Terms and Requirements
- Interest Rate: 3% fixed rate
- Term: 10 years fixed (length of term may be extended to 20 years in order to coincide with terms of primary lender where Urban Renewal Agency is in a second lien position)
- Loan Fee: $500
- Property owners who can show fee title
- Business owners who show written evidence that property owner has authorized work for which application is made
- Tax-exempt property and business owners are excluded
- Commercial or mixed-use property located within the Riverfront-Downtown Urban Renewal Area
- Properties that are 100% residential are excluded
All normal and reasonable soft and hard costs directly associated with rehabilitation/restoration or construction of a qualified project. Tenant improvements are subject to an executed lease and a cost per square foot, which has been approved during underwriting.
- Loan fee
- Staffing costs
- Equipment and personal property
- Reimbursement of hard costs prior to loan award
- Organizational expenses
* Additional terms may apply and may be subject to change.