WAUKESHA – The Redevelopment Authority (RDA) will review the draft plan for the $1.25 million Downtown Storefront Activation Revolving Loan Scheme.
According to city documents, the program’s goal is to encourage redevelopment and reinvestment in older buildings in downtown and downtown commercial areas by providing low-interest loans for housing. interior improvements and fire safety upgrades to attract new tenants to vacant or underutilized spaces.
It is proposed that loans up to $25,000 must be approved by Community Development staff. These loans will have an interest rate of 1% and an amortization of 5 years. Loans between $25,001 and $100,000 must be approved by the RDA with conditions to be determined by the RDA.
Loans used for fire safety and commercial kitchens would also be eligible for a 10% grant at the end of the project.
According to city documents, the program is proposed to be available for properties located in the city center. A proposed map has been drafted, which the RDA will review. It is also proposed that qualifying properties must not have outstanding code violations; the properties must be commercial; buildings must be at least 50 years old; the property cannot be exempt from tax; be owned or occupied by not-for-profit entities; and the owner must be up to date with property tax payments.
It is proposed that eligible uses of funds include fire safety; commercial kitchen installation; painting of interior spaces; replacement or repair of floor coverings; HVAC works; carpentry work; drywall; energy efficiency improvements; lighting upgrades; repair or replacement of windows; ADA accessibility improvement works; remodeling of interior spaces; plumbing; works that address building flooding or site drainage issues; other permanent improvements to tenant spaces; and improvements to the downtown facade, signage or canopy.
The Redevelopment Authority will meet at 6 p.m. Monday.