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Projects for which an applicant is seeking funding under the art district loan program shall satisfy the following minimum criteria:

(1) The project shall be located within the Original Aurora Art District.

(2) The project shall be implemented by one or more artists, art-related businesses, and/or developers of art-related space.

(3) The project will directly contribute to the goal of the City to establish a concentration of artist live/work space, art studios, art galleries, and art-related businesses in the Original Aurora Art District.

(4) The project will establish and maintain a physical presence in the Original Aurora Arts District at which artists and/or art-related businesses will create, display, or perform their work for the public.

(5) With regard to a project involving a commercial building, the retail frontage of such building shall be occupied by an art-related use that allows the public to view and/or participate in the artistic activity.

(6) The project shall have a firm commitment for additional financing in an amount equal to or greater than ten percent of the total project cost.

(7) The applicant shall consent to a minimum ten-year deed restriction that will insure the long-term use of the property for an art-related use.

(8) The applicant shall grant the City no less than a second or third deed of trust on the property as security for the loan and provide such other security as the art district loan committee may deem appropriate.

(9) The applicant shall submit evidence to the City on an annual basis of adequate property insurance and the payment of property taxes on the property.

(10) The project is projected to operate on no less than a break-even basis.

(11) The project shall fully comply with all applicable zoning and other federal, state, county, and city statutes, rules, regulations, and ordinances.

(12) The project shall fully comply with all applicable federal and state environmental statutes, rules, and regulations. (Ord. No. 2002-08, § 2, 2-25-2002)