Seismic Upgrade Loan Program Fact Sheet

DESCRIPTION:

A program to provide the “gap financing” necessary for property owners to retrofit seismically challenged structures within the Redevelopment Project Area.

USE OF FUNDS:

Funds must be used to complete the seismic upgrade of “high hazard” structures. Funds cannot be used for mechanical/electrical or exterior façade upgrades.

ELIGBILITY CRITERIA:

The proposed development is:

A rehabilitation of an existing unreinforced masonry structure by the City of Eureka Building Department as a “high hazard” building.

Located within the Redevelopment Project Area.

Developer holds Title to the property, and the project has a demonstrated financial gap in the funding necessary to successfully complete the project.

FUNDING LIMITS:

If funds are available and the project is approved, the Agency has ability to reimburse the Developer for up to 50% of the cost to retrofit the structure (as evidenced by invoices), up to an amount not to exceed $100,000.

TERM:

The term is up to two years.

INTEREST RATES:

Interest is 3% per annum. If the property changes Title during the term of the loan, principal and accumulated interest will become due and payable to the Agency.

FEES:

There are no program application fees. Other fees for permits required for the development will be the responsibility of the Applicant.

PREVAILING WAGE:

As of January 1, 2002 payment of prevailing wage is required for all construction projects.

CONTACT:

Eureka Redevelopment Agency
City of Eureka
531 K Street, Room 203
Eureka, CA 95501
707-441-4209
707-441-4138 (fax)ctrobitz-thomas [at] ci [dot] eureka [dot] ca [dot] gov (ctrobitz-thomas [at] ci [dot] eureka [dot] ca [dot] gov) ormliscom [at] ci [dot] eureka [dot] ca [dot] gov (mliscom [at] ci [dot] eureka [dot] ca [dot] gov)

Eureka Economic Development

531 K Street Eureka, CA 95501
P:
707.441.4209
F:
707.441.4138