Resolution 2019-17 - Laserfiche WebLink

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c. The City Manager is authorized to issue requests for proposals and enter into contracts for entities to administer the loans from this program. d. City staff and the Commission shall develop applications, informational brochures and other materials necessary to develop and administer the revolving loan program. The City Manager is authorized to adopt written rules for the administration of the loan program, the provisions of which shall be consistent with Ballot Issues 2A, 2D and 2F and City ordinances and resolutions. Section 15. Loans from the Revolving Loan Fund. Loan requests applications shall be submitted to City staff and shall be reviewed by the Commission at a public meeting. The Commission shall provide its recommendation on the application before final action is taken by City Council. Final action on loans awarded to property outside historic Old Town Louisville shall be approved by not less than five Council Members. Loan requests applications may be submitted and considered in conjunction with grants from the Histonc Preservation Fund, respecting the grant limitations established herein. The Commission may recommend a mixture of loans and grants from the HPF even if the applicant requested only one type of assistance, and also may recommend one type of assistance where a mixture is requested. City Council may also decide to approve any one or a mixture of loans and grants regardless of the number or types of assistance requested in the request application. A mixture of loans and grants awarded to property outside historic Old Town Louisville shall be approved by not less than five Council Members. Loans shall be in an amount of at least $2,500 There is no specific loan limit established in this Resolution, but the Commission and City Council shall consider the following in setting an amount: a. Current amount of funds in the HPF and the needs of other projects, b The necessity of the work to be performed for the preservation or rehabilitation of the structure and how the proposed work fits into the overall preservation plan for the structure; c. The availability of other funding sources. Interest rates shall be equal to 2% below the Wall Street Journal Prime Rate as reported on the date of city acceptance of a complete application, not to go below 1 %. The interest rate may be increased or decreased by City Council at the time of initial approval upon a showing of extraordinary circumstances. Any fees for loan processing shall also be established at the time of the award. The loan repayment schedule shall also be estabhshed at the time of the award, provided, however, that all loans shall include a due -on -sale clause providing that any outstanding balance on the loan shall be paid in full upon sale or transfer of the property In connection with the processing of loan requests, the City may require such information as is reasonably necessary to determine the state of title to and encumbrances upon the subject property, the creditworthiness of the proposed borrower(s), and other matters relevant to loan 11