09-18-19 CHB Report 07 - Laserfiche WebLink

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HP Fund Status and Recommendation • Page 2 projects were for rehabilitating residential structures, including 31 historic single-family residences and two historic multi -family apartment building. One project was for rehabilitating a historic commercial building. These types of projects generally included roof replacements, repainting of buildings, electrical systems repair or replacement, repairs related to exterior siding and stucco, historic windows, porches, foundation stabilization, rain gutter installation or repair, and plumbing. Other recipients of HPTF grants include the Riverside Art Museum, the Riverside Metropolitan Museum, the City's Parks, Recreation and Community Services Department and the City's Public Works Department. Projects have included Wood Streets monument signs, concrete pergolas on Mission Inn Avenue, historic public street features, historic waterfall, historic windows, foundation stabilization, and production of 1,000 Landmark Legacy books. In April 2018, the Historic Preservation Fund Committee (HPFC) began exploring ways to make the Program more sustainable. Following the update to the Governmental Affairs Committee in May 2018, the HPFC directed staff to identify potential sources of funding for the HPTF and ways to administer the Program. Steps included: • July 2018: Staff and the HPFC discussed the research needed to help make the Program sustainable (sources of funding and administration of the Program). The HPFC directed staff to identify possible funding sources and Program alternatives to meet this goal. • October 2018: Staff provided funding source opportunities to the HPFC and a list of those deemed as appropriate for the City were identified. • January 2019: Staff provided the HPFC with details on each funding source and HPFC provided a priority ranking. • April 2019: The HPFC confirmed the priority funding sources and also considered administrative solutions for the HPF. DISCUSSION Fund Balance During the four grant cycles, $600,000 was awarded from the HPTF to complete 45 projects. Nine applications were withdrawn with the awarded grant funds returned to the HPTF. Some projects were completed under budget and the excess awarded funds were also returned to the HPTF. As of May 15, 2019, the balance of the HPTF was approximately $33,000. Upon close of escrow for the Farm House Motel, an additional $60,000 is anticipated to be deposited into the HPTF. The reimbursement of a $10,000 grant for the Riverside Metropolitan Museum to hire a grant writer is also anticipated, as the grant application to restore the Harada House was denied by California State Parks. The HPTF will total approximately $103,000 once these funds are added and reimbursed back to the fund. Impact of the Historic Preservation Trust Fund The HPTF has had both tangible and intangible impacts. Applicants have been encouraged to match the HPTF grants, which resulted in additional investment by the owners. Several grant recipients have had financial hardships and, with the grant, been able to complete the necessary repairs on their properties. Three HPTF grant recipients received recognition from the Old Riverside Foundation in 2018. The HPTF has also been recognized at the State and national level and staff continue to receive inquiries on the Program. The reinvestment impacts of the Program are estimated at $1.5 million.