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Date
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July 13,
2009
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Agenda
Item No. 40 Roll
Call No. 09- Communication No. 09-495 Submitted by:
Matthew Anderson, Economic Development Administrator |
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AGENDA HEADING:
Resolution to give preliminary approval for a Neighborhood
Commercial Revitalization (NCR) Program Façade Grant in the amount of $15,000
for renovations to 422 East Locust, Des Moines, Iowa 50309.
SYNOPSIS:
East Village DSM, LLC, Tim Rypma,
Managing Member, 2404 Forest Drive, Des Moines, Iowa 50312, has purchased the commercial building
at 422 East Locust and is proposing to renovate the building to historical
standards. The first floor of the
building will be leased as retail space, with the second floor renovated for
residential use. The NCR Façade Grant is
a 1:1 matching grant, not to exceed $15,000 for building façade
improvements. The developer estimates
total façade improvements at $44,500.
FISCAL
IMPACT:
Amount: $15,000
Funding Source: The
NCR Loan Program is part of the Community Development Block Grant (CDBG) funded
Economic Development Financial Assistance Program which is administered by the
City’s Office of Economic Development. The
Façade Grant is disbursed on completion of work, documentation of costs and
building inspection. FY10
Operating Budget, Fund SP020, Org
CDD049900, Grant ID # CDBG2009049, page 68.
ADDITIONAL
INFORMATION:
East Village DSM, LLC has purchased the commercial
building located at 422 East Locust Street located in the Historic East Village. The developer proposes to improve the
property by doing historical façade, structural and internal renovations. The developer purchased the property for
$300,000 and has estimated renovation costs, totaling $209,000. The developer is requesting a NCR Façade
Grant for $15,000, to assist in the historical facade renovations along East
Locust Street Front. The Historic East
Village Board of Directors reviewed the developer’s plans and has issued a
letter of support for the project.
PREVIOUS
COUNCIL ACTION(S): NONE
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS:
Approval of loan documents
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,