Funds must also be provided by the municipality and the private
sector businesses which will benefit economically ‘from the
revitalization program. The amount of funds which can be raised
from the latter two sources will be determined only aiter further

planning and discussion takes. place.

Organization Promotion Grant

Under the Downtown Revitalization Program a grant to assist the
merchants in organizing themselves and promoting the Downtown
area in various ways is available. A grant of 25% of . approved
expenditures would be available, to a maximum of $18,769 based on
Port Coquitiam's population.

The Downtown merchant's are now participating in this sub-program,

having obtained an Organization and Promotion Grant in the October,
1982.

Loan Assistance for Capital Improvements

The City may apply for loans to finance new revitalization works
within or of benefit to a designated downtown area. These loans
cover 75% of the total estimated cost of the works to a maximum of
$375,000 and are emortized over 12 years at low rates of interest,
with the first two years being interest free.

The load is available for purchasing land for parks, open space or
pedestrian ways, the purchase, rehabilitation or construction of a
significant public building, construction of pedestrian walks or traffic
control facilities, design or construction of canopies or other
beautification projects or improving services such as widening
sidewalks, installing curbs, planters, benches, street lighting, etc. and
construction of off-street parking, landscaping, etc.

In order to qualify for a loan, the City must

9 demonstrate the economic viability of the Downtown.

demonstrate that they can manage the construction,
installation and maintenance of the proposed revitalization
works.

that the proposed works are compatible with other municipal
programs and policies.

show how other provincial programs can tie in with planned
works.

pass a Specified Area By-law defining the benefitting area (this
has already been done by the City but may require amendment

33.