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Home My WebLink AboutItem No.SA7TO: FROM: DATE: - .SUBJECT: CITY OF LAKE ELSINORE REPORT TO THE REDEVELOPMENT AGENCY REDEVELOPMENT AGENCY CHAIR AND BOARD RON MOLENDYK,, EXECUTIVE,DIRECTOR JULY 13; 1993. LAW INTEREST LOANS - 126 N..MAIN STREET (PARK) A Low Interest Loan application has been received from the owners' of.the facility at 126 N.-Main Street: The applicant has provided all information required to evaluate the loan for recommendation. DISCUSSION The application is for improvements to the front facade and rear parking area. A lien on the property in the form of a Trust Deed is required to secure the loan. FISCAL IMPACT None directly associated with the agenda report. The Loan is requested in the amount' of $16,712.00' which falls within the program guidelines. RECOMMENDATION y Approve the Low Interest Loan in the amount of $16,712. -00 for 126 N. Main Street. PREPARED BY: APPROVED FOR AGENDA LISTING: AGENDA ITEM NO. PP.GI-, 4- r _ - _• B.I.D. LOW INTEREST LOAN PROGRAM OVERVIEW r, Low interest loans of up to $S�,000'are available for front exterior building improvements and rear of building parking improvements for all buildings in the Business Improvement District. Loan approval will' be made within 3 to 5 weeks after application is filed, providing loan packages are complete. The decision of the loan committee as to approval or lack there of will be final. , The. loans are based on fixed simple interest at 2% under prime at time of funding. Repayment periods will vary according to,.loan amount. Payments will be due the fifteenth (15th) day of each month, provided the first.payment,.will not be due earlier than 45 days following ,.final release of funds. Any payment delinquent more than ten (10) days will be subject to a penalty equal to 10% of the payment amount, or 25.00 whcihever is greater. Money will be released upon submission of process billings, be paid directly to borrower or, if a contractor is involved by way of jointly issued check. APPLICATION To file an application furnish the following: 1. Description of'the building improvements to be made, including cost estimates and /or contrattor's.bid. Include. a sketch or.,drawing of proposed improvements, color listing,-proposed materials (or sample if available), a color photo of existing building and contractors proposal of the work to be done if available. 2. In the case of partnerships or corporations, the last two years of business financial.statements and /or income tax returns. If the last year end financial statement is dated more than six months prior to the application, a current interim financial statement should be furnished. 3. In the case of sole proprietorships,._ owner's current personal financial statement and last,two year individual_ income tax returns. 4. Fully completed and signed application, including credit references (attach list if necessary). F Z 7� AGENDA ITEM NO.. 7 � Y PROCESSING PROCEDURE . . , 1._ All loans will be reviewed by a loan committee consisting of two members of the Redevelopment agency board, two representatives of the Downtown Business Association and the City's Administrative Services Director. 2. The Committee will examine the financial statements, make the necessary credit evaluation and review the project as to conformity with the downtown area theme. 3. The decision of the Committee as to granting or denial of the loan is final and not subject to appeal. 4. The decision-of the Committee will be immediately communicated to the applicant. 