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Proposed Modifications to DT Fagade <br />Improvement Rebate Program <br />October 18, 2010 <br />Page 2 <br />portion of their costs at the conclusion of the project. Requiring the owners to advance all the <br />funds may be a deterrent to them participating in the program. The modifications will allow an <br />owner to enter into an escrow agreement with the Agency whereby the Agency's rebate funds <br />(maximum of $75,000) will be deposited into escrow along with the owner's funds to cover the <br />balance of the improvement costs. A progress payment schedule will be developed to allow for <br />escrow to release Agency and owner's funds equally until the Agency funds are depleted and then <br />draw on the balance of the owner's funds through project completion. This will ease the cash <br />burden to the owner. These arrangements will be reflected in the Rebate/Escrow Agreement to be <br />signed by the Agency, owner and contractor. By placing the owner's funds into escrow, we can be <br />assured the work will be completed. <br />The proposed program modifications and guidelines are reflected in Exhibit 3. The rebates will <br />continue to be available on a first-come, first-served basis as program funds are available in the <br />Agency's budget. Upon approval of these modifications, program information will be disseminated <br />in English and Spanish to property owners via direct mail, handouts, posting on the City's website, <br />and articles in the Downtown, Inc. newsletter. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />ry"to�eq &da -Z& <br />Nancy T. Ed ards <br />Assistant Dir ctor <br />Community Development Agency <br />CJN/NTE/GL/mlr <br />Exhibits: 1. Map <br />2. Pending Rebates <br />3. Downtown Fagade Improvement <br />Rebate Program Terms and Conditions <br />3-2 <br />