Laserfiche WebLink
Downtown Revitalization Project Update <br /> September 22,2003 HRA Meeting <br /> Page 2 of 2 <br /> grants will be contingent upon final project approval. Application does not commit the City <br /> or HRA to final project approval. <br /> It is important to note that a larger portion of the City's SCDP application will include a <br /> request for grant funds to be used for commercial and rental property rehabilitation within <br /> the downtown area. The grant funds may be provided to property owners as a deferred low <br /> interest loan that could be used to leverage the City's existing Micro Loan Redevelopment <br /> Financing Program and conventional financing. The rehabilitation of adjacent properties <br /> supports the City's revitalization objective to recognize buildings that have potential for <br /> rehabilitation. Rehabilitation must include building,fire and energy efficiency code <br /> improvements, and can include façade improvements. A portion of the SCDP application <br /> will include a request for gap financing of the Jackson Block project. <br /> It is important to note that even if these grants are obtained there is still a project funding <br /> "gap". The developer, city staff and Ehlers will be working to reduce the size of that gap as <br /> well as to identify funding sources over the next few weeks. This issue will be included as <br /> part of the final development agreement terms for consideration by the City Council and <br /> HRA within the next 30 to 60 days. <br /> With the HRA and City Council's direction, staff and the developer will proceed to secure <br /> funding from these various sources in order to meet deadlines that will permit the project to <br /> proceed next year if approved by the City and HRA. Within the next month the City <br /> Council will be asked to consider a series of resolutions that are required as part of the <br /> SCDP application. The resolutions are similar to the resolutions approved for the Sportech <br /> MN Investment Fund grant application. In addition, staff will be working to meet with <br /> property owners to gauge level of interest and estimates for rehabilitation improvements. <br />