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Section 13. Incentive grants to encourage conservation easements on properties which <br />contribute to the character, historical or architectural merit in Downtown Louisville and <br />which are not eligible to be landmarked. <br />a. For a period of 18 months from when a property is designated by the City Council as a <br />structure of merit, the owner of the property shall be eligible for a grant from the HPF m <br />the amount of up to $50,000 These grants are available for <br />i. Preserving, rehabilitating, restoring or protecting the property <br />i. Preservation is the act or process of applying measures necessary to <br />sustain the existing form, integrity, and materials of an historic property as <br />they now exist. Approved work focuses upon the repair of exterior historic <br />materials and features rather than extensive replacement and new <br />construction. <br />u. Rehabilitation is the act or process of making possible a compatible use <br />for a property through repair, alterations, and additions while preserving <br />those portions or features which convey its historical, cultural, or <br />architectural values. Rehabilitation acknowledges the need to alter or add <br />to a historic property to meet continuing or changing uses while retaining <br />the property's historic character The limited and sensitive upgrading of <br />mechanical, electrical, and plumbing systems and other code -required <br />work to make properties functional is appropnate. <br />ui. Restoration is the act or process of accurately depicting the form, <br />features,, and character of a property as it appeared at a particular period of <br />time. Approved work focuses on exterior work and includes the removal <br />of features from other periods in its history and reconstruction of missing <br />features from the restoration period. <br />ii. Offsetting costs of preserving the structural merit of a building that is being <br />expanded pursuant to Sections 17 16.280 and 17.28 050 of the Louisville <br />Municipal Code. <br />b. Grant funding may only be expended for the activities listed in this section for those <br />portions of a property designated to be a structure of merit. <br />Section 14. Creation of a Revolving Loan Program. <br />a. There is hereby established within the HPF a revolving loan fund program, utilizing <br />funds from the HPF as supplemented by private and public donations and grants, <br />interfund loans, and any other appropnate sources of funds, all as from year-to-year <br />appropnated for such purposes. <br />b The historic preservation revolving loan program shall be used to provide low -interest <br />loans for the purposes of preservation, restoration, rehabilitation and protection of <br />properties which are landmarked pursuant to Chapter 15.36 of the Louisville Municipal <br />Code or subject to a conservation easement to preserve the character of historic <br />Louisville. <br />10 <br />