Sec. 55.303. - Downtown Preservation and Revitalization Program.

In administering the DPRP, the DIA shall follow the Downtown Preservation and Revitalization Program Guidelines ("DPRP Guidelines"). All projects must be located within the DIA boundary area and comply with the general program requirements and other requirements as set forth in the DPRP Guidelines. As further detailed in the DPRP Guidelines, the DPRP has three general components for which funding will be considered: 1. Historic Preservation Restoration and Rehabilitation Forgivable Loan ("HPRR Forgivable Loan"); 2. Code Compliance Renovations Forgivable Loan ("CCR Forgivable Loan"); and 3. Downtown Preservation and Revitalization Program Deferred Principal Loan (DPRP Deferred Principal Loan). The DPRP program will be administered in the form of a forgivable loan or loans and each project will require City Council approval. All funds will be disbursed upon completion of improvements subject to cost verification and other approvals as specified in the DPRP Guidelines. (Ord. 2020-527-E , § 1)