Façade Grants and Business Loans
Moratz Façade Improvement Grant
Application
Full Detailed Description
The Town of Normal Moratz Façade Improvement Grant Program seeks
to address the exterior maintenance and rehabilitation needs of
building facades in the B-2 Central Business District by offering
50/50 matching grants to interested, qualified building and business
owners. The grant program is administered by the
Uptown Design Review Commission.
Eligible Participants
Owners and tenants (with permission from the building owner) of commercial or mixed commercial-residential property located in the B-2 District may apply for funds. Tenants must have at least a two-year lease at the location in order to qualify for the grant program.
Financing Terms
Grants may be awarded for up to 50 percent of the total cost of a qualified façade rehabilitation, repair, or restoration project, with a maximum grant award of up to $15,000 per 20 feet of street frontage per project. The maximum grant award increases proportionately for buildings wider than 20 feet. The minimum grant request is $250.00 (half of a total project cost of $500.00).
The applicant must match the grant with cash and not “sweat equity” labor provided by the applicant, the owner, or any other non-skilled laborer. No building may receive more than two grants per fiscal year, and no applicant may receive more than five grants per year. Grants will be awarded on a reimbursement basis only after the applicant demonstrates full compliance with the grant award.
Exterior improvements must comply with the Town of Normal Uptown Design Ordinance set forth in Section 15, Division 17 of the code and with all other applicable Town codes and regulations.
Uptown Business Loan
Application
Full Detailed Description
The Uptown Business Loan Program is designed to ensure that funded
projects further the goals of the Uptown Renewal Plan and comply
with all Town ordinances, in particular the
Uptown Design Ordinance.
Eligible Properties and Projects
In order to be eligible for the program, projects must be capital improvements planned for properties located within the B-2 Central Business District and approved by the Uptown Design Review Commission.
Loan Policy
The Town will “buy down” 3% of the interest on approved loans. The interest on the bank’s investment shall be at a maximum of 2% above commercial prime lending rate. The Town shall commit up to $10,000.00 for the program annually. The minimum loan amount shall be $20,000 and the maximum shall be $100,000.00. The maximum term of the loan may not exceed 10 years. The bank shall establish the payment arrangement with the borrower according to usual and customary banking practices. The Town agrees to make annual payments to the bank of an amount equivalent to an interest rate of 3% on the outstanding principal due and owing for the year on each active Uptown Business Loan carried by the bank.