Laserfiche WebLink
Project Financing Sample <br /> `..� Financial Assistance and Terms Available: <br /> Commercial Rehabilitation — Maximum, per building amount, of SCDP assistance <br /> is $40,000 <br /> Terms <br /> 1/3 of funds, 3% interest, 15 years <br /> 1/3 of funds, 0% interest, 10 years deferred — loan, forgiven options <br /> 1/3 Owner Debt/Equity <br /> Rental Rehabilitation — Maximum, per building amount, of SCDP assistance is <br /> $200,000 (Single Family Unit - $25,000, and 2 + units - $12,500 per unit) <br /> Terms <br /> '/2 of funds, 3% interest, 15 years <br /> %/2 of funds, 0% interest, 10 years deferred — loan, forgiven options <br /> Project Examples: <br /> Commercial Rehab (1 Unit, $100,000 Total Project Cost) <br /> SCDP Eligible $ 40,000 <br /> 1/3 $20,000, 3% interest, 15 years <br /> 1/3 $20,000, 0% interest, 10 years deferred <br /> 1/3 + Owner Debt/Equity $ 60,000 <br /> Total $100,000 <br /> Rental Rehab (2 units, $50,000 Total Project Cost) <br /> SCDP Eligible $ 25,000 <br /> '/2 $12,500, 3% interest, 15 years <br /> % $12,500, 0% interest, 10 years deferred <br /> + Owner Debt/Equity $ 25,000 <br /> Total $ 50,000 <br /> Project Timeline <br /> 1. April 2009 — PL EDC: Define potential project and recommend idea to City <br /> Council for further study. <br /> 2. May 2009 — PL City Council: Conceptual Approval and recommend <br /> continued pursuit of potential application for Pequot Lakes. (Define target <br /> area, establish application support, etc.) <br /> 3. May 2009 — Meet with PL HRA <br /> 4. May 2009 — Meet with CMHP <br /> 5. May 2009 — Discuss potential project with DEED <br /> 6. May 2009 — Update PL EDC <br /> 7. May/June 2009 —Advertise public meeting regarding potential SCDP <br /> 8. June 2009 — Public Meeting to determine: <br /> a. Interest in Participation <br /> b. Target Areas <br /> 9. June to August 2009 — Prepare Pre-Application <br /> 10.September 2009 — Pre-Application is Due <br />