The RLF is intended to provide the incentive for building owners in the Downtown Special Benefits District to renovate and upgrade their buildings, to meet code requirements in the renovation of their building, with emphasis on the re-utilization of upper floors in those structures. The maximum loan to be offered through the RLF will be $30,000. Funding for the RLF will be provided from the impact fees paid by the Diamond Run Mall, with 50% of the impact fees received in each of the calendar years 2006-2010 set aside for the RLF.
Qualification of Applicants
Applicants for the RLF funding must have owned the building for which the RLF funds would be used to renovate for a minimum of three years. Applicants must show, through presentation of tax returns, balance sheets, etc., that the applicant has the capacity to repay the loan under the terms of the loan.
Use of Funds
Preference will be given to applicants who are proposing to renovate the building to enhance the viability of the use of upper floors of the structure. Funds may be used to leverage other borrowings, such as from private financial institutions or federal and/or state grants. Preference will also be given to proposals that provide for market-based housing to be offered in the renovated space(s). Funds may be used for the installation of fire protection systems, plumbing, electrical and structural improvements, ADA compliance requirements, façade improvements, and other work that meets the purposes of the RLF.
The Downtown Rutland Partnership, in association with the Rutland Redevelopment Authority, will accept applications for RLF funds from potential applicants on forms to be developed by the RRA. The DRP executive director will act as administrator of the RLF. A RLF committee comprised of two members of the board of directors from each the DRP and RRA and the mayor, or his designee, will review each application and recommend to the Board of Aldermen the amount and terms of the loan to be offered. The Board of Aldermen will have the final approval of the loan.
The terms of the loan shall be determined on a case by case basis, with the recoÍìmendations of those terms by the RLF committee subject to Board of Aldermen approval.
Availability of funds
Applications will be reviewed as received, and funds may be allocated up to the amount of principal available in the RLF. In the event that more funds are applied for than are available at any given time, the RLF committee will rank the applications based on the above noted preferences, and make recommendations to the Board of Aldermen as to which proposals should be funded, and at what amount.
Repayment of funds
As loans are repaid, the principal and interest payments shall be deposited into the RLF account and be made available to other applicants.