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Proposed Revisions to Awnings, Sign, and Paint Program Economic Development/Redevelopment Subcommittee, October 23, 2001 Current • The Redevelopment Agency -funded Awnings, Sign, and Paint Program (ASAP) matches up to $2500 per storefront or $10,000 per building for minor facade improvements Proposed Revisions • New program would offer more funding to encourage bigger projects, promote maintenance for ongoing benefit of project area, and support changes in land use (such as office to retail) by allocating funds for interior renovations • The Agency will contribute up to half the total project cost, to a maximum public participation of $50,000. About the same value of projects in each of the three redevelopment project area will be done, funds permitting. • All projects will be loans (3% simple interest) via Owner Participation Agreements, payments deferred for 10 years. If the property is maintained, the loan will be forgiven at the end of the term. • The funds can be used for any hard and soft costs consistent with the redevelopment plan, zoning code, etc., but at least 50% of project costs must go to outside improvements (paint, landscaping, lighting, etc.). Participants cannot submit another funding request for 10 years. • All projects are funded by redevelopment tax increment at no more than a 50% match with the participant. • Because of prior experiences with project improvements being removed or not maintained when property is sold or when a business tenant leaves the property, the property owner must co-sign the participation agreement. This will preserve the Agency's investment by ensuring ongoing maintenance, while at the same time adding lasting value to the property. • Both Redevelopment Advisory Committees (RACs) as well as the Chamber of Commerce Economic Development Committee reviewed and supported the proposed revisions. • The goal is to have the program developed for Board approval this year and to start new projects under the new guidelines in early 2002. • No changes are proposed to the CDBG-funded Design Assistance program (DA), administered by Development Services. As long as it meets all the new criteria, a project could still utilize both DA and Commercial Rehabilitation, as some do now. G:\cmo\dept\office of business development\fagade improvement program\ed-rda subc ASAP proposal 10-23-01 95