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ECONOMIC AND URBAN DEVELOPMENT MEMORANDUM <br /> No. 06-69 <br /> April 11,2006 <br /> TO: Mayor Paul Osborne and City Council Members <br /> FROM: Steve G , City Manager <br /> Dane C. Br ,Assistant City Ma.nager� <br /> SUBJECT: Downtown E evator Program <br /> SUMMARY RECOMMENDATION: StafF recommends approval of the attached <br /> resolution for the Downtown Elevator Program to extend up to $250,000 in rehabilitation <br /> funds for development of ADA compliant elevators in residential projects. The program <br /> was reviewed by the Council during the Apri13 study session. <br /> BACKGROUND: The proposed progratn creates a zero-percent interest loan program <br /> for up to three (3) years to encourage the development of residential units in the <br /> downtown azea. The funds advanced through the program will be repaid at the end of the <br /> loan term and secured by a lien position on the property. <br /> POTENTIAL OBJECTION: N/A. <br /> INPUT FROM OTHER SOURCES: N/A. <br /> STAFF REFERENCE: Any additional questions may be forwarded to Dane Bragg at <br /> 424-2727 or dbra��cc decaturnet.org. <br /> BUDGET/TIME IMPLICATIONS: The elevator program funds will be drawn from <br /> the Olde Towne TIF Fund. <br />