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File #: O-138-22    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 4/11/2022 In control: Labor and Economic Development Committee
On agenda: 4/28/2022 Final action: 4/28/2022
Title: AN ORDINANCE OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, KENTUCKY, AUTHORIZING THE ISSUANCE OF ITS INDUSTRIAL BUILDING REVENUE BONDS (VESTA DERBY OAKS PROJECT) IN ONE OR MORE SERIES OR SUBSERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $46,000,000 FOR THE PURPOSES OF (A) PAYING ALL OR A PORTION OF THE COSTS OF ACQUISITION, CONSTRUCTION, EQUIPPING, AND INSTALLATION OF 418 MULTI-FAMILY AFFORDABLE HOUSING UNITS AND THE SITES ON WHICH THEY ARE LOCATED, AND (B) PAYING COSTS OF ISSUANCE OF THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE, LOAN AGREEMENT, BOND PLACEMENT AGREEMENT, LAND USE RESTRICTION AGREEMENT, TAX COMPLIANCE AGREEMENT, AND OTHER AGREEMENTS; AUTHORIZING AND APPROVING CERTAIN OTHER MATTERS, INCLUDING THE EXECUTION OF RELATED DOCUMENTS, IN CONNECTION WITH THE SALE AND ISSUANCE OF THE BONDS.
Sponsors: Keisha Dorsey (D-3)
Attachments: 1. O-138-22 V.1 041422 Revenue Bonds for Vesta Derby Oaks Project.pdf, 2. O-138-22 ATTACH Exhibit A - CMFA Vesta Derby Oaks - Bond Placement Agreement.pdf, 3. O-138-22 ATTACH Exhibit B - Vesta Derby Oaks - Trust Indenture 4864-6443-1116 v.5.pdf, 4. O-138-22 ATTACH Exhibit C - Vesta Derby Oaks - Loan Agreement 4888-3073-9468 v.5.pdf, 5. O-138-22 ATTACH Exhibit D - Vesta Derby Oaks - Land Use Restriction Agreement 4863-1444-5327 v.4.pdf, 6. O-138-22 ATTACH Exhibit E - Vesta Derby Oaks - Tax Compliance Agreement 4882-4851-9697 v.3.pdf, 7. ORD 054 2022.pdf
ORDINANCE NO. ___________, SERIES 2022
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AN ORDINANCE OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT, KENTUCKY, AUTHORIZING THE ISSUANCE OF ITS INDUSTRIAL BUILDING REVENUE BONDS (VESTA DERBY OAKS PROJECT) IN ONE OR MORE SERIES OR SUBSERIES IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $46,000,000 FOR THE PURPOSES OF (A) PAYING ALL OR A PORTION OF THE COSTS OF ACQUISITION, CONSTRUCTION, EQUIPPING, AND INSTALLATION OF 418 MULTI-FAMILY AFFORDABLE HOUSING UNITS AND THE SITES ON WHICH THEY ARE LOCATED, AND (B) PAYING COSTS OF ISSUANCE OF THE BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST INDENTURE, LOAN AGREEMENT, BOND PLACEMENT AGREEMENT, LAND USE RESTRICTION AGREEMENT, TAX COMPLIANCE AGREEMENT, AND OTHER AGREEMENTS; AUTHORIZING AND APPROVING CERTAIN OTHER MATTERS, INCLUDING THE EXECUTION OF RELATED DOCUMENTS, IN CONNECTION WITH THE SALE AND ISSUANCE OF THE BONDS.
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SPONSORED BY: COUNCIL MEMBER KEISHA DORSEY

WHEREAS, the Louisville/Jefferson County Metro Government ("Metro Government") is a political subdivision of the Commonwealth of Kentucky (the "Commonwealth") and is authorized by Sections 103.200 through 103.285 of the Kentucky Revised Statutes, as amended (the "Act"), to issue revenue bonds and to loan the proceeds thereof to third parties in order to finance costs of an "industrial building," as defined in the Act; and
WHEREAS, PSG Vesta Derby Oaks LLC, a Delaware limited liability company (the "Borrower"), the sole member of which is Patriot Services Group, Inc., a Florida nonprofit corporation described in Section 501(c)(3) of the Code and exempt from federal income taxation under Section 501(a) of the Code, has applied for the financial assistance of Metro Government in the financing of the costs of the acquisition, construction, installation, and equipping of an approximate 418 multi-family affordable housing unit complex known as Vesta Derby Oaks, with a principal address of 3237 Utah Avenue, Louisville, Kentucky, and includin...

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