DOWNTOWN LOAN/FACADE GRANT PROGRAM

Memo to the Council for last night's meeting:

On February 23rd, the Council approved borrowing $600,000 under new TIF District #8 for downtown projects, subject to approval of guidelines for use of the façade grant and revolving loan programs, and a clear idea of how the “streetscape” funds would be spent. The following framework is provided for your review and consideration:

1. Facade Grant
a. Written agreement will be signed between City and Ripon Main Street
b. City to provide the $50,000 allocation as a grant to Ripon Main Street
c. Funds are provided to qualified applicants, with a 50% match needed
d. Approval required by Main Street & Historic Preservation Commission

2. Revolving loan fund
a. Interest Rate: 4.00%
b. Term: 5 years
c. Amount: $5,000 to $20,000 maximum
d. Matching: amounts over $7,500 require matching bank funds
e. Administration
i. City is no longer involved once State Trust Fund loan is paid off
ii. Requests reviewed by Main Street/Historic Preservation Comm.
iii. The existing RLF committee structure and process will be used
iv. 15% administration fee to be split between City & Main Street
v. Preference for using local contractors (within 5 miles of city)

There has also been discussion on possible use of monies for streetscape improvements, and the list includes converting street lights to LED, along with trees, planters, banners, and park benches. Efforts are being made to prioritize the list and refine cost estimates, and then this will be brought forward for your review and consideration.

For more information on both programs, contact Craig Tebon, Ripon's Downtown Manager.