Historic Preservation Commission Agenda and Packet 2023 05 15

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Extraordinary circumstances relating to building size, Requests condition, architectural details, or other unique condition? Piers to support crawl space foundation The condition of the foundation necessitating support is documented in the HSA. LVL structural beams Egress basement windows The basement requires a code update to be usable as bedrooms ace. LOAN REQUEST: Under Resolution No. 17, Series 2019, residential applicants are eligible for loans from the Fund. Loans may be requested in conjunction with grant requests and the Commission may recommend a mixture of loans and grants regardless of the number or types of assistance requested in the application. There is no loan maximum, but the HPC shall consider the following in setting the loan amount, per Section 15: 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. The loan request represents the difference between the requested grant expenses above and the remaining costs of the project. 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. • The Wall Street Journal Prime Rate when the applicant submitted their paperwork was 7.75%. The interest rate for the loan requested by the applicant would therefore be 5.75% (2% below Prime). Any fees for loan processing shall also be established at the time of the award. • Loan fees for owner -occupied residential properties is $400. The loan repayment schedule shall also be established 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. Previous loans for owner -occupied residential in amounts greater than $10,000 have had a term of 20 years. FISCAL IMPACT: Approval of the grant request allows for a total grant of up to $56,974 from the Historic Preservation Fund: a $5,000 landmark incentive grant (unmatched). The loan will encumber $51,974 from the fund balance and be paid back over 20 years with interest. The unencumbered fund balance is estimated at over $2M, thus, staff finds there are adequate funds to support the loan request. STAFF RECOMMENDATION: Landmarkinp The structure at 929 Parkview has maintained its form since 1952, giving it architectural 19