ORDINANCE NO. __________, SERIES 2014
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AN ORDINANCE AMENDING ORDINANCE NO. 127, SERIES 2013, APPROVING A FORGIVABLE LOAN TO NEW DIRECTIONS HOUSING CORPORATION ("NEW DIRECTIONS") FOR THE ACQUISITION, REHABILITATION AND MARKETING OF TWO SINGLE FAMILY HOMES LOCATED IN THE SHELBY PARK NEIGHBORHOOD TO HOME PROGRAM ELIGIBLE HOMEBUYERS PURSUANT TO ORDINANCE NO. 54, SERIES 2009.
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Sponsored By: Councilman David Tandy
WHEREAS, a forgivable loan was approved for New Directions Housing Corporation ("New Directions") to rehabilitate two single family homes in the Shelby Park neighborhood (the Project") on or about July 25, 2013); and
WHEREAS, Louisville Metro Government has determined that the costs of the Project have or will exceed the original forgivable loan amount of $307,600; and
WHEREAS, Louisville Metro Government wishes to increase the amount of funds of the forgivable loan to NEW DIRECTIONS.
NOW THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AS FOLLOWS:
SECTION I: That the forgivable loan in the original amount of $307,600 is increased in the amount of $35,250 for a total of $342,850 to be made to NEW DIRECTIONS for the purposes described in the Whereas clauses above and pursuant to Ordinance No. 54, Series 2009.
SECTION II: That the Metro Mayor and other officials and employees of Louisville Metro are authorized and directed to execute all necessary agreements, notes, affidavits and other documents and to do and perform all necessary or convenient actions to carry out the purpose authorized by this Ordinance.
SECTION III: This Ordinance shall take effect upon its passage and approval.
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H. Stephen Ott
Metro Council Clerk
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Jim King
President of the Council
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Greg Fischer
Mayor
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Approval Date
APPROVED AS TO FORM AND LEGALITY:
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