5.6. SR 10-27-2003 - Laserfiche WebLink

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Small Cities Development Program Grant Application October 27, 2003 City Council Meeting Page 2 of 3 Staff will be present at the City Council meeting to discuss details of the proposed SCDP grant application. In addition, staff anticipates attendance from business and property owners within the downtown target area, some of which have indicated interest in the rehabilitation program. Details of Proposed Project and Funding Request to DEED Commercial and Mixed-Use (Residential) Rehabilitation The largest portion of the City's SCDP application will include a request for grant funds to be used for commercial and rental property rehabilitation within the downtown area. The attached Commercial and Mixed-Use (Residential) Building Rehabilitation Program outlines how financial assistance could be provided to commercial and residential rental property owners. The grant funds are proposed to be provided to property owners as a deferred 0% interest loan that could be used to leverage the City's existing Micro Loan Redevelopment Financing Program and private financing. The rehabilitation of adjacent properties in the downtown supports the City's revitalization objective to recognize buildings that have potential for rehabilitation. Rehabilitation must include building, accessibility, fa'e, and energy efficiency code improvements, as well as facade improvements. The following areas, highlighted on the attached map, will be included in the SCDP grant application for the purposes of commercial and residential rental rehabilitation: · "Brick Block" - the west side of Jackson Avenue between Main Street and Hwy 10 · Block of properties between Sunshine Depot and Mikols River Studios The above-mentioned blocks contain 13 commercial buildings and 5 residential rental units. New Residential Rental Construction A portion of the SCDP application will include a request for gap financing of the residential portion of the proposed MetroPlains Jackson Block development, described as follows: · 32 units residential rental housing (16 1-bedroom units at $600 per month, and 16 2- bedroom units at $700 per month. · 10,000 square feet commercial on the first floor along Jackson Street and at the comer of Jackson and Main. · Up to 52 below grade parking traits for housing residents and commercial, and 18 surface units. Administration The SCDP application will include a request for administrative costs related to implementing the projects as described above. Staff has had discussions with the Tri-County Action Program, Inc. (TRI-CAP) for the administration of the grant funds. TRI-CAP has subrrdtted a contract for administrative services proposal to staff and TRI-CAP is experienced in administering rehabilitation programs, including a SCDP project in Foley, MN. Upon grant award, staff recommends that the City consider contracting with TRI-CAP for the project administration.