The
Cadillac Downtown Development Authority (DDA) in partnership
with the City of Cadillac and the Cadillac Downtown Fund
has created a Downtown Façade Improvement Program that is
intended to directly stimulate façade design improvements
to downtown buildings in a coordinated fashion, stressing
overall compatibility with the historical significance and
uniqueness of Cadillac’s downtown structures.
Program
Eligibility & Requirements:
A
property must be located within the legal boundaries of
the Downtown Development District to be eligible. An owner
or tenant with multiple buildings may apply once for each
building. The following criteria will also apply:
•
Only buildings with retail, commercial or professional uses
consistent with desired downtown land uses are eligible.
•
Properties must be structurally sound, roof intact, and
meet basic public safety codes. Proposed façade improvements
must also comply with all applicable building and zoning
codes.
•
Awnings and signs are eligible expenses under program guidelines,
and are encouraged as part of a comprehensive façade restoration
project.
•
Any façades abutting public rights-of-way are eligible projects.
This includes rear façades, as well as highly visible side
façades. Side façades that do not abut public rights-of-way
will be considered on a case-by-case basis.
•
Building owners or tenants are eligible. If a tenant applies
for assistance, he/she must provide written proof that the
building owner has authorized proposed improvements.
•
Applicants will be required to complete an application form
provided by the Cadillac DDA.
•
All required municipal/governmental permits must be obtained
prior to the start of any construction.
INELIGIBLE
USES OF PROGRAM FUNDS:
Program
loan funds may not be utilized for any of the following
uses:
- Refinancing
existing debt
- Property
acquisition
- Interior
improvements and/or furnishings
- Site
plan, building or sign permit fees
- Property
appraisal costs, legal fees, or loan origination fees
- Labor
costs paid to the owner/applicant or relatives of the
owner/applicant
PROGRAM
GUIDELINES:
Applicants
who wish to apply for the low-interest loan will complete
an application, which in turn will be reviewed by the Downtown
Façade Design Review Committee (appointed by the Cadillac
DDA). Once approved by the Committee, the application will
then for forwarded to the Participating Lender of the applicant’s
choice for loan approval. Participating banks include Chemical
Bank West, Fifth Third Bank, Citizens Bank, and Firstbank.
Eligibility, terms and conditions of private financing will
be determined on an individual basis subject to the normal
credit-granting criteria of Participating Lenders. Construction
must commence within 60 days of approval for funding and
be completed within 120 days after the construction start
date. Requests for time extensions must be submitted in
writing and will only be approved upon the express written
consent of the Cadillac DDA.
•
The maximum loan amount under this program is $30,000 per
project. At least one-third of the loan shall come from
funds provided by a participating bank at ½% below prime
APR fixed. A maximum of $10,000 of the loan shall come from
funds provided by the Cadillac DDA at 0% interest. Thus,
the interest rate paid on each loan shall be based on a
blend of ½% below prime APR fixed and 0% interest funds.
•
Installment payments of principal and accrued interest will
be paid monthly, with a maximum term of three (3) or five
(5) years, subject to agreement between the applicant and
participating bank. Additionally, loans shall amortize over
five (5) or ten (10) years, subject to agreement between
the applicant and participating bank. After maturity, the
loan may be subject to an additional financing period until
full payment at the then current ½% below prime rate fixed,
if the applicant’s previous record is satisfactory.
•
All out-of-pocket closing costs and recording fees will
be the responsibility of the borrower.
•
Collateral will be required to secure the loan if deemed
necessary by the Participating Bank.
•
At least two licensed contractor quotes are recommended.
The applicant will not necessarily be required to accept
the low bidder.
•
Building owners or tenants are eligible. If a tenant applies
for assistance, he/she must provide written proof that the
building owner has authorized proposed improvements. Evidence
of an executed lease for a term equal to the loan period
will also be required.
PROJECT
REVIEW AND SELECTION PROCESS:
Façade
Review Committee members and City staff will work closely
with property owners and tenants to determine initial eligibility
under program guidelines. Once the initial scope of work
has been determined, the applicant will present the project
to the Façade Review Committee. The Committee will meet
as needed to provide input, make suggestions to the scope
of work and approve or deny individual projects. Upon approval
by the Committee, the application will be sent to the Participating
Bank of the applicant’s choice for financing.
RIGHTS
RESERVED:
The
Cadillac DDA reserves the right to reject any and all applications.
The specific program guidelines detailed herein are subject
to revision or amendment by the Façade Committee. The Cadillac
DDA may discontinue this program at any time, subject to
the availability of program funding and Participating Banks’
continued participation.
