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<br />Disbursements <br />Funds will be disbursed only for completed work over no more than twelve months unless <br />otherwise determined on an individual basis. As portions of the work are completed, progress <br />payments may be requested. Contractors may use their own billing forms. The City will hold <br />10% of the loan amount until the final inspection is complete. Matching funds contributed by <br />the owner must be spent prior to the City disbursing its loan funds. <br /> <br />The Historic Loan Advisor will process payment requests for work completed. An owner cannot <br />be reimbursed for purchase of tools. All payment requests must specify what work has been <br />completed and what amount is being requested in detail acceptable to the City. The City cannot <br />pay for stored materials: they must be installed. Payment to the contractor may be requested as <br />often as every two weeks and is subject to satisfactory inspection by the Historic Preservation <br />staff. <br /> <br />The owner must authorize each payment of loan proceeds to a contractor or supplier. This is <br />usually done by making the owner co-payee on the check. The check is given to the owner. By <br />endorsing the check and giving it to the contractor, the owner certifies that the work is completed <br />to his/her satisfaction. Final payment on the construction will be disbursed only after the <br />Historic Loan Advisor and Historic Preservation Staff have completed a final inspection and the <br />contractor has provided a release of construction liens. <br /> <br />N on- Transferabilitv <br />The City's loan may not be assumed in any property or business transaction. If the property is <br />sold or transferred in any manner, the City's loan will be immediately due and payable. <br /> <br />PROJECT PREFERENCE CRITERIA <br />The Secretary of the Interior's Standards for Rehabilitation will be used to review restoration, <br />rehabilitation, repair, and maintenance for proposed HLP projects. A copy of the Standards and <br />assistance in meeting the Standards can be obtained from the City Planning Division. Projects will be <br />evaluated based on the following criteria: <br /> <br />1. Level of need to accomplish proposed work (40% weight factor) <br />HIGH PRIORITY - Urgent need, eminent threat, or rapid deterioration. <br />These are situations where the building or site will be demolished or the significant historic <br />features will be severely damaged if the work is not accomplished. <br /> <br />MEDIUM PRIORITY - Basic needs and restoration of historic features. <br />Repair and maintenance items which would prevent further damage to the property such as roof <br />and gutter repair, painting, foundation work, and repair of deteriorated architectural features. <br />The restoration of missing historic features require accurate replication of composition, design, <br />texture, and other visual qualities substantiated by original historic plans, photographs, or other <br />physical evidence. <br /> <br />LOW PRIORITY - Removal of incompatible additions and features. <br />The Standards recognize that changes that have taken place over time are evidence of the history <br />and development of the building/site and its environment and may have acquired significance in <br />their own right and therefore shall not be removed. In cases where the addition or alteration <br /> <br />LICMOl2006 Council AgendasIM06ll27IS06ll272C.doc <br />