HomeMy WebLinkAboutBalboa Village Advisory Committee (BVAC) (3)•
s
lit
e'
a
n
,z
P ETM ..i@•C:
AFTER
BEFORE
r k
.�
``; I
ff-
r�
1. Develop program criteria
and application process
2. Determine costs and identify
funding sources
3. Obtain City Council approval
4. Outreach to property
owners and tenants
s. Provide technical assistance
for application
h. Administer program
I
The Committee should provide direction to staff regarding the
program components.
A. Seed Program versus Full Cost
B. For Seed Program: loan, grant, matching funds
C. Money awarded based on linear feet of frontage
D. Should a model block be targeted first or should the program
be offered to the entire area at once? If a model block, then
which block and should the financing be the same?
10
SEED MONEY
• Establish loan or grant fund
• Identify maximum funds per building
• Funds for property owners /tenants
for qualified projects
• Financial assistance can be based on
the linear feet encompassed by the
fagade, or project scope
City could identify priority areas,
notify property owners, and provide
technical assistance in the
preparation of the applications
Cost estimate is $999- 30,000 per
suite depending on program
elements
FULL COST
City controls process and design
elements
City bears entire cost
Property owners grant the City a
fagade easement for a ten year
period
Property owners are responsible for
upkeep
Requires participation of all owners
in target area
Cost estimate for Balboa Village is
$3-00,000- 175,000 per building
11