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R2006-59 ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS
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R2006-59 ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS
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12/2/2015 10:20:48 AM
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12/2/2015 10:20:48 AM
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Resolution/Ordinance
Res Ord Num
R2006-59
Res Ord Title
ALLOCATING FUNDS AND AUTHORIZING AGREEMENTS - OLDE TOWNE TIF ELEVATOR PROGRAM
Approved Date
4/17/2006
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I I <br /> ,~ • ` � <br /> OLDE TOWNE TIF ' <br /> ELEVATOR AS SISTANCE PROGR.AM '�� <br /> Economic&Urban Development Department ', <br /> City of Decatur, Illinois <br /> Overview: The Olde Towne TIF Elevator Assistance Program will provide assistance to , <br /> property owners in making the upper floors of downtown buildings more accessible to '� <br /> persons with disabilities. The program was designed to help facilitate the development of I <br /> residential units in Downtown Decatur. Assistance will be given in the form of an ! <br /> interest free loan for the installation of ADA(Americans with Disabilities Act)compliant <br />' elevators for the development of residential units in the downtown. 'i <br /> Financial Assistance: <br /> 1. A loan of up to $50,000 or 50%of the elevator-related project costs(whichever is , <br /> lower). ' <br /> 2. No monthly payments of principal and interest on the deferred loan, secured by a I� <br /> lien on the property. <br /> 3. Generally, a senio�lien position is preferred. A second lien position will be <br /> accepted when necessary. At the discretion of the TIF Administrator,and based <br /> on the pr.ogram's acceptable risk undervvriting standards,a third lien position may <br /> be appraved. <br /> 4. The loan term is for three (3)years. <br /> 5. Full repayment of the loan is due at the end of the loan term. The TIF <br /> Administrator ma.y draw repayment from approved incremental revenue if the <br /> owner elects to do so. <br /> 6. All City of Decatur Olde Towne Tax Increment Financing programs are subject to <br /> available TIF funds and any program may be suspended at any time. <br /> Eligibility: <br /> 1. Property is eligible if it is within the Olde Towne TIF District and the B-4 Central <br /> Business Zoning District. (see attached map) <br /> 2. Buildings without an elevator or with an elevator that can not be upgraded to <br /> ADA compliance are eligible. <br /> 3. Elevators must meet a11 applicable building codes(elevator codes, 1997 Illinois <br /> Accessibility codes,ADA). <br /> 4. All elevator-related project costs are eligible i.e. elevator machinery and <br />' equipment,elevator lobby, elevator tower. <br /> 5. Project must include rehabilitation or new construction of a minimum of two (2) <br /> residential units in the building. <br /> 6. Minimum per residential unit construction value of$75,000. <br />
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