properties or properties with APPLICANTS Downtown Redevelopment Downtown Redevelopment Redeve~opment Area. Redevelopment Area. significant features that are located Area. Area. . Tenants must provide written in the Downtown Redevelopment · Tenants must provide written · Tenants must provide written consent from property owner for Area. consent from property owner. consent from property owner. all improvements that impact the building structure or modify the buildinl!: interior. Typical improvements include: · Fabrication of business or Typical improvements include: . Exterior improvements to a . Exterior improvements to a building ELIGIBLE storefront renovation, organization signage storefront renovation, such as doors; building facade as mutually facade (and associated interior IMPROVEMENTS . doors · Restoration of existing awnings; paint; windows; exterior agreed upon by applicant and improvements) as mutually agreed . awnings historic signage lighting; landscaping; and retail Agency. upon by applicant and Agency. . paint . May also include lighting and assistance, such as marketing, and . Interior work may include . Interior improvements associated . windows fixture elements as they relate inventory expansion. seismic work, interior systems with right of access purchase as . exterior lighting to signage upgrades, and tenant space mutually agreed upon between . landscaping upgrades. applicant and City. I. Applicant meets wi Agency 1. Applicant meets with Agency 1. Applicant meets with Agency and 1. Applicant meets with I. Applicant meets with Agency PROCESS and architect; and architect; architect; 2. Facade design developed Agency and architect; and architect; 2. If applicable, facade 2. Facade design developed and 2. Signage design developed and and mutually agreed upon by 2. Design developed and design developed and mutually mutually agreed upon by mutually agreed upon by applicant and agency; mutually agreed upon by agreed upon by applicant and applicant and agency; applicant and agency; 3. Agency and applicant negotiate applicant and agency; Agency; 3. Easement terms 3. City approvals obtained; 3. City approvals obtained; operational agreements on a case-by- 3. Loan approval by Loan negotiated and "deed" approved to 4. Construction carried out by 4. Consfruction carried out by case basis; Committee and/or City form by the City Attorney; applicant to completion; applicant to completion; 4. City approvals obtained; Council; 4. City approvals 4. Easement purchase approved by 5. All permits finaled; 5. All permits finaled; 5. Construction carried out by obtained; 5. Construction City Council; 5. City approvals 6. Invoices and complete 6. Invoices and complete applicant to completion; (progress carried out by applicant to obtained; 6. Construction carried out documentation of payments documentation of payments payments are allowed from completion (progress payments by applicant to completion (progress turned in; turned in; designated earnable grant); are allowed from the payments allowed from the 7. Rebate issued 7. Rebate issued 6. All permits finaled; designated earnable grant); designated easement amount); 7. All invoices and complete 6. All permits finaled and 7. All permits finaled and notice of documentation of payments submitted notice of completion filed completion filed