§ 66A.8.

PERMISSIBLE LOAN AMOUNTS

1.

Determination. The City’s Department of Building Inspection and such other City departments as determined by the Program Administrator and the Loan Committee shall work with the Program Administrator to determine permissible cost ranges for seismic rehabilitation activities and, from that information, proposed maximum loan amounts for individual Seismic Safety Loans, based on the type of building and the work necessary to complete the Seismic Strengthening. The Program Administrator shall periodically review and, as necessary, amend these amounts during the Program.

2.

Retrofit Standards Used to Determine Permissible Amounts.

a.

Seismic Safety Loans may be used to finance the minimum level of Seismic Strengthening work required by Chapters 14 and 15 of the Building Code , subject to Subsections (b) and (c), below.

b.

In the event a Property would qualify for Bolts Plus but the Applicant elects to comply with the Special Procedure, the amount of the Seismic Safety Loan shall be calculated based upon the sum necessary to comply with the Special Procedure.

c.

In the event a Property would qualify for the General Procedure, and the Applicant demonstrates that the cost of complying with Section 104(f) would be less than or equal to the cost of complying with the General Procedure, the amount of the Seismic Safety Loan shall be calculated based upon the sum necessary to comply with Section 104(f).

3.

Proposed Loans in Excess of Permissible Amounts. The Loan Committee may, in its discretion, approve Seismic Safety Loans in excess of the amounts determined in Section 66A.8(1), above, after receiving special review and approval by the Loan Committee.

History

(Added by Ord. 100-94, App. 3/11/94; amended by Ord. 2-01, File No. 001969, App. 1/12/2001)

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