Sec. 4-201. Authority and public purpose.
(a) The "Frederick Facade Improvement Revolving Loan Program" shall be created as a special program to incentivize the improvement of properties located in the Town’s downtown zones.
(b) The Program’s purpose shall be to assist private property owners in the downtown districts in financing improvements to the street appearances of their buildings, with the goal of producing visible changes to commercial and residential building facades and providing a more attractive area for citizens and visitors to visit.
(c) The Program shall be designed to encourage economic development, community investment, and job creation by awarding zero-interest loans up to ten thousand dollars ($10,000.00) to owners and tenants of buildings in the downtown districts.
(d) Administration of the Program shall be according to rules and procedures adopted by the Town and applied by the Revolving Loan Committee, who shall review applications and make recommendations on awards. All awards shall be conditioned as follows:
(1) Repayment required within three (3) years;
(2) Personal guarantee/promissory note required as security;
(3) Properties must be structurally sound and satisfy public safety and construction codes;
(4) Proposed facade improvements must comply with all applicable building and zoning codes;
(5) As otherwise set forth in the rules and procedures adopted by the Town. (Ord. 1102 §4 (Exh. A), 2012)