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<br />EUGENE CITY COUNCIL <br />AGENDA ITEM SUMMARY <br /> <br />c <br /> <br />Adoption of Resolution 4829 Concerning the City's Historic Loan Program; Repealing <br />Resolution No. 3440; Adopting a New Historic Loan Program; and Providing an <br />Effective Date <br /> <br />Meeting Date: November 27,2006 <br />Department: Planning and Development <br />www.eugene-or.gov <br /> <br />Agenda Item Number: 2C <br />Staff Contact: Ken Guzowski <br />Contact Telephone Number: 682-5562 <br /> <br />ISSUE STATEMENT <br />The City's Historic Loan Program (HLP) was last updated in 1980. The proposed resolution <br />(Attachment A) will repeal the 1980 resolution, adopt the proposed guidelines, and provide the City <br />Manager with the authority to amend the guidelines. <br /> <br />BACKGROUND <br />Recognizing the need to preserve and protect historic landmarks, the City first established its Historic <br />Landmark Preservation Policy in 1975. On June 12, 1976, the council established guidelines for <br />allocation of financial assistance for historic landmarks, according to Resolution #2520. On November <br />5, 1980, procedural changes in Federal regulations and provisions of the Eugene Code caused the <br />council to adopt new guidelines for reviewing restoration revolving fund loan applications according to <br />Resolution #3440. <br /> <br />The HLP is a revolving loan program designed to leverage private investment in the restoration, <br />rehabilitation, repair, and/or maintenance of historic properties. Applications are accepted and reviewed <br />throughout the year. Decision approval on loan requests is determined in part by the availability of <br />funds. <br /> <br />Prior to 1980, funds were given to historic property owners as grants to offset the costs of appropriate <br />rehabilitation. In 1980, two revolving loan funds were established by the council to create an ongoing <br />stream of available funds for the Historic Loan Program. One fund received City monies while the other <br />fund received federal Community Development Block Grant (CDBG) monies. Yearly allocations were <br />made to the City-funded loan program in amounts that varied between $12,000 and $22,000 until 1990. <br />Since 1990, the program has been maintained by interest and principal repayment on the outstanding <br />loans. The loan fund currently has a balance of approximately $190,000. <br /> <br />The proposed guidelines (Attachment B) differ from the current 1980 guidelines (Attachment D) in the <br />following manner: <br />a. Loan amount $5,000 to $20,000 (currently, limited to $10,000); <br />b. City Manager approval for special cases (currently, City Council needs to approve loans in <br />excess of $1 0,000 upon recommendation of Historic Review Board and where distribution of <br />funds is in excess of available funds); <br /> <br />LICMOl2006 Council AgendasIM06ll27IS06ll272C.doc <br />