ORDINANCE NO. _____, SERIES 2014
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AN ORDINANCE AMENDING ORDINANCE 097, SERIES 2013, APPROVING A FORGIVABLE LOAN TO SHAWNEE GARDENS APARTMENTS, LTD. ("SHAWNEE GARDENS") FOR ROOF AND MASONRY REPAIR PURSUANT TO ORDINANCE NO. 54, SERIES 2009.
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SPONSORED BY: President Jim King and Councilwoman Cheri Bryant Hamilton
WHEREAS, Shawnee Gardens is the owner of 40 apartment units in a restored former school building located at 225 South 42nd Street in Louisville; and
WHEREAS, said building is in need of roof and masonry repair to preserve the building; and
WHEREAS, Louisville Metro Government by and through its Department of Community Services and Revitalization, Community Development Division, has agreed to make available up to $500,000.00 as a $286,000.00 conditional, forgivable loan of Community Development Block Grant ("CDBG") funds, to assist in the needed roof and masonry repairs for the original 1915 structure and its 1956 addition; and
WHEREAS, the Council has determined that making the forgivable loan to Shawnee Gardens is in furtherance of the public purposes of Louisville Metro.
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AS FOLLOWS:
Section 1. That the forgivable loan in the amount of $286,000.00 $500,000.00 to be made to Shawnee Gardens Apartments, LTD is approved pursuant to Ordinance No. 54, Series 2009, for the purposes described in the Whereas clauses above.
Section 2. That 21 of the apartment units located in Shawnee Gardens shall be leased to persons or households whose income is at or below of 80% of the Area Median Income ("AMI") and the rent for the 21 units occupied by said persons or households must be no more than 30% of the income for a household whose income is 80% of AMI in Louisville.
Section 3. That the Mayor and other officials and employees of Louisville Metro are authorized and directed to execute all necessary agreements, notes, affidavits a...
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