HomeMy WebLinkAbout04/05/1988, 3 - CONTINUED REVIEW OF A RCHABILITATION LOAN PROGRAM FOR HISTORIC RESIDENTIAL BUILDINGS. '"FETING AGENDA
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COUNCIL AGENDA REPORTre"or .
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SUBJECT: Continued review of a Rehabilitation Loan Program for historic residential
buildings.
CAO RECOM'rIEYMATIOv: Consider proposed amendments and A) adopt resolution approving
guidelines for the rehabilitation loan program; B) adopt resolution authorizing Mayor
to sign agreement with Bank of America for loan processing; and C) adopt resolution
revising the clasoification of properties in Historical Districts.
DISCUSSION
At its February 2 meeting, the City Council considered a three-part proposal to establish a
rehabilitation loan program: (1) loan program guidelines; (2) an administrative agreement
with the Bank of America; and (3) the classification of properties within Historical
Preservation Districts. The council focused on the loan program guidelines and directed
staff to evaluated and pursue amendments to certain provisions. These amendments have been
incorporated into the attached materials. ( An * in the margin identifies where the
guidelines have been revised.)
Key changes to the guidelines include:
1. City financial assistance would apply to one hundred percent of the "materials cost" of
any project up to $20,000. There would be no distinction between projects where the work
is done by the owner or contractors. (Page 2, paragraph B1.)
2. The City Council would make the final decision on financial assistance applications.
(Page 3, Paragraph D1 and various other sections.)
3. Provisions that would limit the frequency of city assistance to once every five years
have been eliminated. (previously page 2.)
4. The review of "building colors" is eliminated from the application review process.
(Previously Page 3).
5. When funding is limited, owner-occupied projects would be given higher priority for
funding. (Page 4, paragraph 3a.)
6. The Director would be able to waive the requirement for certain application materials
when they're not necessary. (Page 3, Paragraph2.)
7. An introductory page has been included at the beginning of the guidelines.
Significant Impacts
The 1987-89 Financial Plan earmarks $50,000 each year to fund the rehabilitation loan
program. These funds would be deposited with Bank of America to support the program. It
is anticipated that much of these funds would be recycled. I.t is hoped that this program
will help retain important historic houses and have a positive impact on neighborhoods.
Consequences of Not Taking the Recommended Action
Implementation of the program will be delayed. If the council decides to abandon or defer
the loan program concept, the financial responsibility for rehabilitation would remain with
private property owners. �V)Y
RESOLUTION NO. (1988 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY
OF SAN LUIS OBISPO ADOPTING HISTORICAL PRESERVATION
FINANCIAL ASSISTANCE GUIDELINES
WHEREAS, on February 3, 1987, the City Council adopted Historical Preservation
Guidelines that call for the creation of a rehabilitation assistance program (Resolution
6158); and
WHEREAS, the Cultural Heritage Committee has worked with staff to prepare
administrative guidelines for providing financial assistance to the owners of historic
residential buildings; and
WHEREAS, the Community Development Director has determined that the adoption of these
guideline is exempt from city and state EIR guidelines.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as
follows:
SECTION 1: The Historical Preservation Financial Assistance Guidelines, attached
Hereto as Exhibit "A' and incorporated by reference, are hereby adopted.
SECTION 2: The Community Development Department shall publish these guidelines and
make them available to the public.
On motion of seconded by
and on the following role call vote:
AYES:
s
NOES:
ABSENT:
the foregoing resolution was passed and adopted on this _ day of 1988.
ATTEST
Mayor Ron Dunin
City Clerk Pamela Voges
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HISTORICAL PRESERVATION
FINANCIAL ASSISTANCE
GUIDELINES
city Of
Sm luls • . • •
-err
1988
/tom AN INVITATION TO PARTICIPATE...
To Owners of Historic Residential Properties:
The San Luis Obispo City Council feels that the preservation of historic homes helps to
maintain the quality of life in our community. Historic buildings are an important part
San Luis Obispo's heritage. They are living reminders of where we've been, help define
our local culture, and are assets to the community.
But as buildings get older they require more repairs — sometimes significant structural
repairs -- to preserve them for future generations to enjoy. To help with the cost of
restoring historic houses, the city has created this financial assistance program
described in the following pages.
You may be eligible to take advantage of the help the city is offering. If after reading
this booklet you have any questions about the prbgram, feel free to contact the San Luis
Obispo Community Development Department at (805) 549-7170 for assistance.
Ron Dunin, Mayor
Penny Rappa
Peg Pinard
Allen Settle
Jerry Rcisc
HISTORICAL PRESERVATION
FINANCIAL ASSISTANCE GUIDELINES
PREFACE
A. Elieibility Reouirements
1. Eligible Applicants
2. Eligible Properties
3. Eligible Activities
B. General Terms of Assistance
1. Maximum and minimum amounts of City support
2. Frequency of City support
3. Interest rates
C. Prevarine the Assistance Application
1. Where to get application materials
2. Content of Application
a. Architectural plans and specifications
b. Itemized cost estimate
c. Proof of ownership
D. City Action on Assistance Application
1. Where and when to apply
2. Application approval
e
3. Funding limitations and priorities
4. Other city approvals
E. Loan Approval by the Bank
F. Other City Assistance
APPENDIX
A. Listing of Eligible Properties
B. Loan Application Form
Preface
The City of San Luis Obispo supports the preservation of historic residential buildings
and has created a financial assistance program to help property owners with the cost of
restoring them. This program is administered by the Community Development Department and
the Cultural Heritage Committee (CHC). The following sections explain how the program
works — who can apply and what types of projects are eligible for assistance.
For more information, contact the San Luis Obispo Community Development Department at
(805) 549-7170.
A. Eligibility Reauirements
1. Eligible Apolicants. To apply for assistance, a person must own the property to be
restored or have notarized authorization from the property owner to submit an
application.
2. Eligible Properties. To be eligible for assistance, the residential building to be
restored must be:
(a) included on the "Master List of Historical Resources; or
(b) listed as a "contributing" building within a Historical Preservation (H)
District.
Appendix A at the end of these guidelines includes these two address listings.
3. Eligible Activities. Eligible activities are divided into two groups:
a. First Priority Activities are those needed to stabilize the structure and avoid
demolition and include:
Repairing an existing foundation or installing a new one.
Repairing or replacing major structural elemcnts.of the building such as walls
or floor systems to meet code requirements.
Repairing or replacing the roof system (including sheathing and rafters).
Repairing significant termite, drj rot, water or fire damage to structural
elements.
b. Second Priority Activities are those primarily needed to improve the architectural
or aesthetic character of the building and include:
Replacing or restoring window and door framing and sash work.
Replacing or restoring exterior wall covering.
Replacing or restoring trim, gutters and other architectural features of
historical value.
Replacing roof covering.
-1- ��
City funds can support the cost of materials for eligible restoration work. Materials
costs include the cost of the product (eg. wood siding, concreate, nails, insulation,)
and its delivery to the site. City funding support cannot be for any permit or license
fees associated with the restoration work.
4. Ineligible Activities. City financial support will not cover the following
activities:
Routine maintenance activities (such as minor exterior repairs, repainting when
not associated with other eligible restoration work, or landscaping).
Constructing additions that increase the building's original floor area.
Restoring additions or architectural appurtenances that were not part of the
original structure and are not historically important in their own right.
Remodeling or restoring the interior of the building.
For questions about eligible activities, contact the Community Development Department.
B. General Terms City Assistance.
1. Maximum and Minimum Amount of City Sunoort. City funds are either (a) used as
collateral to guarantee low-interest loans approved by the Bank of America; or (b) used
to subsidize market rate loans authorized by the bank and reduce interest rates to below
market levels.
