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File #: O-035-20    Version: Name:
Type: Ordinance Status: Passed
File created: 2/3/2020 In control: Metro Council
On agenda: 2/20/2020 Final action: 2/20/2020
Title: AN ORDINANCE REPEALING AND REPLACING ORDINANCE NUMBER 169, SERIES 2019 PASSED ON NOVEMBER 7, 2019 AND APPROVING A FORGIVABLE LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO REBOUND, INC. ON BEHALF OF THE COMMUNITY FOUNDATION OF LOUISVILLE, INC. AND REBOUND, INC. RUSSELL: A PLACE OF PROMISE, A FISCALLY-SPONSORED PROJECT OF THE COMMUNITY FOUNDATION OF LOUISVILLE, A 501(C)(3) PUBLIC CHARITY ("RPOP") FOR THE DEVELOPMENT OF FOURTEEN UNITS OF MARKET RATE HOUSING IN THE RUSSELL NEIGHBORHOOD (AS AMENDED).
Sponsors: Barbara Sexton Smith (D-4), Bill Hollander (D-9)
Attachments: 1. O-035-20 V.2 CAM 021320 Replacing Ord 169, 2019 for Forgivable Loan to Rebound, Inc for 14 Units of Housing in Russell Neighborhood.pdf, 2. O-035-20 V.1 020620 Replacing Ord 169, 2019 for Forgivable Loan to Rebound, Inc for 14 Units of Housing in Russell Neighborhood.pdf, 3. ORD 011 2020.pdf
ORDINANCE NO. ______________, SERIES 2020
TITLE
AN ORDINANCE REPEALING AND REPLACING ORDINANCE NUMBER 169, SERIES 2019 PASSED ON NOVEMBER 7, 2019 AND APPROVING A FORGIVABLE LOAN PURSUANT TO LOUISVILLE METRO CODE OF ORDINANCES ? 39.131, TO REBOUND, INC. ON BEHALF OF THE COMMUNITY FOUNDATION OF LOUISVILLE, INC. AND REBOUND, INC. RUSSELL: A PLACE OF PROMISE, A FISCALLY-SPONSORED PROJECT OF THE COMMUNITY FOUNDATION OF LOUISVILLE, A 501(C)(3) PUBLIC CHARITY ("RPOP") FOR THE DEVELOPMENT OF FOURTEEN UNITS OF MARKET RATE HOUSING IN THE RUSSELL NEIGHBORHOOD (AS AMENDED).
BODY
SPONSORED BY: COUNCIL MEMBERS SEXTON-SMITH
AND HOLLANDER

WHEREAS, Ordinance 169, Series 2019, passed on November 7, 2019, incorrectly identifies Community Foundation of Louisville, Inc. on behalf of Russell: A Place of Promise as the proper recipient of loan funds, and incorrectly identifies the approximate total number of single-family homes under the project as 15;
WHEREAS, in order to ensure proper administration of the Russell Market Rate Housing Program, the recipient of the loan funds, and the approximate number of homes, is hereby corrected by passage of this ordinance;
WHEREAS, on behalf of Louisville/Jefferson County Metro Government ("Metro"), Develop Louisville's Office of Housing and Community Development is the administrator for the Russell Market Rate Housing Program that will be used to award direct financing to create or preserve approximately 14 single family homes in the Russell neighborhood;
WHEREAS, Metro desires to make a loan of $802,000.00 to REBOUND, Inc. ("REBOUND") on behalf of the Community Foundation of Louisville, Inc. and Rebound, Inc. RPOP as follows: $538,000.00 in the form of a Revolving Loan that will be revolved by REBOUND for additional phases of market rate development in the project area, and $264,000.00 in the form of a forgivable loan to homebuyers at the time of sale;
WHEREAS, REBOUND will initially use these funds to ...

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