R2010-91 ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS

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I ,�, ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM No. 10-34 Apri128, 2010 TO: Honorable Mayor Michael T. McElroy an City Council FROM: Ryan P. McCrady, City Manager j Greg C. Crowe, Assistant City Manag Stephanie E. Ashe, Development Planne SUBJECT: Decatur Restoration Incentive & Residential Restoration Incentive Programs RECOMMENDATION: Staff recommends City Council approve the resolution amending the Decatur Restaration Incentive Program and the Residential Restoration Incentive Program. Changes to the programs include, energy saving and sustainable practices, a new joint account system between the City and the funds recipient, proof of owner occupancy, a violations with the City clause, as well as changing the Department names and Staff as appropriate. BACKGROUND: City Staff has been working to offer development incentives to business owners and residents in the Olde Towne TIF Redevelopment District. These two programs which were approved by Council in October of 2009, are providing financial assistance in the form of grants for permanent building and site improvements. The first, the Decatur Restoration Incentive Program (DRIP), focuses on the areas of the Downtown, West Main Street & West Town Square. In regards to the West Main Street area�, this program is meant to encourage the conversion of properties to office, mixed-use, or limi�`ed commercial per the overlay Zoning District approved by City Council. Depending on the scope of work and the number of points met, grantees may be awarded anywhere from 5%-30% reimbursement for permanent improvements made to the property. Points are earned on a scale ranging from 2 points to 7 points. Maximum points can be earned by creating infill development, adding residential units, observing good historic preservation techniques, making exterior improvements, utilizing energy saving and sustainable practices, and by addressing any code deficiencies. Grants up to $30,000 may be approved by the City Manager while those grants exceeding $30,000 will require City Council approval. The maximum combined grant amount allowed for this program is $100,000 over a five (5) year period. Since elevator upgrades are an eligible code improvement with this program, City Staff is recommending , rescission of the existing Elevator Loan Program. , The second, the Residential Restoration Incentive Program (RRIP), focuses on the Near West Local Historic District. The intent of this program is to expand further into the neighborhood off of the recently completed, West Main Streetscape project. This program addresses the physical condition, economic vitality, and architectural quality of this area by eliminating code deficiencies and restoring the unique character of the neighborhood. Grantees could receive between 5% and 40% reimbursement on qualified improvements. Points are earned on scale