Laserfiche WebLink
➢ Expanding the allowable improvements to allow interior renovations beyond code <br />improvements. This would allow new wall treatments, new flooring, and general <br />remodeling aimed at improving the interior of the space. It would not include <br />equipment upgrades unless they are included in the private portion of the loan beyond <br />the required 1:1 match. Keep in mind that this provision would increase our risk in <br />that we would be in the subordinate position and extending the loan or allowing the <br />primary lender to increase their loan contributes to our risk. We do not want to <br />finance equipment due to loan security concerns on equipment versus real estate. <br />➢ Establishing a ratio of exterior aesthetic to other improvements of at least 1:1 meaning <br />that a property owner can't use the proceeds primarily for general upgrades without <br />addressing the overriding concerns of exterior appearance. <br />We have about $290,000 we could make available for this program that came from non- <br />property tax sources. $159,000 came from the LGA/HACA penalty advance from the <br />Presbyterian Homes TIF project that can now be redirected. The balance came from bond <br />issuance fees we charged on tax- exempt financings. Therefore, we are in a strong position to <br />fund this program. (Please keep in mind that those dollars are available for any purpose and <br />we do not have to commit them all to this program. Staff could prepare a recommendation if <br />you would like.) <br />I have attached the TCCCF info and the current BRLF Guidelines. Council direction is <br />needed as to how to proceed. <br />2 <br />