The city's financial support will cover one hundred percent of the documented materials
cost of eligible activities not to exceed $20,000. Consistent with this formula, the
city will not consider assistance requests for less than $1,000. Based on its review of
a particular assistance application, the City Council, with advice from the Cultural
Heritage Committee, may authorize up to the maximum amount of city assistance consistent
with this formula.
2. Interest Rates. The city has signed an agreement with The Bank of America to
establish and administer this assistance program.
Based on the applicants financial standing, value of the property and ownership equity,
the Bank will establish an appropriate below market interest rate that is generally
between 1/3 and 1/2 the rate for conventional home improvement loans offered by the
bank.
For interest subsidy loans authorized by the bank, the City Council, with advice from the
Cultural Heritage Committee, will establish an appropriate below market interest rate.
-2- a7
C. Preparing the Application for Assistance
1. Where to Get Application Materials. Telephone or visit the Community Development
Department (805) 549-7170 to receive application materials.
2. Content of Application. Appendix B at the end of this booklet includes a copy of the
city application form that must be completed and submitted to the Community Development
Department along with the following:
a. Architectural Plans and Specifications.
A schematic site plan must be submitted with all applications. The site plan should
show dimensioned property lines, the location of all existing buildings, points of
access, circulation, parking areas, basic treatment of landscaped areas, and the
location of the nearest structures on adjacent property. Color photographs of the
structure to be restored and its relationship to adjacent structures are also
required.
For exterior restoration projects, the following materials must also be submitted:
(1) Elevation drawings of building sides showing the exterior treatment and
depicting all proposed modifications.
(2) Information that describes the proposed building materials.
(3) Samples of the materials to be used for all exterior work.
For foundation reconstruction projects or other structural work, schematic
engineering drawings must be submitted.
b. An Itemized Cost Estimate for all restoration work to be supported by this
assistance program. For more complex projects involving Priority #1 activities
previously described, the city may require that materials cost estimates be prepared
by a licensed architect, engineer or contractor.
The owner or, when required, the architect, engineer or contractor must certify that
the materials cost estimates are accurate and complete.
c. Proof of Ownership. The applicant shall submit proof of ownership of the property
to be restored or a notarized statement from the owner(s) of the property authorizing
the submittal of an application. '
Some of these submittal requirements may be waived when the Community Development
Director determines that they are not needed to understnd the proposed restoration work
or its impact on surrounding areas.
D. City Action on Assistance Applications
1. Where and When to Apply. The Community Development Department will accept
applications beginning July 1, 1988 and ending September I, 1988 (for exception see
paragraph 3b). The CHC will evaluate all applications and forward recommendations for
financial assistance to the City Council. The City Council should take final action on
applications within 60 to 90 days of the close of the application period. For a precise
action date, contact the Community Development Department.
-3- 3i9
2. Application Approval, The City Council may approve or deny an application. When
acting on an application, the CHC and City Council will:
a. identify all activities eligible for city assistance and determine the maximum
amount of city funding support.
b. review and approve all proposed exterior or structural restoration work. As a
condition of receiving city financial assistance, the CHC may require the applicant
to amend the design of proposed improvements to better reflect or enhance the
original architectural style and historical character of the building. Any revisions
required by the CHC must be incorporated into the restoration plans and be approved
by the Community Development Director before final approval of the application is
granted.
The City Council's approval of an application expires in ten months if the applicant
fails to receive all approvals and permits and begin construction of restoration
improvements. The Community Development Director may grant one 180-day extension.
3. Fundina Limitations and Priorities. The City Council, with advice from the CHC, may
approve applications only when there is enough money in the city's restoration fund to
cover total assistance commitments (including any outstanding approvals). For
information about the availability of funds, contact the Community Development Department
at (805) 549-7170.
a. In the event that total requests exceed the amount of money in the city's
restoration fund, the CHC will rank all applications and may authorize assistance for
the top ranking projects. (Notwithstanding the following provisions, owner occupied
properties will be given a higher funding priority than rental properties.) The
following priorities will help the CHC rank applications:
First priority: the funding of first priority activities involving residential
building included on the Mastcr List of Historical Resources.
Second Priority: the funding of first priority activities of "contributing"
residential buildings within a Historical Preservation District.
Third priority: the funding of second priority activities involving residential
buildings included on the Mastcr List'of Historical Resources.
Fourth Priority: the funding of second priority activities of "contributing—
residential buildings within a Historical Preservation District.
The pertinent listings of historical buildings is included in Appendix A of these
guidelines. The CHC may establish other criteria for ranking projects within these four
priority groups when there is not enough money to fund all assistance requests.
b. if by the end of the initial application deadline, the Community Development
Department has not received applications that cumulatively exceed the available
funding, then the CHC may establish and advertise a second application period to
utilize uncommitted funding.
-4-
4. Other City Anorovals. Some restoration projects may also require the approval of the
Architectural Review Commission, the Community Development Director or the Planning
Commission. In these circumstances, the applicant must receive all other approvals
before the City Council can grant final approval of an assistance application.
Restoration projects will require a building permit before construction can begin. All
work must comply with the city's construction regulations. The city has adopted the
State Historic Building Code that provides some flexibility in meeting standard code
requirements. For more information about construction regulations and building permits,
contact the Building Division at (805) 549-7180.
E. Loan Aonroval By the Bank.
The city's action on an application is the first of two steps in securing financial
support from the city. Applicants must file standard home improvement loan applications
with the Bank of America at 1105 Higuera Street, San Luis Obispo, 93401 along with all
required support information. The bank has full authority to approve or deny a loan
application and to set terms and conditions. The bank will be responsible for
determining the financial eligibility of applicants. All loan payments are made to the
bank.
Under the conditions of this program, the Bank will not approve a restoration loan unless
it receives a signed resolution from the Cultural Heritage Committee authorizing city
financial support.
F. Other City Assistance
The Cultural Heritage Committee is available to talk with people interested in restoring
historic buildings. The CHC can provide information and advice on how to design a
restoration project. The city's historic preservation library located in the Community
Development Department also contains information about older buildings in the city.
If you want to talk to the CHC about your restoration ideas, contact the Community
Development Department.
