Sec. 2-648. Forgiveness of principal and/or interest.
(a) Notwithstanding anything in this division to the contrary, the city council, at its sole discretion, shall have the authority to approve any loan made under the art district loan program, the terms and conditions of which provide for the forgiveness of all or any portion of the principal and/or interest of such loan.
(b) The city council shall not consider any such loan unless, in addition to the requirements set forth in section 2-645, the applicant presents sufficient evidence that the project will satisfy at least two of the following criteria:
(1) The total cost of and/or investment in the project is equal to or greater than $500,000;
(2) The project will be occupied by not less than four artists who actively engage in their work at the project site;
(3) The project consists of two or more art-related uses, including, without limitation, artist live/work space, art studio, art gallery, art-related retail, and visual and/or performing arts lessons;
(4) The design of the project shall include both a retail and an exhibition or performance component for the purpose of attracting audiences; and
(5) The project will be open to the public during regular hours and on a consistent basis. (Ord. No. 2007-64, § 1, 10-15-2007; Ord. No. 2002-35, § 1, 6-24-2002)