HomeMy WebLinkAbout2011-097RESOLUTION NO. 2011-97
CITY OF STILLWATER
APPROVING FUNDING REQUESTS FOR THE
FACADE RENOVATION LOAN PROGRAM
WHEREAS, the City of Stillwater made a call for application for its Fagade
Renovation Loan Program; and
WHEREAS, the City received a total of seven applications for funding through
the program by the May 13, 2011 deadline; and
WHEREAS, on June 6, 2011, the Heritage Preservation Commission reviewed
the applications, found that the applications met the requirements of the Fagade
Renovation Loan Program, and recommended to the City Council that the applications be
funded as follows:
............... ....... _
Facade PrOEram Funding RanuPCtc - Rniinri 1
Applicant
Address
Amount Requested
Se -Tac Properties, LLC
126 2nd St S
$ 66,650.00
Katherine Francis
120 Main 5t N
$ 43,580.00
Jeff and Jennifer Anderson
229 Main 5t S
$ 80,500.00
Scott Zahren
308 Chestnut St E
$ 19,275.00
St Croix Preservation Co Inc
101 Water St S
$ 21,805.00
Robin Partch
223 Main 5t N
$ 9,879.00
Mark Hansen
241 Main St S
$ 33,490.00
TOTAL ----------------------------------------- - - - - ->
$ 275,179.00
NOW, THEREFORE, BE IT RESOLVED, that the City Council of the City of
Stillwater hereby approves the funding as outlined above; and
BE IF FURTHER RESOLVED, that funding shall be from funds in City of
Stillwater TIF District #1; and
BE IF FURTHER RESOLVED, all of the funding will be in the form of a
special assessment, shall run for a period not to exceed 15 years, and shall bear interest of
3.25 %; and
Page 2 of 2
BE IF FURTHER RESOLVED, that the Finance Director is authorized to make
payments for the project with appropriate documentation in accordance with the
following schedule:
• A ten percent payment after a building permit is issued. Payment will be
based on the estimated cost of construction listed on the building permit.
• A 45% payment at 50% completion.
• A45% payment at 100% completion and after a certificate of occupancy has
been issued.
Enacted by the City Council of the City of Stillwater, Minnesota this 21 st day of June,
2011. y-
CITY OF STIIAMA
711,ycki, Mayor
ATTEST:
&M--
Diane F. Ward, City Clerk