ORDINANCE NO. __________, SERIES 2014
TITLE
AN ORDINANCE APPROVING A FORGIVABLE LOAN TO RIVER CITY COMMUNITY HOUSING DEVELOPMENT ORGANIZATION PURSUANT TO ORDINANCE NO. 54, SERIES 2009.
BODY
Sponsored By: Councilwoman Marianne Butler
WHEREAS, Louisville/Jefferson County Metro Government ("Metro") has received from the United States Department of Housing and Urban Development a HOME Investment Partnership Program Grant ("HOME Program"); and
WHEREAS, Louisville Metro Government ("Metro"), by and through its Department of Develop Louisville, Division of Housing and Community Development, has a desire to make available a $1,029,742 forgivable loan of HOME Program funds to River City Community Housing Development Organization; and
WHEREAS, the approval of the forgivable loan in the amount of $1,029,742 complies with the requirement imposed in Ordinance No. 107, Series 2013, Part I., L. Community Services and Revitalization, 68 c., up to the amount of the forgivable loan; and
WHEREAS, the Council has determined that making the forgivable loan to River City Community Housing Development Organization 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 I: That the forgivable loan in the amount of $1,029,742 to be made to River City Community Housing Development Organization is approved 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 Jim K...
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