-5- 3-/O
APPENDIX
A. Lists of eligible residential properties
B. Assistance Application Form.
APPENDIX A
1 . RESIDENTIAL PROPERTIES ON MASTER
LIST OF HISTORICAL RESOURCES
ADDRESS SERIAL NO. ASSESSOR
1451 ANDREWS 1-03R 01-270-01
148 BROAD 2-04R 01-014-14
963 BROAD 3-04R 02-412-09
1345 BROAD 4-04R 03-522-14
1405 BROAD 5 -04R 03-531-12
1426 BROAD 6-04R 03-533-07
1435 BROAD 7-04R 03-531-16
1445 BROAD 8-04R 03-531-17
1504 BROAD 9-03R 03-534-01
1510 BROAD 10-04R 03-534-02
1516 BROAD 11-04R 03-534-03
1530 BROAD 12-04R 03-534-04
714 BUCHON 13-01R 03-533-08
726 BUCHON 14-04R 03-533-10
743 BUCHON 15-04R 03-534-16
745 BUCHON 16-04R 03-534-17
751 BUCHON 17-04R 03-534-09
752 BUCHON 18-04R 03-533-14
771 BUCHON 19-04R 03-536-01
779 BUCHON 20-04R 03-536-03
785 BUCHON 21-04R 03-536-04
793 BUCHON 22-03R 03-536-05
794 BUCHON 23-03R 03-535-07
850 BUCHON 24-04R 03-537-23
860 BUCHON 25-04R 03-537-09
890 BUCHON 26-04R 03-537-12
896 BUCHON 27-04R 03-537-13
868 CHORRO 28-03R 02-415-04
964 CHORRO 29-03R 02-416-26
1306 CHORRO 30-05R 03-528-22
1318 CHORRO 31-04R 03-528-03
1518 CHORRO 32-03R 03-538-02
1546 CHORRO 133-04R 03-538-05
1746 CHORRO 34-05R 03-638-11
1907 CHORRO 35-OSR 03-644-06
466 DANA 36-03R 02-401-02
532 DANA 37-04R 02-401-15
550 DANA 38-04R 02-401-07
1212 GARDEN 39-04R 03-525-02
2132 HARRIS 40-04R 03-736-16
461 ISLAY 41-04R 03-622-06
463 ISLAY 42-05R 03-622-07
497 ISLAY 43-OSR 03-622-09
535 ISLAY 44�04R 03-624-01
591 ISLAY 45-05R 03-624-06
644 ISLAY 46005R 030532-19
670 ISLAY 47.04R 03.5324-14
687 ISLAY 48-03R 03631-06
690 ISLAY 49-048 03-532-17
790 ISLAY 50w04R 0105360.09
• I
ADDRESS SERIAL NO. ASSESSOR
777 JOHNSON 51-05R 01-212-20
1720 JOHNSON 52-03R 03-566-22
1019 LEFF 53-04R 03-554-02
536 MARSH 54-03R 03-511-22
547 MARSH 55-04R 03-514-15
1117 MARSH 56-04R 02-445-03
1129 MARSH 57-04R 02-445-04
1135 MARSH 58-04R 02-445-04
1141 MARSH 59-04R 02-445-04
1145 MARSH 60-04R 02-445-04
1167 MARSH 61-05R 02-445-09
1305 MARSH 62-05R 02-342-22
1266 MILL 63-04R 01-212-20
1306 MILL 64-04R 01-214-04
1330 MILL 65-05R 01-214-06
1424 MILL 66-05R 01-133-15
1460 MILL 67-04R 01-133-11
642 MONTEREY 68-03R 02-412-13
664 MONTEREY 69-04R 02-412-15
747 MONTEREY 70-03R 02-423-06
1406 MORRO 71-04R 03-541-17
1624 MORRO 72-04R 03-551-04
1636 MORRO 73-04R 03-551-04
1642 MORRO 74-04R 03-551-04
1204 NIPOMO 75-05R 03-521-01
1407 NIPOMO 76-04R 03-615-04
1428 NIPOMO 77-05R 03-531-06
1446 NIPOMO 78-05R 03-531-08
890 OSOS 79-04R 02-323-12
1443 OSOS 80-03R 03-541-13
1700 OSOS 81-05R 03-554-01
1716 OSOS 82-04R 03-554-03
1185 PACIFIC 83-03R 02-446-23
1144 PALM 84-03R 02-325-10
1305 PALM 85-05R 01-224-01
1314 PALM 86-05R 01-223-08
71 PAL-OMAR 87-05R 52-162-07
1127 PEACH 88-05R 02-316-04
1128 PEACH 89-04R 02-315-11
559 PISMO 90-03R - 03-615-15
649 PISMO 91-03R 03-531-02
671 PISMO 92-05R 03-531-05
676 PISMO 93-04R 03-522-11
1116 PISMO 94-04R 02-446-19
1123 PISMO 95-05R 03-545-03
1703 SANTA BARBARA 96-OSR 03-552-06
1445 SANTA ROSA 97-04R 03-543-01
1531 SANTA ROSA 98-OSR 03-544-17 /L
843 UPHAM 99-OSR 03-647-01 �
2. CONTRIBUTING RESIDENTIAL PROPERTIES
WITHIN HISTORICAL DISTRICTS
1428 BEACH 1132.BUCXON 585 DANA 559 1SLAT 1051 TEFF
1520 BEACH 1135 BUCHON S95 DANA 572 ISLAY 1059 LEFF
1019 BROAD 1137 BUCNON 1110 GARDEN 654 ISLAY 742 MARSH
1021 BROAD 1144 BUCHON 1112 GARDEN 655 ISLAY 778 MARSH
1023 BROAD 1145 BUCHON 1114 GARDEN 662 ISLAY 1162 MILL
1115 BROAD 1151 BUCHON 1120 GARDEN 663 ISLAY 1165 MILL
1117 BROAD 1152 BUCHON 1408 GARDEN 675 ISLAY 1168 MILL
1408 BROAD 1157 BLN:HON 1421 GARDEN 676 ISLAY 1202 MILL
1418 BROAD 1160 BUCHON 1425 GARDEN 727 ISLAY 1214 MILL
1421 BROAD 1165 BUCHON 1536 GARDEN 744 ISLAY 1217 MILL
1427 BROAD 1170 BUCHON 673 NIGLERA 752 ISLAY 1228 MILL
1505 BROAD 1175 BUCXON 675 HIGUERA 753 ISLAY 1234 MILL
1511 BROAD 1176 BUCHON 685 HIGUERA 770 ISLAY 1237 MILL
1519 BROAD 1182 BUCHON 686 NIGUERA 827 ISLAY 1244 MILL
1536 BROAD 1189 BUCXON 695 HIGUERA 862 ISLAY 1253 MILL
530 BUCHON 1190 BUCHON 697 HIGUERA 868 ISLAY 1261 MILL
533 BUCNOI 940 CHORRO 698 HIGUERA 878 ISLAY 1262 MILL
540 BLH]IOI 942 CNORRO 694 NIGUERA 879 ISLAY 1265 MILL
541 BUCHON 950 CHORRO 705 HIGUERA 893 ISLAY 1307 MILL
549 BUCHON 952 CHORRO 715 HIGLERA 969 ISLAY 1318 MILL
575 BUCHON 970 CHORRO 717 HIGUERA 974 ISLAY 1323 MILL
578 BUCHON 978 CHORRO 718 NIGUERA 976 ISLAY 1333 MILL
586 BUCNON 980 CHORRO 720 HIGUERA 978 ISLAY 1343 MILL
641 BUCHON 984 CHORRO 723 NIGUERA 980 ISLAY 1344 MILL
651 BUCHON 986 CHORRO 725 HIGUERA 1005 ISLAY 1350 MILL
654 BUCHON 1023 CHORRO 728 NIGUERA 1011 ISLAY 1355 MILL
658 BUCHON 1023 CNORRO 733 HIGUERA 1017 ISLAY 1360 MILL
665 BUCHON 1111 CHORRO 746 HIGUERA 1018 ISLAY 1367 MILL
670 BUCKON 1113 CHORRO 749 NIGUERA 1029 ISLAY 614 MONTEREY
673 BUCHON 1117 CHORRO 751 NIGUERA 1034 ISLAY 652 MONTEREY
676 BUCHON 1119 CHORRO 760 HI411ERA 1035 ISLAY 654 MONTEREY
677 BUCHON 1534 CHORRO 762 HIGUERA 1040 ISLAY 656 MONTEREY
665 BUCHON 1603 CNORRO 766 HIGUERA 1044 ISLAY 658 MONTEREY
722 BUCHON 882 CNURCN 770 NIGUERA 1045 ISLAY 667 MONTEREY
770 BUCHON 688 CHURCH 778 NIGUERA 1052 ISLAY 667 MONTEREY
871 BUCHON 893 CHURCH 779 HIGUERA 1053 ISLAY 667 MONTEREY
880 SUCHON 971 CMURCN 781 HIGUERA 1061 ISLAY 679 MONTEREY
885 BUCNON 972 CHURCH 782 HIGUERA 1071 ISLAY 680 MONTEREY
889 BUCHON 1010 CHHCM 785 HIGUERA 1117 ISLAY 840 MONTEREY
966 BUCMO 1018 CHURCH 786 NIGUERA 1120 ISLAY 842 MONTEREY
973 BUCHON 1028 CHURCH 787 HIGUERA 1121 ISLAY 844 MONTEREY
