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CITY OF LITTLE FALLS <br /> • POLICY <br /> Number 32 <br /> SUBJECT: Heritage Preservation Commission's Loan/Grant Criteria (Federal Funds) <br /> DATE COUNCIL APPROVED: 5/13/02 <br /> LOCATION IN MINUTES: Motion <br /> Introduction - The City of Little Falls, through its Heritage Preservation Commission, (HPC), <br /> has established a National Historic District and various locally designated historic and <br /> conservation districts, as well as individual designated historic properties. The purpose of these <br /> designations is to preserve, protect and perpetuate the historic, cultural and aesthetic interests <br /> and values of the City. As part of this mission, a low interest loan/grant fund is established to <br /> safeguard and enhance the sites and structures within these areas. In order to equitable <br /> administer these loan/grant funds, from limited financial resources, the City establishes the <br /> following lowin <br /> g policies for monies from federal and/or state funds, due to Davis-Bacon Wage e rates: <br /> Policy — <br /> Priorities: In deciding which loans/grants are to be made from HPC funds, the City will base its <br /> decision on the following priorities, which are listed in order of importance: <br /> a) Building Location <br /> 1. In a National Historic District or commercial buildings on the National Register; <br /> 2. In a locally designated historic district or landmark; <br /> 3. In a locally designated conservation district; <br /> 4. Located outside any historic district, landmark or conservation district. <br /> b) Visibility of the structure; <br /> c) Cost of project; <br /> Terms: The terms of all low interest loans and grants from HPC funds are as follows: <br /> 1) Grant 70% (This portion shall be pro-rated over a 10 year period, provided <br /> ownership remains with the originator of the loan. After 10 years, <br /> this portion shall be forgiven.) <br /> 2) Loan 30% <br /> 3) Interest rates shall be based on the following schedule: <br /> a) First 5 years 0% <br /> b) Year 6 1% of balance <br /> c) Year 7 2% of balance <br /> d) Year 8 3% of balance <br /> e) Year 9 4% of balance <br /> f) Year 10 5% of balance <br /> g) Year 11 or more prime rate <br /> • 4) Assignment of loans will only be permitted with approval of the City. <br /> 5) Facade easement will be granted to the City in consideration of the above terms. <br /> 1 <br />