Item 2C: Adoption of Resolution 4892 Concerning the City’s Historic Loan Program

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c. Loan term 10 years (currently, 10- 20 years based on life of work, cash flow of property, and minimum loan payment of $20 per month); d. Interest rate two points below the Oregon Bond 30-year rate set at the time of closing (currently, residential property rate based on the City's rehabilitation loan program for owner-occupants, non-residential based on the City's rehabilitation loan program, mixed-income based on prorated percent of residential and non-residential area); e. No use of Community Development Block Grant funds (changes to the federal CDBG program require that funds benefit low-income owners. In general, historic property owners - especially those interested in restoration projects - are ineligible based on income level. The CDBG funded HLP was discontinued in 1983.); f. Matching funds from owner on a 1: 1 ratio of private to public funds (currently, no match required) ; g. Details for collateral required (currently, none listed); h. Fees of 1 % loan fee and applicable recording fees (currently, none listed); 1. Details for disbursement ofloan (currently, none listed); J. Project preference criteria (currently, none listed); k. Loan Committee, comprised of Planning and Development staff, approval authority with City Manager approval needed for exceptions (currently, Historic Review Board maintains approval authority with City Council approval neededfor exceptions); 1. Application process (currently, none listed); m. Details for bidding projects (currently, none listed); RELATED CITY POLICIES The proposed resolution is consistent with the policies included in the Historic Preservation Element of the Eugene-SpringfieldMetropolitan Area General Plan - 2004. Policy 1.(1): Adopt and implement historic preservation policies, regulations, and incentive programs that encourage the inventory, preservation, and restoration of structures; landmarks; sites; and areas of cultural, historic, or archaeological significance, consistent with overall policies. COUNCIL OPTIONS The council can choose to take action to modify the Historic Loan Program by approving the proposed resolution or can decline to support the revision as proposed. CITY MANAGER'S RECOMMENDATION The City Manager recommends that the City Council approve the proposed resolution in support of modifying the Historic Loan Program. SUGGESTED MOTION Move to approve Resolution 4829 concerning the City's Historic Loan Program; repealing Resolution No. 3440; adopting a new Historic Loan Program; and providing an effective date. LICMOl2006 Council AgendasIM06ll27IS06ll272C.doc