HomeMy WebLinkAboutAgenda Bill 5.D-Attch1 10/18/2004• RESOLUTION NO. 2004
VEL,O
IPE'�' '� "L�JI�A COMMUNITY `�E �,
�
�J � DEVELOPMENT PMEN'I' COM1VIISSIOI\1
Authorizing Modifications to the Storefront Improvement Loan Program and Authorizing the
'Executive Director to Execute a Loan Agreement; and Related Documents with Stephen A.
Lind, et al, for the Restoration.and Histor c..Preservat on of 11.9 Petaluma Blvd. `North
WHEREAS, a property owner in the Central Business District .has requested financial assistance in
order to undertake the restoration and rehabilitation of 'his, building located at 119 Petaluma Blvd. North,
Petaluma (the "Property "); and
'WHEREAS, the Petaluma .Community Development Commission (PCDC) approved a "Five -Year
Implementation Plan" containing, fundmg;for a Storefront Improvement Loan Program (the "Program "); and
WHEREAS, it is economically infeasible for the Property: owner to undertake the restoration and
rehabilitation of the Property without Agency assistance; and.
WHEREAS, PCDC staff have determined that modifications to the Storefront Improvement Loan
Program are necessary in order to accomplish the goals of the `Program; and
nd rehabilitation f the Property will eliminate blight in the Central
WHEREAS, the restoration a o
B p p o'ect area Pro ec "t ,Area''' will be of
hi
Bu siness District redevelo inept r'�' (" j );� benefit" to the Project Area and the
City of Petaluma, and is consistent with the Redevelopment Plan for the Project Area (the "Plan "); and
WHEREAS modifications t o the Program will facilitate the :rehabilitation of structures in the Project
�l� fac
ion of blight � and , the acco p Il ishment'.of the goals„ of the Plan; and
.Area, the eliminat , � m 1
WHEREAS, the "PCDC' has' appropriated $200;000 for 'a Storefront' Improvement Loan Program in the
FY 2004 =05 Budget; and
WHEREAS, Stephan A Lind, et' al, owner of 119 .Petaluma Blvd. North has requested a Storefront
Improvement Loan m''an amount up t'oi $200,000 for the first -time ' � restoration and historic preservation of the
building. rr
NOW THEREFORE BE IT RESOLVED by the Petaluma Community Development Commission:
1. The Storefront Improvement. Loan Program is hereby nodif ed as follows for properties in the
Central Business District that were.built before 1904 and where a property owner is a significant
restoration of the historic edifiice for the first -time:
o Property - owners are eligible for storefronCi nprovement loans up:,to $200,000.
o The term of the loan is twenty years,, after which it is payable in full;, .
o Applicants must have a good credit history.
o The loan is interest free.
o . All work is performed at prevai'l'ing wage rates.
o if the propert y is sold during the. term of "the loan, the entire loan,is due: on sale.
o Repayment. of the loan secured by'a deed of trust on the property.
2. The Executive Director'is °authorized to execute a Loan Agreementand;related documents,
substantially in the form attached hereto, with :Stephen A. Lind,. 6t. al, and to provide a loan in the .amount of up
to $200,000 for the purpose of the first -time restoration and historic preservation of the edifice to 119 Petaluma
Blvd. North.
Adopted this 1.8th day of'October, 2004.bythe following vote:
Commissioner Aye No Absent
Glass
Harris
Healy
Moynihan
O'Brien
Thompson
Torliatf
David ;Glass, Chairperson
ATTEST:
Gayle Petersen, Recording Secretary
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Attachment 1
R:SOLUTIONA
JTI-I;ORIZIN°
G M TO THE
STOREFRONT IMP �
N P�1tOGi RAM AND AUTHORIZING
THE EXECLTTIVE;.DIICTOR TO EXECUTE A LOAN AGREEMENT
ET AL, FO
STEPHEN A. LIND, R
IJ1VIEl�TS WITH AND RELATED DOCUMENTS,
TIbN Al\1D HIST I�E S]ERVFlATION OF 119
"THE I�ESTOI�A OI2�C P,
� PET�AwLIJ1VIA'
BLV.D.'NO`RTH