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<br />Example for building improvements, green upgrades & steam conversion: <br />The new owner of a commercial building within the Downtown District is exploring opportunities for <br />improvements. Specifically, the owner is interested in adding new signage, installing skylight tubes to <br />make currently vacant space more appealing for potential tenants, converting from steam to natural <br />gas, replacing the multi-zone heating and cooling system, replacing the roof and potentially including a <br />portion with a green garden, and improving the window shading on one side to optimize solar gain and <br />loss. The approximate total cost is $400,000 with the resulting energy savings estimated to reduce the <br />annual energy cost by half, a savings of about $50,000 per year. The benefits of the improvements are <br />obvious and yet obtaining financing for the improvements is difficult in these economic times. <br /> <br />HOW <br />Create a matching grants program for building owners or tenants for building improvements, green <br />upgrades, and steam conversion. Urban renewal funds would be matched dollar for dollar with private <br />investment in other building improvements occurring at the same time. <br /> <br />HOW MUCH <br /> <br />1.Building Improvements: <br /> Interior and exterior improvements estimated at $100 per square foot <br />will support approximately seven projects. Awnings and signage estimated at $300 per foot will <br />support awnings and signage on approximately nine block faces. <br /> <br /> <br />2.Steam Conversion: <br /> The cost range for conversion is $2.70 to $7.00 per square foot. EWEB has <br />estimated a cost of $2.85 million to convert the 25 non-City buildings within the Downtown <br />District. <br /> <br /> <br />3.Other Green Upgrades: <br /> The financial details of this item depend on the types of upgrades that <br />EWEB and business and building owners deem appropriate. Given the magnitude of the steam <br />conversion item cost and energy savings, a small amount was allocated to other green upgrades. <br /> <br />WHEN <br />The matching grants program could be made available immediately and would operate on an ongoing <br />basis until the funds are depleted or FY24, whichever comes first. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />