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Building Improvement Loan Programs

Interior Loan Application
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Facade Improvement Loan Application
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Upper Floor Loan Application
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Attractive buildings attract business. The Downtown Corvallis Association Facade Improvement Loan Program has been established to stimulate investment in Downtown. The intent of the Loan Program is to produce visible changes on the facades of commercial buildings in Downtown Corvallis.

Eligibility and General Loan Program Description

Business and business property owners within the Corvallis downtown project area are eligible to apply for Downtown Corvallis Association (DCA)Building/Business Improvement loans. Also, loans are possible if the property is being leased or purchased under contract if all parties to the lease or contract agree to the improvements. The DCA shall not discriminate on the basis of race, religion, sex, color, age, sexual orientation or national origin. For purposes of this program, the Corvallis downtown project area shall be defined as that the property within the Economic Improvement District boundaries. Maps of EID boundaries are on file with the City of Corvallis and at the DCA office.

There are no minimum or maximum income requirements for participants. The program shall provide up to fifty percent (50%) of the total cost of the project, not to exceed $6,000 per project for exterior rehabilitation. Program funds are available for exterior painting, lighting, signage, weatherization, mounting new or replacing inadequate awnings.

Loan funds are intended for exterior rehabilitation only. Applicants shall be eligible for one facade improvement loan per 12-month period.

Loan Terms

Term: Maximum 3 years, Facade; 5 years Upper Floor and Interior loans.

Rates: 0% interest for DCA members or EID participants. 5% interest, fixed rate for non-DCA members or non-EID participants. No penalty for early repayment.

Repayment: Monthly amortized payment schedule.

Amount: Maximum: Facade Loan $10,000, Upper Floor and Interior Loan: $20,000.

Timing: Project shall be completed within six (6) months of loan approval.

Selection Criteria

Design approval by the DCA Design Review Committee is required before a loan shall be made. Design Review criteria shall be provided as part of the application packet.

Project shall be approved based on availability of funds and acceptance of design by the DCA Design Review Committee.

Disposition of loan principle and interest Monies repaid to DCA through this program shall be returned to the Loan pool and used to make additional Building/Business improvement loans.

Loan Program Administration

The DCA Design Review Committee, appointed by the Downtown Corvallis Board of Directors, is responsible for design review of all loan applications.

The DCA Design Review Committee shall include a property owner, a business owner, a licensed architect, member of the City's Historic Preservation Advisory Board (HPAB), and a non-voting representative from the City's Community Development Department.

Loan Application and Approval Process

Applicants shall submit a completed Building/Business improvement loan form with plans and cost estimates to the Executive Director of the DCA.

Applicants are encouraged to contact the DCA for design assistance before submitting plans. The DCA has materials on building rehabilitation, sign and awning design to help with design decisions.

An application packet of materials including Oregon Main Street and DCA guidelines and drawings from the Corvallis "City Streetscape Plan" shall be provided to all loan applicants.

If the building is on the Corvallis Register of Historic Landmarks and Districts, review may also be required through the City's Historic Preservation Advisory Board.

Loan Approval Process

Upon receipt of the above documentation, the Committee shall review the application.

If the applicant has been a business or property owner in the downtown for less than 3 years, the Design Review Committee may require additional financial information. All submitted material shall remain confidential.

The Executive Director of the DCA shall notify the applicant upon loan approval. In the event of rejection, reason(s) shall be given and shall be based upon the inappropriateness based on design, color or use of materials as recommended in the Design Review application packet.

If the loan application is accepted, the applicant shall be provided a written loan commitment stating the term of the loan and the security requirements.

Payments and Disbursements

The DCA Design Review Committee shall provide the applicant with a repayment schedule for the loan. Repayments begin within sixty (60) days after the loan papers are signed. Payments shall be made according to provisions in the promissory note, which shall be executed upon loan approval.