977 BUCHON 1034 CHURCH 793 HIGUERA 773 JOHNSON 855 MONTEREY
1003 BUCNON 465 DANA 795 NIGUERA 879 JOHNSON 857 MONTEREY
1015 BIICHON 469 DANA 858 HIGUERA 949 JOHNSON 861 MONTEREY
1035 BUCHON 515 DANA 860 HIGUERA 955 JOHNSON 863 MONTEREY
1045 1NICHON 522 DANA 862 NIGUERA 957 JOHNSON 888 MONTEREY
1051 BUCMON 525 DANA 864 NIGUERA 966 LEFF 890 MONTEREY
1057 BIR.'MON 531 DANA 970 NIGUERA 976 LEFF 895 MONTEREY
1067 •R1NON 343 DAIR 995 NIGUERA 1020 LEFF 897 MONTEREY
1110 8110111 547 DANA 1000 NIGUERA 1027 LEFF 1005 MONTEREY
1113 HlOHIMI 1577 DANA 539 ISLAY 1028 LEFF 1007.11DNTEREY
1124 OVUM 579 Dom 542 ISLAY 1035 LEFF 1009 MONTEREY
1126 &1CN4N 581 DANA 550 ISLAY 1045 LEFF 1013
1017 MONTEREY 1521 OSOS 1156 PEACH 1504 SANTA ROSA
1023 MONTEREY 1522 OSOS 1163 PEACH 1512 SANTA ROSA
1025 MONTEREY 1526 OSOS 1168 PEACH 1515 SANTA ROSA
879 MORRO 1529 OSOS 1206 PEACH 1520 SANTA ROSA
881 MORRO 1533 OSOS 1209 PEACH 1521 SANTA ROSA
883 MORRO 1534 OSOS 1215 PEACH 1530 SANTA ROSA
1009 MORRO 1541 OSOS 861 PEPPER 1606 SANTA ROSA
1336 MORRO 1542 OSOS 571 PISMO 1617 SANTA ROSA
1346 MORRO 1609 OSOS 657 PISMO 1624 SANTA ROSA
1415 MORRO 1638 OSDS 663 PISMO 1627 SANTA ROSA
1415 MORRO 1640 OSOS 663 PISMO 1633 SANTA ROSA
1428 MORRO 1641 OSOS 729 PISMO 1705 SANTA ROSA
1436 MORRO 1724 OSOS 954 PISMO 1707 SANTA ROSA
144E MORRO 1734 OSOS 956 PISMO 1720 SANTA ROSA
1511 HMO 1740 OSOS 958 PISMO 1728 SANTA ROSA
1512 MORRO 1750 OSOS 960 PISMO 1730 SANTA ROSA
1520 HMO 1804 OSOS 969 PISMO 1731 SANTA ROSA
1527 MORRO 1814 OSOS 977 PISMO 675 TORO
1528 MORRO 682 PALM 979 PISMO 762 TORO
1535 MORRO 752 PALM 985 PISMO 770 TORO
1536 MORRO 756 PALM 985 PISMO 771 TORO
1543 MORRO 776 PALM 1020 PISMO 778 TORO
1544 MORRO 778 PALM 1028 PISMO 760 TORO
1604 MORRO 798 PAUL 1036 PISMO 855 TORO
1615 MORRO 811 PALM 1042 PISMO 858 TORO
1720 MORRO 815 PALM 1050 PISMO 862 TORO
1727 MORRO 861 PALM 1060 PISMO 865 TORO
1729 MORRO 1014 PALM 1068 PISMO 872 TORO
1731 MORRO 1020 PALM 1109 PISMO 898 TORO
1814 MORRO 1201 PALM 1126 PISMO 1423 TORO
1821 MORRO 1208 PALM 1133 PISMO 875 WHAM
1829 MORRO 1228 PALM 1145 PISMO
1845 MORRO 1236 PALM 1147 PISMO
970 NIPOMO 1243 PALM 1152 PISMO
972 NIPOMO 1250 PALM 1155 PISMO
1415 NIPOMO 1259 PALM 1160 PISMO
1429 NIPOMO 1264 PALM 1163 PISMO
1438 NIPOMO 1269 PALM 1166 PISMO
1516 NIPOMO 1270 PALM 1171 PISMO
1519 NIPOMO 1317 PALM 1176 PISMO
1527 NIPONO 1320 PALM 1179 PISMO
1535 NIPOMO 1344 PALM 1185 PISMO
1541 NIPOMO 1347 PALM 1190 PISMO
1050 OSOS 1352 PALM 1193 PISMO
1060 OSOS 1355 PALM 1020 RAILROAD
1341 OSOS 1359 PALM 1717 SANTA BARBARA
1350 OSOS 1365 PALM 1725 SANTA BARBARA
1419 OSOS 1390 PALM 1749 SANTA BARBARA
1421 OSOS 1134 PEACH 1763 SANTA BARBARA
1423 OSOS 1137 PEACH 1789 SANTA BARBARA
1429 0905 1153 PEACH 1901 SANTA BARBARA
1511 OSOS 1151 PEACH 4414 SANTA ROSH !/
1514 OSOS 1154 PEACH 1426 SANTA ROSA
APPENDIX B
Ghiadd city of San luis OB1Sp0
HISTORICAL PRESERVATION LOAN PROGRAM
APPLICATION FOR ASSISTANCE
Propertv Owner Information:
Property Owner:
Owner's Address:
Owner's Phone:
Owner's Authorized Representative:
Representative's Phone:
Property Information:
Property Address:
Assessor's. Parcel Number:
This structure is:
[ ] A residential building included on the official "Master
List of Historic Resources" as code number
[ ] Listed as a "contributing" residential building within
a Historic Preservation District.
Construction Information:
Attach the following information: 1) Schematic Site Plan;
2) ItemizedvCost Estimate; 3) Proof of Ownership.
rr,ct'r e a
Describe the work to be done:
Cost of the Project: $
Amount of Financial Assist4nce Requested: $
Wf}�i a nge w
------------------------- DECLARATIONS -------------------------
I realize that final loan approval is awarded by the bank, based
on their qualification standards.
The information presented here is true and accurate.
Signed Date
IIIIIIIIIIIIIIIIIIIIIIIII CITY USE ONLY IIIIIIIIIIIIIIIIIIIIIIII
CHC Approval: 3�G
ARC Approval:
Bank Approval:
Building Permit number:
RESOLUTION NO. (1988 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY
OF SAN LUIS OBISPO APPROVING AN AGREEMENT
BETWEEN THE CITY AND BANK OF AMERICA TO ADMINISTER
A PROPERTY REHABILITATION LOAN PROGRAM
WHEREAS, the city has determined that it is desirable to establish a financial
assistance program to promote the preservation of historic residential buildings;
WHEREAS, the city has determined that administration of this program should be in
cooperation with a private financial institution, and
WHEREAS, the city distributed RFPs to financial institutions and received a proposal
from Bank of America, and
WHEREAS, the city staff and the Cultural Heritage Committee reviewed the Bank's,
worked with the bank on amendments to suit the community's needs, and recommended their
approval.
WHEREAS, the Community Development Director has determined that the adoption of this
agreement is exempt from city and state EIR guidelines.
NOT, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as
follows:
SECTION l: The Property Rehabilitation Loan Agreement, attached hereto as Exhibit
"B" and incorporated herein by reference between the City and Bank of America is
hereby approved and the Mayor is authorized to execute the same.
SECTION 2: The City Finance Director is hereby authorized to transfer $50,000 to Bank
of America from line account 001-0104-008-119 in accordance with provisions of the
attached agreement.
