HomeMy WebLinkAbout02-12-09 V a4 HPC Request from HEDRA
Memo
To: Heritage Preservation Commission
From: Justin Fortney, Associate Planner/ Heritage Preservation Specialist
Date: 12/16/2008
Subject: Request that HEDRA consider a loan program for Designated Properties
The City Council is combining the HRA (Housing Redevelopment Authority) and the EDC (Economic
Development Commission) to form HEDRA (Hastings Economic Development Redevelopment
Authority). As an opportunity to provide a benefit to the owners of designated properties staff proposes
that the HPC request a more attractive loan program than the one that the HRA currently extends to
property owners of designated properties.
Current HRA Loan
0% interest for the first year of the loan
4% for the next 4 years
9% for the final years of the loan
Proposed HEDRA Loan
3% interest for the length of the loan
Possibly other aspects for low-income owners of designated properties