ORDINANCE NO.______________, SERIES 2015
TITLE
AN ORDINANCE APPROVING A FORGIVABLE LOAN, PURSUANT TO ORDINANCE NO. 54, SERIES 2009, TO REBOUND, INC. FOR THE CONSTRUCTION, AND MARKETING OF THREE PARCELS OF REAL PROPERTY LOCATED IN THE RUSSELL NEIGHBORHOOD URBAN RENEWAL AREA (AS AMENDED).
BODY
Sponsored By: Councilman David Tandy
WHEREAS, REBOUND, Inc. ("REBOUND"), is a Kentucky nonprofit corporation which has made a proposal to Louisville/Jefferson County Metro Government ("Metro"), the Louisville and Jefferson County Land Bank Authority, Inc. ("Land Bank"), and the Urban Renewal and Community Development Agency of Louisville ("Agency") to acquire three parcels of real property, one owned by the Agency and two owned by Land Bank, all of which are located in the Russell Neighborhood Area, and to build thereon three single family detached homes; and
WHEREAS, Metro desires to grant provide REBOUND with a forgivable loan in the sum of $313,876.00 to assist REBOUND in the construction and marketing of the three single family detached homes which are to be sold for their fair market value to persons or families who qualify for market rate financing and who agree to occupy the home as their principal residence for a minimum period of one year; and
WHEREAS, the loan will be evidenced by a note and secured by a mortgage on the lots to be acquired from the Agency and the Land Bank until such time as the homebuyer has occupied homebuyer's home as homebuyer's principal residence for the required one year time period, at which time the mortgage on the homebuyer's lot will be released in full; and
WHEREAS, the aforementioned grant loan funds exceed the $100,000.00 or the $150,000.00 amounts contained in Ordinance 54, Series 2009 prohibiting such action without Council approval; and
WHEREAS, the Council has determined that making the forgivable loan to REBOUND will assist with the continuing redevelopment of the Russell Neighborhood...
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