SECTION 3: The City Clerk shall furnish a copy of this resolution and a copy of the
executed consultant's agreement approved by it to the City Finance Director,
Community Development Director and Bank of America.
On motion of seconded by ,
and on the following roll call vote: l
3�/
Mayor Ron Dunin
ATTEST:
City Clerk Pamela Voges
Approved
City ministrative Officer
City Att ey
AityFinance Director
Community Development Director
'Ej X H I T
1 AMENDMENT TO
2 PROPERTY REHABILITATION LOAN AGREEMENT
3
4 THIS AMENDMENT is made by the CITY OF SAN LUIS OBISPO (herein called
5 "City") and BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a
6 national banking association (herein called "Bank").
7 RECITALS
8 City and Bank on , 1987, entered into a Property
9 Rehabilitation Loan Agreement. City and Bank modify said Agreement as
10 follows:
11 1 . Paragraph A of "RECITALS". Replace the phrase "residential property
12 rehabilitation program" with "Historical Preservation Program"
13 2. Paragraph B of "RECITALS". Bank agrees to consider loans on
14 properties with over four units on a case-by-case basis under this
15 Agreement.
16 3. Paragraph C of "RECITALS". Omit reference to Deferred Payment Loans
17 and the phrase "and other services". City reouests that Bank only
18 consider Collateralized Loans and Interest Subsidy Loans through the
19 Program.
20 4. Paragraph 2, Subsection (a) of "DEPOSIT OF FUNDS". Omit the phrase
r
21 "but may be allocated to grants".
22 5. Paragraph 3 of "DEPOSIT OF FUNDS". Add the sentence "City agrees
23 all interest earnings will be paid to the Warehouse Account".
24 6. Paragraph 6, Subsection (b). Omit subsection. For loans which
25 involve Bank risk, Bank will review applicant's financial
26 information and determine if there is verifiable income which can be
27 used to repay the Loan. For Deferred Payment Loans, City determines
28 Qualified borrower(s). 3
1 7. "GRANTS" Section. Omit entire section.
2 8. To meet City's program objectives, City will provide collateral
3 funds or interest subsidy funds on any given loan in amounts greater
4 than $1 ,000.00 but not exceeding $20,000.00.
5 9. All other terms and conditions of the within Agreement are hereby
6 specifically reaffirmed.
7
8 IN WITNESS WHEREOF, this Agreement is executed by City acting by and
9 through its pursuant to
10 Resolution No. authorizing such execution, and by Bank.
11
12 Dated this day of December, 1987.
13
14 CITY OF SAN LUIS OBISPO BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
1516
/}�}
17 Christine P. Soutngate
Assistant Vice President
18 TITLE Corporate Community
Development #3246
19
Concurred by:
20
21 � L
22 age e
ce esident
23 Corporate Community
Development #3246
24
25 APPROVED AS TO FORM: Attached is a true and correct
Copy of the original Resolution
26
27
28 City Counsel pity Clerk —oCV
.urunur►Ir im 1 co i
T ► -. -
, .,JPERTY REHABILITATION LOAN AGRE,.,ENT
THIS AGREEMENT is made by the City of San Luis Obispo, a municipal or
political subdivision in the State of California (herein called "City") , and
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION, a national banking
association (herein called "Bank") .
RECITALS
A. City has authorized a residential property rehabilitation program
(as may be amended and modified from time to time) hereinafter collectively
called "Program" .
B. As part of City's implementation of. Program, City has requested
Bank make below-market interest rate property rehabilitation loans ("Loans" or
"Program Loans") to certain owners or owner-occupants of residential real
property (of 1-4 units) within City and approved by City as recipients of
Loans ("Applicant" or "Applicants") . The purpose of the Loans will be the
rehabilitation of said real property in accordance with Program. In addition,
City may have requested a choice of several types of Loans be made available
to Applicants .
C. To support these objectives, and based on an initial deposit of
funds, Bank is willing to provide City and Applicants with Collateralized
Loans, Interest Subsidy Loans , Deferred Payment Loans, and other services at
rates and terms not available to the general public or to City independent of
this Agreement.
NOW, THEREFORE, for and in consideration of the foregoing and the
mutual agreements made herein, and for other good and valuable
consideration, City and Bank agree as follows:
3-a�
i
DEPOSIT OF FUNDS
1 . Within ten (10) business days of execution of this agreement, City
shall deposit $50,000.00 in funds available to City, as part of this
Agreement.
2. City' s deposits of funds shall be made in one or a combination of the
following forms:
(a) A deposit to the Warehouse Account, the funds in which are
unallocated to Loans but may be allocated to grants. The Bank
shall pay to City interest on the Warehouse Account at the
Bank's usual Public Agency interest rate (for savings deposits
of similar type, maturity, and size) , at the time of deposit.
(b) The purchase from Bank of time certificate(s) of deposit or
other Bank instruments from which al.l proceeds will be
allocated to future Program Loans. Bank, at its option, may
' charge City a service charge for the purchase of certain
instruments and/or for the early withdrawal of funds from a
time certificate.
3. City retains full access to all deposits which are unallocated to
Program Loans.
4. At the time of individual Loan funding, Bank shall have authority to
transfer funds from either of the accounts described in (a) or (b) above
3-aa
fie.
_ Z _
into a Collateral Account(s) which will be non-interest bearing. City
relinquishes the use of and control over the Collateral Account(s) . The
Collateral Account(s) will be used only for the Loan purpose described in
this Agreement.
APPLICATION PROCEDURES
5. At the request of City, Bank shall consider making Loans to qualified
Applicants directed to Bank by City. City shall notify the respective
Applicant(s) in writing of any such request it makes to the Bank. The
notification shall contain the following statement: "The City of San Luis
Obispo has requested Bank of America National Trust and Savings
Association, to consider making a specific extension of credit to you."
6. A qualified Applicant shall be identified by City or its agents, using
City' s established standards , which must consider, without limitation:
(a) Applicant is "the owner of record"-of the property subject to
rehabilitation (if Applicant is a non-owner, Applicant must
have a lease on the property which extends six months beyond
the term of the Loan) ;
(b) Applicant has verifiable income(s) which can be used to repay
the proposed Loan;
(c) City has determined that the proposed Loan, given Program
options available, will best serve the rehabilitation needs of
Applicant and the Program objectives;
- 3 -
(d) Refinancing is not available under this program;
(e) The balance of all liens against the property to be
rehabilitated shall not exceed 90% of Bank' s loan value of the
property.
7. With respect to each Loan application, City shall furnish to Bank:
(a) an introductory letter stating that City desires Bank to
consider making a Loan to Applicant;
(b) a breakdown of the costs involved in the rehabilitation work
to be performed on Applicant' s real property;
(c) a preliminary working drawing of the rehabilitation work;
(d) an estimate of the value of the real property offered as
security for the Loan;
(e) a copy of any contractor bid accepted by Applicant;
(f) a statement that City has satisfied itself with respect to the
competence and reliability of the particular contractor who
will perform the rehabilitation work;
(g) a consent to release Loan information.
8. For each Loan, Applicant shall furnish to Bank;
(a) a copy of signed personal Federal Income Tax Returns for the
past two years including all attached schedules;
(b) applicant' s personal financial statements dated not more than
60 days prior to application date;
(c) a signed Fair Lending Notice;
(d) a legal description of the Real Estate to be rehabilitated;
(e) all information required on Bank's standard loan application
form.
3-0�
(f) if applicant is a non-owner/leaseholder on the property to be
rehabilitated, a copy of the lease which must extend six
months beyond the term of the Loan.
CREDIT DECISION
9. Bank shall perform its customary credit evaluation with respect to the
Applicant, render its judgment with respect to the creditworthiness of the
Applicant, and furnish to City a recommendation whether to proceed with
the Loan. City' s employees shall not express opinions to Applicants as to
whether a Loan will be approved. Bank will determine the appropriate Loan
terms on each individual Loan.
