Midvale Main Adaptive Reuse Loan Program: Revitalizing Our Community's Heart

The Midvale Redevelopment Agency (RDA) is proud to introduce the Midvale Main Adaptive Reuse Loan Program, an initiative designed to encourage and support the revitalization of existing buildings within the Main Street Project Area. The program aims to foster transformative development that not only preserves the area's historical charm but also contributes to its economic vitality.

Purpose and Objectives

The primary goal of the Midvale Main Adaptive Reuse Loan Program is to promote adaptive reuse and revitalization. By offering loans to property owners within the Main Street Project Area, the RDA aims to create a sense of place, fostering redevelopment, supporting arts and culture, celebrating history, and providing spaces for community gathering and recreation.

Eligibility Criteria

To be eligible for the program, property owners must meet specific criteria, including ownership or purchase of property within Midvale's Main Street Project Area, current payment of property taxes, a commitment to project completion, and a positive credit history. The eligibility criteria ensure that projects align with the program's goals and contribute positively to the community.

Loan Types and Use of Funds

The program offers loans for physical improvement and real estate purchases, categorized by project size. Loans under $25,000 and those over $25,000 have distinct eligibility requirements. Funds can be used for various purposes, including land and building acquisition, construction and renovation, facade improvements, energy upgrades, and compliance with building codes.

Public Benefit Criteria

Projects are evaluated based on public benefit criteria, including economic impact, public amenities, historic character preservation, beautification, street activation, sustainability, architecture, urban design, and affordable housing. Higher scores in these categories may lead to interest rate reductions or eligibility for 0% interest loans.

Loan Process

The application process involves two parts, with a preliminary review taking approximately 10 business days. Successful applicants move to the second part, requiring submission of a non-refundable fee and additional documentation. The Redevelopment Agency Board evaluates each application, considering factors such as project feasibility and financial responsibility.

Loan Evaluation

The loan evaluation takes into account an applicant's credit history, ability to repay, management ability, business experience, and adherence to public benefit criteria. The RDA encourages private lending institution participation and may subordinate its security interest to private lenders.

Required Documents

Applicants must submit various financial, business, and collateral documents for loan consideration. These documents include sources and uses, development budgets, operating pro forma, credit reports, personal financial statements, and more.

The Midvale Main Adaptive Reuse Loan Program represents a significant step towards preserving our community's heritage while fostering economic growth. It encourages property owners to embark on transformative projects that benefit both the individual and the community at large.