ORDINANCE NO. ___________, SERIES 2014
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AN ORDINANCE OF LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT AUTHORIZING THE EXECUTION AND DELIVERY ON BEHALF OF METRO GOVERNMENT OF A FIRST MORTGAGE AND A SECOND MORTGAGE RELATING TO THE OUTSTANDING LOUISVILLE/JEFFERSON COUNTY METRO GOVERNMENT INDUSTRIAL BUILDING REVENUE BONDS, SERIES 2008 (THE BELLAMY AT LOUISVILLE PROJECT)
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Sponsored by: Councilmember David Tandy
WHEREAS, pursuant to the Industrial Buildings for Cities and Counties Act, as amended, Sections 103.200 to 103.285, inclusive, of the Kentucky Revised Statutes (the "Act"), for the public purposes of promoting the economic development of the Commonwealth of Kentucky (the "Commonwealth"), relieving conditions of unemployment, revitalizing or redeveloping of a downtown business district, and encouraging the increase of industry therein, Louisville/Jefferson County Metro Government ("Metro Government") (i) issued its Industrial Building Revenue Bonds, Series 2008 (The Bellamy at Louisville Project) in the principal amount of $32,500,000 (the "Bonds"), (ii) sold the Bonds to Phenix Louisville Funding, L.P. (the "Bondholder"), a Georgia limited partnership, for a purchase price equal to the principal amount of the Bonds, to finance the costs of acquiring a tract of land located at 1501 Bellamy Place, Louisville, Kentucky, and the construction, furnishing and equipping thereon of a residential rental apartment community and the conversion of the existing landmark building on the site for use as a parking garage to serve the residential tenants (such land, buildings, improvements, furniture, fixtures, and equipment being hereinafter collectively referred to as the Project), and (iii) leased the Project to Phenix Louisville, L.P. (the "Lessee"), a Georgia limited partnership, pursuant to a Lease and Financing Agreement dated October 10, 2008 (the "Lease") by and among Metro Government, the Lessee, and the Bondholder, pursuant to which the Lessee ...
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