HomeMy WebLinkAbout2011-153RESOLUTION NO. 2011-153
CITY OF STILLWATER
APPROVING FUNDING REQUESTS FOR THE
FACADE RENOVATION LOAN PROGRAM
WHEREAS, the City of Stillwater made a call for application for its Facade ,
Renovation Loan Program; and
WHEREAS, the City received the below applications for funding through the
program by the September 14, 20112 d round deadline; and
WHEREAS, on October 3, 2011, the Heritage Preservation Commission
reviewed the applications, found that the applications met the requirements of the Facdade
Renovation Loan Program, and recommended to the City Council that the applications be
funded as follows:
Facade Program Fundinc Reauests - Round 2
Ap lid cant
Address
Amount Reauested
Jeff and Jennifer Anderson
229 Main St S
$ 6,901.00
Brine's Partners L.L.P.
219 Main St S
$ 13,400.00
TOTAL ----------------------------------------- - - - - ->
$ 20,301.00
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
.e
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• 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.
• A 45% 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 18th day of
October, 2011.
CITY OF_STJL- E )VATER
Mayor
CJ
ATTEST:
I J zz�'4<'
Diane F. Ward, City Clerk
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