EAU CLAIRE, WI COMMERCIAL CENTER FACADE LOAN PROGRAM

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1 EAU CLAIRE, WI COMMERCIAL CENTER FACADE LOAN PROGRAM

2 TABLE OF CONTENTS PURPOSE ELIGIBILITY TERMS AND CONDITIONS APPLICATION PROCEDURE LOAN APPROVAL COMMITTEE ROLL UNDERWRITING GUIDELINES CONTACT INFORMATION

3 COMMERCIAL CENTER FACADE LOAN PROGRAM PURPOSE Purpose: The City of Eau Claire has created a Façade Loan Program to provide financial assistance to property and business owners to encourage the revitalization of old commercial strip centers in the City of Eau Claire. ELIGIBILITY Applicants: All businesses or tenants located outside of the downtown boundaries in commercial centers as defined by the district map adopted by Eau Claire City Council. Startup businesses are eligible but must provide an acceptable business plan and show sufficient management background and an equity position in the business. Applicants must demonstrate an ability to cash flow the projected debt service and to operate a business successfully. Property taxes on the property must be current. Preference will be given to projects improving buildings constructed before Eligible Uses: Façade renovation, signs, exterior doors, windows, awnings, exterior graphics, exterior lighting, and other façade or landscape improvements. Building code violations such as roofing, structural repair and necessary mechanical system upgrades are eligible but only as part of an approved façade improvement. Façade funds can only be used for rehabilitation expenses incurred after the application is approved for funding. Applicants can also apply for other city or regional loan funds/grants for the same project but the Façade design must be approved first. Ineligible Uses: No refinancing, building purchases, inventory, furniture, equipment or working capital. Projects cannot be primarily residential in nature. Projects must have reasonable assurance of repayment. Design Requirements: Applicants must provide acceptable façade design plans that contribute to a cohesive and appealing look and feel of the area surrounding their business. All designs must meet local codes, laws, and standards. TERMS AND CONDITIONS Loan Size: From $5,000 to $30,000. Loan Term: Up to 15 years. Interest Rate: 0% interest Prepayment Penalty: None Deferral of Payment: Deferral of principal and interest payments may be allowed for extenuating circumstances. Collateral: All loans shall be secured by a mortgage on the property rehabilitated. Guarantees: Unlimited personal guarantees are required from any person with a 20% or greater ownership interest in the business. Corporate guarantees are required if applicable. Maintenance: All borrowers will be required to continue to maintain the properties in the condition and for a time as set forth in the loan documents but will normally not be less than the term of the financing. APPLICATION PROCEDURE Application Process: Applications will be available through Economic Development Division of the City of Eau Claire. The Applicant must review any established design guidelines prior to completing an application. Applicants will be directed to a primary contact within the Economic Development Division of the City of Eau Claire. Applicants must submit a completed application that will include copies of the design plans, sketches, and photographs, project cost estimates, a construction schedule, evidence that property taxes are current, and financial statements with the application. 3

4 COMMERCIAL CENTER FACADE LOAN PROGRAM APPLICATION PROCEDURE (CONTINUED) To Be Included: The following items must be completed and, where applicable, be included as part of the application packet: Business tax return for the last two years Balance sheet Profi t and loss statement for the last two years. Scale drawing of proposed façade changes Construction schedule, proposed materials list & color samples with cost estimates. Photos. Both recent and historical (if available). Proof of tax payment in the form of the most recent property tax bill. Personal fi nancial statement of principal owners and first two pages of most recent income tax return for all owners with 20% or more ownership for the prior two years. Business Plan (if start-up). At a minimum this should include a brief business description and company history; a project summary; a discussion of the business industry, sales, markets and competition; and a summary of all those listed under Management. LOAN APPROVAL PROCESS Review: The primary contact within the Economic Development Division will determine if the application is complete, that it meets all guidelines, schedule both a façade design committee meeting and the loan committee meeting, and verify the request was officially approved for financing pending available of funds.the design committee will review design plans and suggest support or changes to the plans. The loan committee will review the financial information provided in the application and approve or decline funding the façade project. Loan Closing: If approved, the City of Eau Claire Finance Department will schedule a loan closing and fund the loan. Servicing: This loan shall be serviced by the City of Eau Claire Finance Department COMMITTEE ROLE Loan Committee: The loan committee shall review, select and approve loan applications based on the guidelines of the Façade Loan Program outlined in this manual. The loan committee will be responsible for the review and approval or denial of loan applications. Members will adhere to the requirements established by the program. A majority of the committee must approve any action. No loan shall be made without the approval of an authorized loan committee. One member must have a business financial background (i.e., banker) to review the financials to see that the applicants can cash flow the proposed debt service. Design Committee: The primary purpose of the design committee is to review the façade and building plans for compliance with applicable design guidelines. Most members of the committee should be comprised of design and building professionals. UNDERWRITING GUIDELINES Committee Consideration: The lender on the committee is responsible for assessing whether the cash flow of the business is sufficient to repay the proposed assistance. Most often the collateral will be insufficient to cover the outstanding debt in the case of liquidation. This should be of minimal consequence to the decision making process. 4

5 CONTACT INFORMATION CITY OF EAU CLAIRE ECONOMIC DEVELOPMENT DIVISION 203 S. Farwell Street P.O. Box 5148 Eau Claire, WI (715) Mike Schatz, EDFP Economic Development Director Julie Mishefske Business Assistance Specialist 5

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