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Grant and Loan Program

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  1. Grant and Loan Program July 28, 2014

  2. URG 2014-17 257 Young Street (Yakis Brothers, LLC) • Applicant encourage to request full amount needed to complete entire remodel project • Project: Enclose walls & garage doors, repair roof, new windows, sprinkler system, security system, HVAC, update electrical & lighting Grant: $50,000 Total project cost: $187,000 Grant percentage: 27%

  3. URG 2014-17 257 Young Street (Yakis Brothers, LLC) Timing critical – Applicants wants to proceed with $15,000 grant request Understands original request outside program guidelines

  4. URG 2014-17 257 Young Street (Yakis Brothers, LLC) • As alternative applicant submitted subsequent request • DARS Recommendation • Approve up to $15,o00 for wall enclosure, garage doors, sprinkler & security systems Exterior Grant: $10,000 Total project cost: $27,000 Grant percentage: 37% Interior Grant: $5,000 Total project cost: $22,000 Grant percentage: 23%

  5. URG 2014-18 405 N. First Street & URG 2014-19 445 N First Street (Chay Properties, LLC) • Interior: Remove the dropped ceiling material & open finish the ceiling. • Exterior: Replace storefront windows & frames, paint & repair the storefront & awnings. Interior Grants: $2,000 Exterior Grants: $20,000 Total project cost: $44,000 Grant percentage: 50%

  6. URG 2014-18 405 N. First Street & URG 2014-19 445 N First Street (Chay Properties, LLC) • PAST AWARDS: two exterior grants ($20,000) to replace roofs & two interior grants ($4,639.50) to install ceiling insulation. • DARS Recommendation • Approve the interior and exterior grants for up to $22,000

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