070708 Adopt a Facade Improv Rebate Prog for the Downtown

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Downtown Fagade July 7, 2008 Page 2 Improvement Rebate Program complement other downtown projects underway, such as the Fourth Street Improvement Project. Similar rebate programs have been utilized effectively in the past. From 1983 to 1994, the Community Redevelopment Agency administered the Storefront Improvement Rebate Program throughout various project areas to assist commercial property and small business owners in rehabilitating their properties. In 2000, the Fagade Improvement Rebate Program was re- established along the South Main Corridor area to improve the exterior appearance of the commercial buildings. Eligible applicants will receive financial assistance in the form of rebates based on a sliding scale as follows: Storefront Maximum Rebate Percent of Total Cost Cost to Get Max. Rebate 24' or less $15,000 900 $17,000 25' - 45' $30,000 80% $37,500 46' - 55' $45,000 70% $64,500 56' - 90' $60,000 600 $100,000 Over 90' $75,000 50% $150,000 The maximum rebate for physical improvements, including City permit fees is $75,000. The rebates will be available on a first -come, first - served basis. The terms and conditions of the program (Exhibit 2) were developed by a committee consisting of staff from the Community Development Agency and the Planning and Building Agency. FISCAL IMPACT Funds in the amount of $500,000 are available in the Merged Capital Improvements Commercial Rehab Rebate Project fund (account no. 570 -936- 6906, project no. 08- 8061). Nancy Edwards' Assista t Director Community Development Agency NTE /GL /mlr 060208 Facade ImproveProg (2) as of 4 -30 -08 APPROVED AS TO FUNDS AND ACCOUNTS: Francisco Gutierrez Executive Director Finance & Management Services Agency 5 -20