COLLATERALIZED LOANS: TERMS AND CONDITIONS
10. If Bank approves a Loan, Bank will indicate to City which of the
following Loans the Bank is willing to originate:
(a) a 100% Collateralized (0% Bank risk) Loan at a 3.00% interest
rate;
(b) a 90% Collateralized (10% Bank risk) Loan at a 3.75% interest
rate;
(c) a 70% Collateralized (30% Bank risk) Loan at a 5.50% interest
rate;
(d) a 50% Collateralized (50% Bank risk) Loan at a 7.00% interest
rate;
(e) a 30% Collateralized (70% Bank risk) Loan at a 8.75% interest
rate.
3��S
- 5 -
11 . If Bank does not approve a Loan, City may recommend that the Bank
proceed with the Loan as a Deferred Payment Loan at an interest rate
established by City.
12. All Loans shall be documented using the Bank' s standard forms .
13. In addition to the cash collateral as described above, the
installment note shall be secured by a deed of trust covering the real
property that is the subject for the rehabilitation for which the proceeds
of the Loan are to be used.
14. The term of each Loan shall be determined by Bank but shall not
exceed fifteen (15) years, and the installment note shall be amortized in
equal monthly installments over its term. Interest will be calcu.lated on
a simple interest basis for the installment note and payable to the Bank.
15. Each Loan shall be supported by a deposit to the Collateral Account
in the amount equal. to the collateral requirement for that Loan. Once the
note and deed of trust are signed by the Applicant and the non—recission
form is returned, the Bank will transfer the collateral for that Loan from
the Warehouse Account to the Collateral Account. Within five (5) business
days after the end of each quarter, Bank shall remit to City the amount by
which the Collateral Account exceeds the collateral requirements for each
Loan based upon the outstanding balance of each Loan. Funds that Bank
thus remits to City shall be deemed funds that have been on deposit in the
Collateral Account for at least 30 days. If, due to defaulted Loans, the
collateral account balance is less than the collateral requirements of
outstanding Loans. Bank may transfer from the Warehouse account to the
Collateral Account, sufficient funds to cover the de=i .�
_ 6 _
16. If progress ,,dyments are requested by City, ,dnk may, at its option,
disburse entire Loan proceeds to an escrow account, to be established with
an agency, named or appointed by City. Any fee for services rendered may
be part of Loan proceeds.
17. If a Loan remains in default for a continuous period of ninety (90)
days on account of nonpayment of any sum of money due pursuant to the
terms thereof or of any instrument or document related thereto, Bank may
withdraw from the Collateral Account and pay to itself an amount equal to
the then outstanding principal balance of the Loan multiplied by the same
percentage as the percentage of the Loan amount that was deposited to the
Collateral Account, plus 100% of accrued unpaid interest on the Loan
through the 90th day of default. Bank shall have no recourse against City
or the Collateral Account for any amounts in excess of those permitted
under this paragraph. During any ninety (90) day default period, Bank
shall perform its customary collection procedures with respect to the
Loan. After a withdrawal from the Collateral Account, in the case of a
Loan for which the deposit to the Collateral Account was less than 100% of
the Loan amount:
(a) Bank need not assign the deed of trust to City upon completion
of the withdrawal but may, for its own account, exercise
rights under the deed of trust to recover the remaining
outstanding and unpaid principal of the Loan plus accrued
unpaid interest thereon after the 90th day of default.
(b) At City's election, if Bank does not exercise its rights under
the deed of trust, Bank shall assign to City such rights as
may be necessary for City to attempt to recoup any 2funds
- 7 -
��
withdrawn from the Collateral Account in connection with any
Loan default. City agrees to recoup funds, as much as
possible, for the benefit of Bank as well as itself. Funds
recovered shall be credited as follows:
(1 ) to withdrawals from the Collateral Account;
(2) to the costs of recovery;
(3) to Bank' s Loan charge—off.
18. If Bank subsequently recovers funds with respect to a defaulted Loan
(as , for example, but without limitation, if a voluntary sale of the
property takes place) , Bank shall , after deducting the previously
unreimbursed percentage of Loan loss to which Bank is entitled plus Bank' s
cost of recovery, return and pay over to City all surplus amounts.
INTEREST SUBSIDY LOANS
19. Interest Subsidy Loans will be made only to applicants deemed
creditworthy by Bank. Applicants will be subje-ct to .standard Bank credit
criteria governing term loans to business. Bank will bear all of the
credit risk. for such Loans, which will be and remain assets of Bank.
r 20. The term of an Interest Subsidy Loan, and the Loan terms other than
interest rate, will be the same as those applicable to Bank' s conventional
term loan to business, and will be documented using Bank' s standard
forms. The Loans will contain due-on-sale clauses, and, to the extent
permitted by law, Bank will not permit a Loan to be assumed. The Loans
will not contain provisions for a prepayment charge.
21 . The interest rate for an Interest Subsidy will be designated by C
- 8 -
22. At origination of a Loan, Bank will transrer an interest subsidy
payment from the Warehouse Account into an account designated the Interest
Subsidy Account. Funds transferred to the Interest Subsidy Account are
irrevocably committed to interest subsidy payments for Interest Subsidy
Loans. City relinquishes all use and control of funds in the account.
23. The amount of the interest subsidy for a particular Loan will be
determined by Bank using its Community Development Interest Subsidy
Formula. This formula calculates the subsidy amount required to recover
the cost to Bank of the difference between Bank' s current market rate for
a conventional term loan to business at the time the Loan is made, and the
interest rate charged to the applicant.
24. In the event of prepayment of an Interest Subsidy Loan, Bank will
calculate the amount of unused Interest Subsidy for the period that begins
90 days after the date of prepayment and ends on the maturity date of the
Loan. Bank will remit that amount to the Warehouse Account.
25. In the event an Interest Subsidy Loan remains in default for a
continuous period of ninety (90) days on account of non—payment of any sum
of money due pursuant to the terms of the Note or the Deed of Trust,- Bank
will continue to debit they Interest Subsidy Account for the . monthly
interest subsidy payment due through the completion of foreclosure. Upon
completion of the foreclosure. Bank will calculate the amount of unused
Interest Subsidy for the period that begins on the date of completion of
foreclosure and ends on the maturity date of the Loan. Bank will remit
that amount to the Warehouse Account.
3-a y
— 9 —
DEFERRED PAYMENT LOANS
26. Deferred Payment Loans are Loans funded by the City with no immediate
repayment schedule. At City' s request, Bank shall prepare all necessary
loan documents for Deferred Payment Loans with City designated as obligee
and return all documents to City.
21. Each Deferred Payment Loan shall be funded in whole by City,
evidenced by a promissory note and secured by a Deed of Trust, which deed
will be recorded by Bank.
28. Unless indicated otherwise by City, Deferred Payment Loans shall be
at 0% interest.
29. Prior to the making of the first Deferred Payment Loan, under this or
any prior agreement, City shall furnish to Bank:
(a) a written description of the established rates and terms for
its Deferred Payment Loans;
(b) a letter stating that City has delivered this information to
the Bank' s Corporate Community Development Department #3246.
7
30. Promptly upon assignment to City, City shall pay to Bank a fee of ONE
HUNDRED DOLLARS ($100.00) . Bank will collect from Applicant actual
out-of-pocket fees or charges including property appraisal , title company,
and recording fees, as required to originate City' s Deferred Payment Loan;
these fees may be included in the Loan proceeds.
4W
_ 10 -
31 . Upon assignment of the Deferred Payment Loan to City, Bank shall have
no responsibility whatsoever for said Loan, except if requested by City,
Bank will provide installment collection services for any Deferred Payment
Loan at Bank's prevailing rate for such services.
