The amendment was moved and seconded. Mr. Peterson explained the amendment.

Neighborhoods, Community Services, Public Health and Safety Committee · 2026-04-20 · agenda_item

A historic preservation and revitalization project is under review, involving a building designated as a landmark. The project is funded by the Northbank CRA and is adjacent to another project by the same contractor. Construction is planned to start within six months of contract approval and will last approximately 18 months. The project includes historic preservation and code compliance components that are forgivable, alongside a deferred principal loan component. The Downtown Preservation Revitalization Program (DPRP) requires an ROI greater than 0.5, with specific percentages of funding qualifying for forgiveness based on a detailed construction budget. This early stage in the process means contractors, suppliers, and service providers can engage before final plans and permits are set. Early outreach offers an advantage in competing for work related to site preparation, construction, and specialized trades.

10-year repayment period

10 year

3 to 4 percent interest rate

3 to 4 percent

ROI greater than 0.5

0.5

six months of contract approval

6 month

18 months thereafter

18 month

five years at 20 percent each year

20 percent