ORDINANCE NO.______________, SERIES 2015
title
AN ORDINANCE APPROVING A FORGIVABLE LOAN, PURSUANT TO ORDINANCE NO. 54, SERIES 2009, TO COMMUNITY VENTURES CORPORATION, FOR THE CONSTRUCTION, AND MARKETING OF TWENTY-SEVEN PARCELS OF REAL PROPERTY LOCATED IN THE RUSSELL NEIGHBORHOOD URBAN RENEWAL AREA (AS AMENDED).
body
Sponsored By: Councilman David Tandy
WHEREAS, Community Ventures Corporation (“CVC”), is a Kentucky nonprofit corporation which has made a proposal to Louisville/Jefferson County Metro Government (“Metro”) and the Urban Renewal and Community Development Agency of Louisville (“Agency”) to acquire twenty-seven parcels of real property owned by the Agency and located in the Russell Neighborhood Area, and to build thereon twenty-six, single family detached homes; and
WHEREAS, Metro desires to grant provide CVC with a forgivable loan in the sum of $778,000.00 to assist CVC in the construction and marketing of the twenty-six single family detached homes which are to be sold for their fair market value to persons or families who qualify for unsubsidized financing and who agree to occupy the home as their principal residence for a minimum period of one year; and
WHEREAS, the loan will be evidenced by a note and secured by a mortgage on the lots to be acquired from the Agency until such time as the homebuyer has occupied homebuyer’s home as homebuyer’s principal residence for the required one year time period, at which time the mortgage on homebuyer’s lot will be released in full; and
WHEREAS, the aforementioned additional grant loan funds exceed the $100,000.00 or the $150,000.00 amounts contained in Ordinance 54, Series 2009 prohibiting such action without Council approval; and
WHEREAS, CVC’s residential development is one of two components for its Cedar Street Revitalization Project, the other being an economic development component known as Chef Space, a commercial kitchen incubator expected to serve up to fifty entrepreneurs and to create seventy-five to one hundred jobs over the next two years; and
WHEREAS, the Council has determined that making the forgivable loan to CVC will assist with the continuing redevelopment of the Russell Neighborhood and is in furtherance of the public purposes of Metro;
NOW THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE LOUISVILLE/ JEFFERSON COUNTY METRO GOVERNMENT AS FOLLOWS:
Section 1. That the funds requested to be made available to CVC in the manner of a forgivable grant loan are hereby approved by Council in accordance with Ordinance No. 54, Series 2009, for the purposes described in the Whereas clauses above.
Section 2. That the Mayor and other officials and employees of Metro who are delegated the authority to act for the Mayor, are authorized and directed to execute and deliver any and all necessary or appropriate agreements, certifications, affidavits, releases, cancellations, satisfactions, modifications and other documents, including but not limited to, those documents necessary to secure the aforesaid forgivable loan, and to do and perform all necessary or convenient actions to carry out the purposes authorized by this Ordinance.
SECTION 3. This Ordinance shall take effect upon its passage and approval.
_________________________________ ________________________________
H. Stephen Ott David Tandy
Metro Council Clerk President of the Council
_________________________________ ________________________________
Greg Fischer Approval Date
Mayor
APPROVED AS TO FORM AND LEGALITY:
Michael J. O’Connell
Jefferson County Attorney
By:_______________________________
CVC Forgivable Loan Ordinance As Amended ROC dab Draft 2.docx 090215