Areas Served: Town of Normal
The Normal, Illinois Uptown Business Loan Program is designed to ensure that funded projects further the goals of the Uptown Renewal Plan and comply with all Town ordinances, in particular the Uptown Design Ordinance.
In addition, projects are evaluated with the following criteria: – Structural stability.
No loans would be approved for buildings that the Building Inspections Department deems to be structurally unsound unless the loan funds will address the structural problems.
– Code compliance.
Projects seeking to address life/safety problems would be given a high priority.
– Significant properties.
High priority would also be given to properties of architectural, historic, or cultural significance.
The uptown renewal goals can be accomplished by making funds available at below-market interest rates in a cooperative effort between the Town and the Bank of Illinois.
Eligible Properties and Projects In order to be eligible for the program, projects must be capital improvements planned for properties located within the B-2 Central Business District.
In addition, the Uptown Design Review Commission must approve the project prior to the commitment of any Town funds.
Their approval will be based on the criteria listed in the previous section.
Funding – The Town will buy down 3% of the interest on approved loans.
The interest on the Bank’s investment shall be at a maximum of 2% above commercial prime lending rate.
– The Town shall commit up to $10,000 for the program annually.
The minimum loan amount shall be $20,000. The maximum loan amount shall be $100,000. The maximum term of the loan may not exceed 10 years.
The Town Council may approve loans that exceed the maximum, based on availability of funds and other considerations.
– The Bank shall establish the payment arrangement with the borrower according to usual and customary banking practices.
Town agrees to make annual payments to Bank of an amount equivalent to an interest rate of 3% on the outstanding principal due and owing for the year on each active Uptown Business Loan carried by the Bank.
Contact InformationTown of Normal, Illinois
Address: 100 E. Phoenix Ave.
City: Normal
State: Illinois
Website:
http://www.normal.org/index.aspx?NID=197
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