A key component of the recently approved Oakley Strategic Plan is “the continued development and redevelopment of the Downtown,” as well as the “beautification and preservation of the Main Street commercial corridor.”
On June 30, 2014 the City Council approved $275,000 to fund a loan program to further the commitment to the downtown area. The goal of the Downtown Revitalization Loan Program is to leverage public funds and private investment to further enhance the physical appearance and economic vitality of the commercial buildings and businesses in the downtown corridor.
Loan funds can be used in the following ways:
- Façade Improvements
- Landscaping and exterior lighting
- ADA compliance
- Building infrastructure upgrades needed for new tenant conversion
The maximum loan under the program will be $75,000 for a term of 10 years. Each loan will contain a low‐interest loan component and a forgivable loan component. Fifty percent of the loan proceeds for each loan will be in the form of a 2% fixed‐rate loan. The remaining 50% will be in the form of a 0% forgivable loan. Loan applicants will be required to have a minimum of 10% equity in each deal and to provide applicable collateral. The loan program will be primarily targeted to property owners or tenants located in the Oakley Downtown Specific Plan Project Area.
For questions regarding the program, please contact Dwayne Dalman, Oakley Economic Development Manager at (925) 625‐7006 or at firstname.lastname@example.org.