Facade Loan Program
The goal of the Center City Facade Improvement Loan Program is to promote and encourage rehabilitation of building facades within the Center City Target Area.
- Commercial Street Historic District
- Boonville Commercial Corridor
- Downtown Park Central Square Area
- Walnut Street Historic District
Any commercial building within the Center City Target Area that is currently occupied by a business or signed lease for future occupancy. The interior of the building must be in sound repair and subject to the City's Redevelopment Review Team inspection.
Terms of the Loan
The term of the loan shall be for a period of 10 years or less with interest and principal deferrable for years 1-5. The interest rate for years 6-10 shall be the 90 day LIBOR + .95, with a minimum of 5%. The Loan Committee shall have the discretion to negotiate the terms with the applicant.
Up to $75,000
Each loan shall be secured with appropriate collateral as determined by the Loan Committee, typically a deed of trust on the property which is improved.
Loan Approval Process
- File application with the City of Springfield Planning and Development Department
- City Redevelopment Review Team Site Visit
- Preliminary Review by Loan Committee
- Process applications
- Credit Analysis
- Plan Development
- Scope of Work
- Cost Estimate
- Environmental Assessment (inc. Sec 106 review)
- Urban Districts Alliance Review
- Loan Committee
- Closing Documentation