32. For Deferred Payment Loans, City authorizes Bank to make
disbursement(s) by Cashier' s check to Applicant(s) or, if requested by
City, to City, from the Warehouse Account. If progress payments are
requested by City, Bank may disburse entire Loan proceeds to an escrow
account, to be established with an agency, named or appointed by City.
Any fee for services rendered may be part of Loan proceeds.
GRANTS
33. Upon City's request, Bank will disburse funds from the Warehouse
account by Cashier' s checks to Applicant' s designated by City as "Grant
Recipient(s)". Bank retains the option of charging a fee for this service.
OTHER ALLOWABLE FEES AND CHARGES
34. With respect to any Loan, Bank shall , at its option, recover from the
Applicant the following out—of—pocket expenses:
(a) Credit report;
(b) Appraisal reports (required on any Loan involving Bank risk) ;
(c) Title report and title insurance, if required by the Bank;
(d) Recording of deed and other lien costs;
(e) Tax and lien service.
3-3/
�3
� 1 1
35. Out of pocket expenses charged to applicants may be financed as part
of the Loan proceeds, or at City' s option, may be paid by City.
36. Applicant will pay a late fee at the Bank' s prevailing rate for late
payments (currently minimum charge of $5.00 and a maximum charge of $15.00
for any payment not received by Bank within 10 days of when it is due) .
GENERAL PROVISIONS
37. On City' s request, Bank shall , for its customary fees, accept for
collection purposes, pursuant to Bank' s then current installment
collection procedures, a Program Loan that has been transferred to City.
38. Bank covenants and agrees that nothing in this Agreement or any
agreement made pursuant hereto shall be deemed or construed by Bank to
make City a surety or guarantor of any Loan, and that Bank' s rights with
respect to. a Collateralized Loan shall be limited to those set forth in
this Agreement.
39. City and Bank shall comply with all applicable statutes and
regulations, including without limitation, where applicable, the Fecieral
Truth in Lending Act and Regulation Z thereto, the Consumer Credit
Reporting Act, and the Equal Credit Opportunity Act and Regulation B.
40. Except as specifically required by this Agreement, City waives any
right it may have to require Bank to:
(a) proceed against. any Applicant or other person;
(b) proceed against or exhaust any collateral for the relevant
Loan; or 3-3
— 12 — 66
♦ I 1
(c) pursue any other remedy in Bank' s power.
41 . City waives any defense arising by reason of any disability or other
defense of Applicant or any other person, or by reason of the cessation
from any cause whatsoever, other than full payment, of the liability of an
Applicant or any other person.
42. Bank and City acknowledge the "Special Purpose" nature of the Program
and Program Loans. To serve this "Special Purpose," a Loan shall be
considered in default after the date of a transfer of the property covered
by deed of trust executed under this agreement; which, according to the
provisions of the note, make the entire principal and interest of the note
due and payable, regardless of Bank' s ability or inability to enforce
those provisions of the note.
43. This Agreement shall terminate one year from the date of execution.
This Agreement may be terminated by either of the parties hereto, provided
written notice of intent is given to the other party at least sixty (60)
' days prior to the termination date.
44. Any termination of this Agreement shall not affect Program Loans
•
outstanding at the time of termination.
45. At termination, Bank shall retain the Collateral Account including
funds sufficient to cover 90 days accrued interest on outstanding Loans ;
once outstanding Loans are fully paid, the residual funds in the
Collateral. Account will be refunded to City. If, at the time of
3-33
— 13 —
termination, the Collateral Account funds exceed the specified percentages
of the unpaid balances of Collateralized Loans, Bank will remit those
funds to City within five (5) business days of the termination date.
46. Any communications between the parties hereto may be given by mailing
the same, postage prepaid, to Bank at its Corporate Community Development
Department, #3246, P.O. Box 37000, San Francisco, California, 94137 , and
to City at City of San Luis Obispo, 990 Palm Street, P.O. Box 8100, San
Luis Obispo, CA 93403-8100.
47. This Agreement and any agreement, document, or instrument attached
hereto or referred to herein embody all terms and conditions mentioned
herein or incidental hereto, and supersede all oral negotiations and prior
writing in respect to the subject matter hereof. In the event of conflict
between the terms, conditions, and provisions of this Agreement and any
prior agreement, document, or instrument, in respect to the subject matter
hereof, the terms, conditions, and provisions of this Agreement shall
prevail .
48. City shall indemnify and hold harmless Bank against all claims and
damages, alleged or otherwise, of whatsoever nature arising out of or in
any way connected with the acts or omissions of any contractor performing
rehabilitation work in connection with this Agreement; provided, however,
that City' s obligations under this paragraph shall not extend *to negligent
or wilful acts or omissions by Bank. All contractors shall operate as
independent contractors and nothing herein is intended to affect such
independent contractor status.
3
— 14 —
49. Bank, at its option, may decline to make additional Loans from and
after the date if and when the principal balance of all Loans outstanding
has exceeded ONE HUNDRED THOUSAND DOLLARS ($100,000.00) .
50. Each Applicant shall be required to maintain a standard policy of
hazard insurance covering the real property upon which the rehabilitation
work is to be performed, in effect while any part of the Loan remains
outstanding and which names Bank and City as loss payee.
51 . The Collateralized Loans described in this Agreement, are priced on
an average Loan size of $10,000.00 which provides City favorable rates and
terms based on this average loan amount. Since operating costs associated
with a smaller average loan size are significantly greater, if the average
Loan size is not maintained, Bank may make adjustments affecting the
pricing of future activity as follows:
(a) increase borrower interest rates for new Loans;
(b) increase collateral requirements for-new Loans; or
(c) assess an origination fee for new Loans.
These options are to be negotiated and mutually accepted by Bank and City.
52. This Agreement may be executed in as many counterparts as may be
deemed convenient, each of which, when executed, shall be deemed an
original .
53. The terms and operating aspects of this Agreement may be altered from
time to time through a letter of understanding, accepted mutually by City
and the Bank through its Corporate Community Development Department.����
IN WITNESS WHEREOF, this Agreement is executed by City acting by and
through its pursuant to
Resolution No. authorizing such execution, and by Bank.
Dated this day of December, 1987.
CITY OF SAN LUIS OBISPO BANK OF AMERICA NATIONAL TRUST
AND SAVINGS ASSOCIATION
BY BY � � ,.V�J'l P, U�
Christine P. Southgate
Assistant Vice President
TITLE Corporate Community
Development #3246
Concurred by:
Jame S. Bele
President
Cdrporate Community
Development #3246
APPROVED AS TO FORM: Attached is a true and correct
Copy of the original Resolution
I '
City Counsel City Clerk
FINAL/0119P/12/Z/!I/CP: CI
3-1-36
16 — &e5?
RESOLUTION NO. (1988 Series)
A RESOLUTION OF THE COUNCIL OF THE CITY
OF SAN LUIS OBISPO ESTABLISHING A COMPREHENSIVE LISTING OF
HISTORIC AND NON-HISTORIC PROPERTIES
WITHIN HISTORICAL PRESERVATION DISTRICTS
WHEREAS, in February 1987 the City Council adopted an ordinance creating three
Historical Preservation Districts as part of the zoning regulations; and
WHEREAS, the Cultural Heritage Committee has completed a survey of all properties
within historical preservation districts and has classified each property as to whether
it contributes to the historical character of the district (see attached Exhibit "C");
and
WHEREAS, the purpose of CHC's survey is to identify historic properties that will be
eligible to apply for benefit programs sponsored by the city; and
WHEREAS, the Community Development Director has determined that the adoption of this
listing will not have a significant effect on the environment and has granted a negative
declaration.
