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Applicants must complete the work covered by any grants and submit their reimbursement requests within 60 months of the landmark declaration. Upon a showing of good cause, the above timeline may be extended with approval of a subcommittee consisting of a designated staff person and two randomly selected members of the commission. If the request for timeline extension is not approved unanimously, the request forwarded to the full commission for consideration at a public meeting. Section 9 Commercial grants for preserving, restoring, rehabilitating, or protecting landmarked property For a period of 36 months from when a property is declared a landmark pursuant to Chapter 15.36 of the Louisville Municipal Code the owner of the property shall be eligible for a grant from the HPF in the amount of up to $200,000 for commercial structures. The grant timeframes may be extended based on the procedures in Sec. 6 below Grants may be approved under any of the following categories, however grant funds may not be used for interior improvements other than for protection, stabilization, or code -required work. a. Preservation is the act or process of applying measures necessary to sustain the existing form, integrity, and materials of an historic property as they now exist. Approved work focuses upon the repair of exterior historic materials and features rather than extensive replacement and new construction. b Rehabilitation is the act or process of making possible a compatible use for a property through repair, alterations, and additions while preserving those portions or features which convey its historical, cultural, or architectural values. Rehabilitation acknowledges the need to alter or add to a historic property to meet continuing or changing uses while retaining the property's historic character The limited and sensitive upgrading of mechanical, electrical, and plumbing systems and other code -required work to make properties functional is appropriate. c. Restoration is the act or process of accurately depicting the form, features, and character of a property as it appeared at a particular penod of time. Approved work focuses on exterior work and includes the removal of features from other periods in its history and reconstruction of missing features from the restoration period. The first $50,000 of the grant will be an unmatched incentive grant as a landmark bonus. Owners of a landmarked property will be eligible for this grant following the signing of the landmark and grant agreements. The remaining $150,000 shall be conditioned based on the applicant matching at least one hundred percent (100%) of the amount of the grant with expenditures or an equivalent value of approved in -kind services for approved work based on the completed structural assessment and deemed eligible for a grant from the HPF Eligible work will fall under the preservation, rehabilitation, or restoration categories described above. Applicants must complete the work covered by any grants and submit their reimbursement requests within 60 months of the landmark declaration. Upon a showing of good cause, the above timeline may be extended with approval of a subcommittee consisting of a designated staff person and two randomly selected members of the commission. If the request for timeline 6