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a. A revolving loan program shall be created, utilizing funds from the <br />Historic Preservation Fund as supplemented by private and public <br />donations and grants, interfund loans, and any other appropriate <br />source. This program shall be used to provide low-interest loans <br />for the purposes of the preservation, restoration, rehabilitation and <br />protection of properties which are landmarked pursuant to pursuant <br />to Louisville Municipal Code Chapter 15.36 or subject to a <br />conservation easement to preserve the character of historic <br />Louisville. <br />b. As soon as practicable, City Staff will prepare and issue a request <br />for proposals (RFP) for entities to administer the loans from this <br />program. This RFP shall be reissued as often as necessary to <br />ensure that the loan program is effective for the life of the Historic <br />Preservation Fund. <br />c. City Staff and the Historic Preservation Commission shall develop <br />applications, informational brochures and other materials necessary <br />to develop the program. <br /> <br />Section 2. <br /> <br /> Loans from the Revolving Loan Fund <br />a. Loan applications shall be submitted to City Staff and shall be <br />subject to a public hearing by the Historic Preservation <br />Commission before final action is taken by City Council. <br />b. Loan amounts may be requested in conjunction with grants from <br />the Historic Preservation Fund, subject to limitations established in <br />City Council Resolution, Series 2012. The Historic Preservation <br />Commission may recommend a mixture of loans and grants from <br />the Historic Preservation Fund, even if the applicant solely <br />requested one type of assistance. City Council may also decide to <br />award a mixture of loans and grants, regardless of the type of <br />assistance requested in the application. <br />c. Loans may be awarded in amounts between $______ and <br />$______. Interest rates shall be determined at the time of the <br />award, but shall be below the prevailing market rate. [Note: I’m <br />not sure we want to restrict either the amount of the loan or the <br />interest rate, or if this is the appropriate language, but we should <br />probably at least have this discussion.] <br />d. As provided by Section 3.b.ii of City Council Resolution No. 20, <br />Series 2009: <br />i. All loan payments shall return to the Historic <br />Preservation Fund. <br />ii. A loan agreement is required for all loans, which may <br />include a provision for default and acceleration if the <br />completed work is not as contemplated by the <br />conditions of the loan. <br />15