NOW, THEREFORE, BE IT RESOLVED by the Council of the City of San Luis Obispo as
follows:
SECTION 1: The listing of properties within Historical Preservation Districts,
attached hereto as Exhibit "C" and incorporated by reference, is hereby adopted.
SECTION 2: Resolution 5197 (1983 Series) is hereby amended to reflect the new listing
of historic properties embodied in Exhibit "C."
SECTION 3: The Community Development Department shall publish this listing and make
them available to the public.
On motion of seconded by
and on the following role call vote:
337
AYES:
NOES:
ABSENT:
the foregoing resolution was passed and adopted on this _ day of 1988.
Mayor Ron Dunin
ATTEST:
City Clerk Pamela Voges
Approved:
City A ministrative Officer
Cit Attor y
Community Development Director
3-390
EXHIBIT "C"
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' THIS IS THE SAME REPO. THAT WAS SENT TO YOU FOR THE 2 88 COUNCIL MEETING.
NOTE: EXHIBITS ti, B & C ARE IN THE COUNCIL OFFICE FOR MERING Uff-._
���i���►��Illll���a�����1 city of san tuts oBispo INSPECTION. @ 2 as -
COUNCIL AGENDA REPORT I�_
FROM: Michael Multari, Community Development Director By: Terry SanvillebS
SUBJECT:
Rehabilitation Loan Program for Historic Residential Buildings
CAO RECOMMENDATION:
/resolution
Adopt guidelines for the rehabilitation loan program; authorize the mayor to sign
agreement with Bank of America for loan processing; adopt resolution revising the
classification of properties in Historical Districts.
BACKGROUND: a
Discussion
In February 1987 the City Council adopted Historical Preservation Program Guidelines
(Resolution 6157). These guidelines call for the creation of a "Rehabilitation
Assistance Program" to help property owners with the cost of restoring historic
residential buildings.
The staff distributed RFP's to banks and savings and loans for assistance in
administering a loan program. Bank of America responded with a proposal. The staff has
worked with bank officials to negotiate the content of the services agreement (see
attached Exhibit B). Meanwhile, the Cultural Heritage Committee and the staff completed
administrative guidelines (see attached Exhibit A). And as a final part of the program,
the CHC finished its survey of contributing properties within historical districts (see
attached Exhibit Q.
These three elements (agreement with the bank, loan program guidelines, and listing of
contributing properties) make up the rehabilitation loan program that is recommended by
the CHC.
Sianificant Imnact �.-
The 1987-89 Financial Plan earmarks $50,000 each year to fund this rehabilitation
program. These funds would be deposited with Bank of America to support the program. It
is anticipated that much of these funds will be recycled. It is hoped that this program
will help retain important historic houses and have a positive impact on neighborhoods.
Conseauences of Not Takine the Recommended Action
If the City Councilwants to amend the proposed program, it may delay its
implementation. If the council decided to abandon or defer the loan program concept, the
financial responsibility for rehabilitation would remain with private property owners.
����h�i ►�IIIIIII�P ►��IIII city of San WI s OBISPO
COUNCIL AGENDA REPORT
PROGRAM EVALUATION
1. The Agreement With Bank Of America (Exhibit A)
This agreement is similar to agreements between Bank of America and over 40 other
California communities. It presents two financing options: collateralized loans and
interest subsidy loans. With the "collateralized loan" option, the city's money is being
used as collateral for a loan made with bank funds. The bank assumes varying levels of
risk and the city provides the security. With the "interest subsidy" option, city funds
would be used to write down a loan to below market rates. The city will indicate
which program option to use with any given application. Leveraging of private funds will
be a key consideration in considering program options.
This is the first time that the city has worked directly with a financial institution to
establish such a program. Therefore, we anticipate some sorting out of the program
during its first year. The agreement with Bank of America would be in effect for one
year. Program changes would be possible as part of any subsequent renewal of the
agreement.
The City Attorney has reviewed the content and format of the agreement and the attached
amendment and and has no objections to its execution.
2. The Loan Program Guideline (Exhibit B)
Consistent with early direction provided by the City Council, the staff prepared loan
program guidelines that would direct the city's acceptance and processing of
applications. Some of the key features of the guidelines are outlined below:
(a) Program Objectives: The objective of this program is (through financial assistance)
_ to help stabilize historic residential buildings that might be lost if rehabilitation is
not pursued. This focused objective is important to understand because of the program
has limited funds. Also, this objective helped define the programs eligible activities.
(b) Eligible Properties: The loan program would be available to the owners of historic
residential properties. These properties include 87 included on the Master List of
Historical Resources (adopted in 1983) and 340 contributing properties within the
city's three historical districts. These listings are included in the appendix A of the
proposed guidelines.
(c) Administration: The Cultural Heritage Committee (CHC) and staff would review all
applications, rank them using criteria set forth in the guidelines, and approve or deny
them. A 60-day application period would be established. CHC action on all applications
would take place within 60 days of the close of the application period.
Because both the city and Bank of America is involved in this program, it is important
that administration be as streamlined as possible so that approval time is kept as short
as possible. An extended review and approval process could discourage applicants.
3. Contributing Properties Listing (Exhibit C)
In 1983 the City Council adopted a listing of "contributing properties" within the three 34
proposed Historical Preservation Districts. When the city actually adopted districts in
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Mmew COUNCIL AGENDA REPORT
1987, the boundaries had been substantially expanded -- primarily to include additional
residential areas southeast of the downtown. After the districts were adopted it was
necessary to expand the classification of properties to include all buildings within the
districts. Every property (at total of 858) has been given one of four
classifications. The definition of each classification and the factors used to establish
them are shown on attached Exhibit C. Included in Exhibit C is the numeric coding of
Historic Resource Properties (the 152 properties) that lie within district boundaries.
No changes have been proposed to this coding at this time.
The completion of this survey work is needed to identify properties eligible for this
rehabilitation loan program. Owners of 340 contributing properties may apply for
assistance.
The CHC continues to evaluate the historic or architectural importance of buildings
within the city as an ongoing work task. The CHC has emphasized that anyone who feels
that there have been errors or omissions in preparing the listings my request further
consideration by the committee.
4. Program Implementation
If the City Council adopts the proposed program documents, the following activities would
happen:
(a) Staff would work with local Bank of America officials to set up local loan processing
procedures.
(b) Within 30 days, the city would transfer $50,000 to the Bank of America to be placed
in an interest-bearing "warehouse" account.
(c) The program would be advertised and a 60-day application period established.
(d) At the end of the application period, the CHC would review, rank if necessary, and
give city authorization for assistance to priority eligible applicants.
ACTION ALTERNATIVES
The City Council may:
1. Approve the program as recommended by the CHC.
2. Suggest amendments to and approve a modified program. (Depending on what is being
amended, additional negotiations with the Bank of America might be needed.)
3. Direct staff and the CHC to pursue some other form of financial assistance program.
(The council should specify its preferences and the item would be referred back to staff
and committee for evaluation.)
4. Not adopt a financial assistance program and rely on other non-monitary forms of
assistance. (If council supports this strategy, the Historical Preservation Program
Guidelines should be amended.) 3 .700
5. Continue consideration to a future meeting pending further analysis and discussion.
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00% COUNCIL AGENDA REPORT
RECOMMENDED ACTION
1. Adopt a resolution approving the administrative guidelines for the rehabilitation loan
program (Exhibit A).
2. Adopt a resolution authorizing the mayor to sign a services agreement with the Bank of
America for loan processing (Exhibit B).
3. Adopt a resolution amending Resolution 5197 (1983 Series) to adopt a classified
listing of properties within the city's three Historical Preservation Districts (Exhibit
C).
ATTACHMENTS
Exhibit C available in the Council Office for inspection.
TS:ts
3NOV-