5. If the loan is approved the applicant will be.required to execute: (samples attached) A. An agreement as to the improvements to be completed. B. A promissory note. C. A trust deed with the Redevelopment Agency as trustee. If the borrower is a renter an attempt should be made to get the owner to execute a trust deed: However, the inability of applicant to obtain a trust deed will not in and of itself be cause for denial, subject to the Committee's determination of applicant's financial capability as related to the requested loan. r� r AGENDA ITEM NO. �' r ' i LAKE ELSINORE REDEVELOPMENT AGENCY LOW INTEREST LOAN APPLICATION The undersigned does hereby apply for a Low Interest Loan from the Redevelopment Agency of the City of Lake Elsinore, and does hereby agree to make the following improvements as a condition of approval for the Low Interest Loan: I. N S W SToRe FizoNT 2. FA&04c mime ✓es 3. ROOF PAAAP &T 4. _ 51611 *XTC-pjv , PAwT106 The property to which said improvements are to be made is located at: N. MAIN STA06T Lake Elsinore, California and is described as Assessors Parcel No. 3-73 - 0-10 - 0/9, The title is held in the name(s) of: U00N S. PAAK. So VOUN& P'Alek- There is outstanding indebtedness of $ _(o0,M orb secured by mortgage(s) against said property held by: First . CJlLSHIRE SrAyr6 BvWK Second 7y /A This agreement is made in conjunction with the execution of a secured /unsecured loan in the amount of 5ejl��,Z,,- The above listed improvements will be made in accordance with a� exT- isting codes and ordinances of the City of Lake Elsinore and necessary permits for construction will be acquired. All work will be completed within one hundred and twenty (120) days of execution of this agreement. s- ;14 -73 Date (REV 5/90) WATMwanowliGMAI 1�� Applicant x -. ;x E ACS'• "'A ITEMI NO. _L n` Park/ Miklich Associates Architecture 27447 Enterprise Circle West Temecula. California 92590 Tel. 714'676 ' 7000 Fax. 714.676 8527 June 4, 1993 Proposal No. PM93 -08 Jenny's Clothing 126 N.Main Street Lake Elsinore, CA 92330 RE: Construction Cost Estimate of Front Facade. and. Rear Parking Area Improvement. Dear Mr. Park: The following is a Construction Cost Estimate of the proposed improvement of the above mentioned property. This Cost Estimate provides and includes the necessary labor, material, tools and goods to perform and complete, the job in a professional manner. 1. Aluminum Storefront Remove existing wooden store facade and windows. Replace with new black anodized alumunum storefront with 3/8" clear plate glass and a new 3'xT door. $4,320.00 2. Fabric Awnings Remove existing wooden canopy. Install new fabric awnings over the two windows of the second floor and over the new storefront of the first floor. $4,080.00 3. Exterior Plaster Apply 1 coat of exterior plaster with bonding agent. Color- coat to match existing side elevation finish. $1,162.00 4. Interior Drywall Removal of the damaged drywall along the storefront. Install new 5/8 "gypsum board. All drywall to be hung, taped, and textured ready to paint. All wall patching needed during the course of construction will be completed. $300.00 AGENDA ITEMINNO. - T x April 7, 1993 Jenny's Clothing Page 2 S. Roof Remove existing layers of roofing. Apply 3 layers of 15# of asphalt felt, hot mopped. Install 24 GA metal cap over the parapet. $2,880.00 6. Sign Install a new sign (Jenny's Clothing) of approximately 12 "A72" in overall dimension over the facade of the building. Sign to be made of fluorescent neon tube lights with color and design selected by the owner and approved by the City of Lake Elsinore. $540.00 7. Fence Install new 6' high chain link fence and gate to enclose the rear parking area. $930.00 8. Trash Enclosure 9'x7'x6'high concrete block trash enclosure with single steel gate $2,000.00 9. Clean -up "All areas to be left cleaned and free of the debris. $500.00 TOTAL ESTIMATE $16,712.00 Very truly yours, PARK / MIKLICH ASSOCIATES Joon S. Park, AIA Principal Architect AGtPOA 1Tr:M NO. PAGE GOp `- NEW 24 GA METAL PARAPET CAPPING _COLOR COAT EXISTING FACADE NEW FABRIC AWNINGS NEW NEON SIGN IME,",1,,,,%m„ In ..../ /A... IBA FRONT ELEVATION 126 N. MAIN STREET LAKE Ili, �II�II IIIi''ii Iiliiil II'� {►liilli�''�j�; ; ' (l�ilili ±iili ��',. ,. Park/ Miklioh Assoolates 7L77...� AGENDA ITEM NO. 7 7