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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 />'h of funds, 3% interest, 15 years <br />Y2 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 />• $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 />