HomeMy WebLinkAbout1999-727-10.25.1999 This Resolution prepared by Nancy Eckert, City Clerk, 715 Mulberry
Street, Waterloo, Iowa.
RESOLUTION NO. 1999-727
RESOLUTION APPROVING THE ADDITION OF THE 218
CORRIDOR TO THE REVOLVING LOAN FAQADE LENDING
PROGRAM.
WHEREAS, to ensure the increase aesthetic and use development
within the Highway 218 Corridor, the Highway 218 Design Review
Committee has requested that said corridor be added to the
Revolving Loan Facade Lending Program, and
WHEREAS, the Highway 218 Corridor was created in part to
raise the standards in design to the entrances to the community
and to the Downtown, and
WHEREAS, including the Highway 218 Corridor to the Revolving
Loan Façade Lending Program will create the opportunity to help
new or expanding businesses to comply with design standards .
NOW, THEREFORE, BE IT HEREBY RESOLVED BY THE COUNCIL OF THE
CITY OF WATERLOO, IOWA, that adding said Highway 218 Corridor to
the Revolving Loan Facade Lending Program be, and the same is
hereby, approved subject to the following established criteria:
1 . Minimum loan to qualify is $1, 000 . 00 .
2 . Maximum loan amount is $32 , 000 . 00 .
3 . 5% interest rate.
4 . Terms not to exceed 7 years .
5 . Repayment deferment of 1 year maximum.
6 . Financial statement of business or personal financial
statement may be required for loan approval .
Promissory note will be required.
7 . 50% match of the loan amount must be included as
additional improvements by property owner or tenant .
8 . The design must be approved by the Highway 218 Design
Review Boards .
PASSED AND ADOPTED this 25th day of October, 1999 .
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Joht7Zj /
s�off, Mayor
ATTEST:
Nancy Ec t, City Clerk