HomeMy WebLinkAbout2015 Builldingg Change Application
City of Iowa City
Building Change Program Application
Please complete and return. Be concise and complete. Use additional pages, if necessary.
Return to Neighborhood Services,
City Hall, 410 E. Washington Street, Iowa City, IA 52240
Application Deadline: 5pm, Friday, June 12, 2015
PROJECT INFORMATION
Your Name:
Business Name:
Type of Business &
Organizational Form:
(S-corp, sole proprietor, LLC, etc.)
Project Site Address:
Mailing Address:
(if different from project site address)
Preferred Phone:
Preferred Email:
Applicant’s
Home Address:
PROJECT DESCRIPTION
Check the appropriate activity:
Façade improvement;
Accessibility improvement (entryway modification, elevator, etc.);
Fire safety/sprinkler
installation; or
Renovations to underutilized space, such as upper levels
Provide a brief description of the project and its elements:
Anticipated Project Start Date:
Anticipated
Project Completion Date:
Estimated Total Project Cost:
USE AND SOURCE OF FUNDS
Use of Funds
Building Acquisition
$
Façade Improvement
$
Accessibility Improvement
$
Fire Safety/Sprinkler Installation
$
Renovations
to Underutilized Space
$
Architectural & Engineering
$
Total Project Costs
$
Source of Funds
Amount
Term
Rate
Note
Bank:
$
Bank:
$
Cash/Equity:
$
CDBG Façade Grant
$
Grant
NA
Project cost must exceed $45,000 to be considered for grant funds and may only be used for exterior façade improvements
Building
Change
Façade Loan
$
5 years
0%
Project cost must exceed $10,000 to be considered for loan funds
Building Change
“Other” Loan
$
5 years
0%
Project cost must exceed $10,000
to be considered for loan funds
Total Source of Funds
$
Please submit plans, elevations and construction estimates for the proposed project. Some projects may require architect
approved plans before funding approval.
ASSURANCES
All information in this application and the attached narratives are true and complete to the best of my/our knowledge. I/We, the undersigned, authorize the City to obtain
verification of any information contained in the application from any source named herein.
Signature
Printed name & title of person filling out form
Date
FURTHER
INFORMATION REQUIRED FOR BUILDING CHANGE LOANS
Projects selected for Building Change loans need to submit additional materials as outlined in the Building Change Information Sheet.
If selected for a Building Change loan, applicants have two weeks to submit the required materials to be considered for loan approval. The City does not guarantee that all applicants
will receive loan approval.
If applying for a Building Change loan, each owner must sign certifying the following:
I hereby give permission to the City of Iowa City (the City) to
research the company's history, make credit checks, contact the company's financial institution, and perform other related activities necessary for reasonable evaluation of this proposal.
I understand that it is a criminal violation under Iowa law to engage in deception and knowingly make, or cause to be made, directly or indirectly, a false statement in writing for the
purpose of procuring economic development assistance from a state agency or political subdivision.
Owner’s Signature: % Owner
_________________________________ __________
Name:
_________________________________ __________
Name:
_________________________________ __________
Name:
_________________________________ __________
Name:
_________________________________
__________
Name:
BUILDING CHANGE
Information Sheet
Thank you for your interest in the Building Change program. The City is offering financial incentives to make improvements to the Downtown and Northside
Marketplace. The incentives are based on the location of the improvement and by the type of improvement proposed (see attached map).
Applications will be reviewed by the City. Funding
decisions will be based on total investment, project impact, type of improvement, and other funding sources available.
For façade improvements (defined as exterior improvements to
the face of the building parallel to the public roadway involving exterior siding, walls/fencing, ADA improvements, pedestrian amenities, windows/doors, awnings/canopies, lighting, painting,
signage, landscaping and related improvements) located in the highlighted area, the City may provide a 30% grant (up to $30,000) of the total project costs. Façade grants are made possible
due to Community Development Block Grant funds through the U.S. Department of Housing and Urban Development, so any construction contract is subject to federal Davis Bacon provisions
(prevailing wages).
For all improvements in the outlined area, the City may provide 0% interest, no fee loans, for up to 50% of the total project costs, up to $30,000. Applicants may
receive both a grant and a 0% interest loan for façade improvements. The loan must be repaid in five years. Hills Bank and Trust, MidWestOne Bank, and the University of Iowa Community
Credit Union are partnering with the City to provide the funds available. An underwriting committee from the referenced lenders will review the loan application before City approval.
If selected for a loan, the applicant has two weeks to submit the following:
Current income statement and balance sheet, including a repayment schedule for all existing debt
Two years
personal tax returns
Two years business tax returns
Personal financial statements for owners owning 20% of more of the business (aggregate must exceed 51% of ownership)
Construction
Budget
If approved for assistance, the City will enter an agreement with the applicant. Funds will be paid to the applicant at the completion of the project.
Please contact Kristopher
Ackerson at 319.356.5230 for additional assistance.
Neighborhood and Development Services
410 E. Washington St.
Iowa City, IA 52240
Kristopher.Ackerson@iowa-city.org