Redevelopment Authority reviewing downtown loan program | Waukesha Co. Business News

WAUKESHA — The Redevelopment Authority (RDA) will review the draft plan for the $1.25 million Central City Storefront Activation Revolving Loan Program.

According to city documents, the goal of the program is to encourage redevelopment and reinvestment in older buildings in the downtown and central city commercial areas by providing low-interest loans for interior improvement and fire safety upgrades to attract new tenants to vacant or underutilized spaces.

It’s proposed that loans issued up to $25,000 must be approved by Community Development staff. These loans will have a 1% interest rate and 5-year amortization. Loans between $25,001 and $100,000 must be approved by the RDA with terms to be determined by the RDA.

Loans used for fire safety and commercial kitchens would also be eligible for a 10% grant at the completion of the project.

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According to city documents, the program is proposed to be available to properties located in the central city. A proposed map has been drafted, which the RDA will review. It’s also proposed that eligible properties must not have any outstanding code violations; properties must be commercial; buildings must be at least 50 years old; property cannot be tax-exempt; be owned or occupied by nonprofit entities; and the owner must be current on property tax payments.

It’s proposed that the eligible uses of the funds include fire safety; commercial kitchen installation; painting of interior spaces; replacement or repair of flooring; HVAC work; carpentry work; drywall; energy efficiency upgrades; lighting upgrades; window repair or replacement; ADA accessibility improvement work; remodeling of interior spaces; plumbing; work that addresses building flooding or site drainage issues; other permanent improvements to tenant spaces; and improvement to the downtown facade, signage or awning.

The Redevelopment Authority will meet at 6 p.m. Monday.

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