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OCTOBER 18, 2010 <br />"GAM1111061YAH <br />X11\ <br />. �W ZT41TJ =1 ITI I =1 ki I A Z44 <br />ERE I €• ,L <br />AGENCY SECRETARY USE ONLY: <br />❑ As Recommended <br />❑ As Amended <br />❑ Ordinance on 1St Reading <br />❑ Ordinance on 2nd Reading <br />❑ Implementing Resolution <br />❑ Set Public Hearing For <br />CK•7��[�L11-�C�7 <br />Ia14 Wk 01&".B W <br />Consider proposed modifications to the Downtown Fagade Improvement Rebate Program and <br />authorize Agency staff to implement the Program in accordance with the attached Downtown <br />Fagade Improvement Rebate Program Terms and Conditions. <br />DISCUSSION <br />In July 2008, the Agency Board approved the Downtown Facade Improvement Rebate Program to <br />encourage the revitalization and activation of key storefronts in an effort to stimulate private <br />investment and customer patronage. The rebate program provides assistance to the commercial <br />property owners within the designated Downtown target area, which incorporates the Downtown <br />Historic District, as well as other blocks and buildings vital to the downtown core (Exhibit 1). <br />Since Program approval in 2008, there have been seven program applications approved, with one <br />building completed (West End Theater), one under construction (Pacific Building), and five pending <br />start of construction. The five pending projects would be subject to the modifications proposed in <br />this item (Exhibit 2). <br />Modifications to the Program would include: (1) Agency Board approval of all rebates after review <br />by the Rebate Committee; (2) limiting the rebate to 50% of project costs, not to exceed $75,000 <br />per building as opposed to $75,000 per storefront and (3) adding basement skylight repair or <br />replacement to the eligible list of improvements. A number of the older buildings in the Downtown <br />have basements, with skylights that are located within public sidewalks. Many of these skylights <br />are in need of repair and often prove to be an expensive item for a property owner. Adding this as <br />an eligible expense could ease the burden to small property owners in need of financial <br />assistance. <br />Further, owners are experiencing difficulty in securing a loan in today's market to undertake <br />building improvements. The rebate program was originally designed to reimburse owners for a <br />3-1 <br />