Funds shall be disbursed within fifteen (15) days upon submitting an invoice and after acceptance of completed work by DCA Design Review Committee.

Funds shall be disbursed to the borrower upon completion of the project and; after final inspection sheet has been signed by the property owner and the Design Review Committee and; upon receipt of invoices or as agreed upon in promissory note.

Accounting for Loan Program Funds

Audits of loan program funds shall be done in accordance with the terms of the contractual agreement with the City of Corvallis and shall be made available for review, upon request.

In the event the Building/Business Improvement Program is discontinued, original grant monies and loan proceeds shall revert back to the City in accordance with the contractual agreement with the City of Corvallis.

FAQ

Who is Eligible?

Those properties located within the Corvallis Downtown project area. For purposes of this program, the Corvallis Downtown project area shall be defined as that property within the Economic Improvement District boundaries. Maps of EID boundaries are on file with the City of Corvallis and at the DCA office. Eligible projects include exterior and interior rehabilitation and restoration, as well as painting, awnings and signage. Interior rehabilitation, purchase of inventory, promotions or business venture expansions do not qualify. In reviewing an application, the DCA and the Design Review Committee shall not discriminate on the basis of race, religion, sex, color, age, sexual orientation, national origin, disability or marital status.

How Much May be Granted?

A maximum of $10,000 per Facade project and $20,000 per Upper Floor and Interior project or 50 percent of the total project cost, whichever is less. The loan has a 0% interest rate with a repaypment of three-year for Facade and five-year for Upper Floor and Interior projects for DCA members or EID participants, and a 5% fixed interest rate for non-DCA members or non-EID participants.

Is Design Approval Needed?

Yes. Submit your design plan to the Downtown Corvallis Association Design Review Committee. They will assist you with meeting the design guidelines established by the Downtown Corvallis Association (DCA) and Oregon Main Street.

What is the Application Procedure?

Pick up a copy of the Downtown Corvallis Association Facade Improvement Loan Program application at the DCA Office, 460 SW Madison, Suite 9, Corvallis, Oregon 97333. Submit a completed application, project drawings, project budget and project bids to the DCA Design Review Committee.

Design Review Committee Guidelines

Awnings

Fixed aluminum and vinyl awnings and awnings simulating mansard roofs and umbrellas are generally inappropriate for traditional downtown commercial buildings. If awnings are added, choose those that are made from soft canvas or vinyl materials rather than wood or metal.

Metal awnings, barrel or square extension awnings, internally illuminated "vinyl" awnings and awnings with more than three strip colors or with three different strip widths are discouraged.

The attached Main Street Guidelines, City of Corvallis' Streetscape Plan, and National Trust for Historic Preservation shall be used as guidelines in determining appropriate awnings.

Signs

Signs should be of a size, placement, design, materials and style compatible with the building as well as other buildings on the block and should not cover or obscure significant architectural detailing or features. Hanging signs may be appropriate if they are of a scale and design compatible with the building and other buildings on the block.

No sign should use plastic as part of the exterior visual effects of the sign.

Florescent "day glow" sign colors are not permitted on any permanent sign that requires a sign permit to install.

The attached Mainstreet Guidelines, City of Corvallis' Streetscape Plan, and National Trust for Historic Preservation shall be used as guidelines in determining appropriate signage.

Paint Color

Paint color should be, at a minimum, appropriate to the style and setting of the building. Color selection should complement the building in question as well as other buildings in the block. In general, color schemes for wall and major decorative trim or details should be kept simple; in most cases, the color or colors chosen for a storefront should be used on other painted exterior detailing (windows, shutter, cornice, etc.) to unify upper and lower portions of the facade.

The attached Main Street Guidelines, City of Corvallis' Streetscape Plan and National Trust for Historic Preservation shall be used as guidelines in determining appropriate paint color.

Additional Information

For further information, contact the DCA Executive Director, 460 SW Madison, Suite 9, at (541) 754-6624.


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