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File #: O-364-19    Version: Name:
Type: Ordinance Status: Passed
File created: 10/21/2019 In control: Metro Council
On agenda: 11/7/2019 Final action: 11/7/2019
Title: AN ORDINANCE APPROVING A FORGIVABLE LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO HC RUSSELL NEIGHBORHOOD LIMITED PARTNERSHIP AND APPROVING A MODIFICATION OF LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO RUSSELL NEIGHBORHOOD LIMITED PARTNERSHIP FKA RUSSELL NEIGHBORHOOD LIMITED PARTNERSHIP-WALNUT, FOR THE RENOVATION AND IMPROVEMENT OF THE MULTI-PHASE MULTI-FAMILY PROJECT ENTITLED CITY VIEW PARK - ACORN AND WALNUT (AS AMENDED).
Sponsors: Barbara Sexton Smith (D-4), Bill Hollander (D-9)
Attachments: 1. O-364-19 V.2 CAM 103119 Forgivable Loan for Renovation of City View Park - Acorn and Walnut.pdf, 2. O-364-19 PROPOSED CAM 103119 Loan Forgiveness to HC Russell LP for City View Park - Acorn Project Amended jf 102919.pdf, 3. O-364-19 V.1 102419 Forgivable Loan for Renovation of City View Park - Acorn and Walnut .pdf, 4. O-364-19 V.1 ATTACH City Veiw Park Agreement.pdf, 5. ORD 174 2019.pdf
ORDINANCE NO. ______________, SERIES 2019
TITLE
AN ORDINANCE APPROVING A FORGIVABLE LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO HC RUSSELL NEIGHBORHOOD LIMITED PARTNERSHIP AND APPROVING A MODIFICATION OF LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO RUSSELL NEIGHBORHOOD LIMITED PARTNERSHIP FKA RUSSELL NEIGHBORHOOD LIMITED PARTNERSHIP-WALNUT, FOR THE RENOVATION AND IMPROVEMENT OF THE MULTI-PHASE MULTI-FAMILY PROJECT ENTITLED CITY VIEW PARK - ACORN AND WALNUT (AS AMENDED).
BODY
SPONSORED BY: COUNCIL MEMBERS SEXTON SMITH
AND HOLLANDER

WHEREAS, Louisville/Jefferson County Metro Government, successor in interest to the City of Louisville ("Metro"), through Develop Louisville's Office of Housing and Community Development, has received from the United States Department of Housing and Urban Development a HOME Investment Partnership Program Grant ("HOME Program");
WHEREAS, Metro desires to make a forgivable HOME Program loan to HC Russell Neighborhood Limited Partnership ("HC Russell LP") in the amount of $800,000.00 to renovate, improve, and maintain an affordable housing option at the City View Park - Acorn project in accordance with the HOME Program regulations;
WHEREAS, the aforementioned HOME Program funds exceed the $100,000.00 and the $150,000.00 amounts contained in the Louisville Metro Code of Ordinances ("LMCO") ? 39.131, which prohibits such action without Council approval;
WHEREAS, Russell Neighborhood Limited Partnership-Walnut nka HC Russell LP, executed a promissory note dated May 30, 1996, in the principal amount of $1,800,000, in favor of Metro, for the renovation, improvement and maintenance of an affordable housing option known as City View Park- Walnut ("Walnut Loan") as evidenced by the HOME Mortgage dated May 30, 1996, of record in Mortgage Book 4106, Page 326, in the Office of the County Court Clerk of Jefferson County, Kentucky.
WHEREAS, Metro desires to refinance the Walnu...

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