EUREKA REDEVELOPMENT AGENCY

Founded in 1856, Eureka dates back to California’s historic gold rush days, when magnificent buildings were constructed in our downtown areas. Many are still standing, but unreinforced-masonry buildings do not meet current seismic safety standards, and retrofit is often cost-prohibitive. We strive to preserve our architectural heritage, while ensuring public safety, through our Seismic Upgrade loan program.

Architectural preservation through seismic upgrades

Eurekans understand that we must preseve our architectural treasures from yesteryear. The Seismic Upgrade loan program does just that by helping property owners bring their unreinforced masonry buildings up to current safety standards.

A property owner holding title to a City-designated “high hazard” structure within a targeted redevelopment area may be eligible to receive a Seismic Upgrade loan. This loan program provides gap financing necessary to complete the retrofit project.

If funds are available and the project is approved, developers can be reimbursed for up to 50% of the cost to retrofit their seismically challenged structure. The maximum amount granted from this loan program is $100,000. All requests are subject to availability of funds and approval by the Redevelopment Advisory Board Council.

Assistance with high-hazard retrofits

Seismic Upgrade loan requests will be considered if the proposed development:

• Is a rehabilitation of an existing unreinforced masonry structure, identified by the City of Eureka Building Department as a “high hazard” building
• Is located within the Redevelopment Project Area
• Has a demonstrated financial gap in the funding necessary to successfully complete the project

There are no program application fees, but other fees for permits required for the development will be the responsibility of the developer.

Terms and conditions

Seismic Upgrade loan terms are for up to two years, and interest is 3% per annum. If the property changes title during the term of the loan, both principal and accumulated interest will become due and payable to the Agency.

Many of Eureka’s historic buildings have been rejuvenated through this program. Contact us today to learn more about the Seismic Upgrade loan program and how your building may qualify.