The City of Woodstock implemented the Facade Improvement Loan Program in 1994 to encourage the refurbishment of downtown/historic properties within the Business Improvement Area (BIA). The program provides loans of $15,000 per property, or $25,000 for a corner property, based on 50/50 matching contributions. The loan is interest free and carries a 10 year term. No payments are required during the first five years. Beginning in year six, minimum payments of $1,000 per year are required. Any outstanding balance is due by the end of year ten. In order to be eligible to receive a loan, property taxes and BIA levies must be up to date. The loan is callable if taxes/levies become more than three months in arrears. As security, the City will hold a lien on the property. The City also requires that the improvements be maintained as approved and constructed for the 10 year loan period. A loan review committee, consisting of representatives from the BIA, Building Department, Development Department, City Council, Heritage Woodstock - Museum Advisory Committee, and the Oxford County Community and Strategic Planning Department. They will review the initial plans with a commissioned architect in order to review the applicant's eligibility and scope of work to be done. At that time, the applicant will be given an indication of probability of receiving the loan and be requested to come back with more detailed estimates and plans. Applications are available from the Office of the Development Commissioner or can be downloaded here.
Industrial directories are available at a cost of $15 (includes GST and mailing charges). A cheque payable to "The City of Woodstock" can be sent to the Development Office, P. O. Box 1539, Woodstock, ON N4S 0A7.
