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File #: R-053-20    Version: 1 Name:
Type: Resolution Status: Withdrawn
File created: 4/6/2020 In control: Budget Committee
On agenda: 8/13/2020 Final action: 8/13/2020
Title: A RESOLUTION APPROVING THE RELEASE OF METRO GOVERNMENT'S RIGHT OF REVERTER PERTAINING TO PROPERTY DEEDED TO LOUISVILLE URBAN LEAGUE SPORTS AND LEARNING COMPLEX, INC. AS SURPLUS.
Attachments: 1. R-053-20 SPONSORSHIP WITHDRAWN 081320 Reverter Release for Louisville Urban League Sports and Learning Complex, Inc.pdf, 2. 041620 Photo IMG_6242.pdf, 3. 041620 Photo IMG_6250.pdf
RESOLUTION NO. _______, SERIES 2020
TITLE
A RESOLUTION APPROVING THE RELEASE OF METRO GOVERNMENT'S RIGHT OF REVERTER PERTAINING TO PROPERTY DEEDED TO LOUISVILLE URBAN LEAGUE SPORTS AND LEARNING COMPLEX, INC. AS SURPLUS.
BODY
SPONSORED BY: SPONSORSHIP WITHDRAWN

WHEREAS, Louisville/Jefferson County Metro Government (hereinafter "Metro" or "Metro Government"), acting by and through its agency, Louisville Forward entered into a Development Agreement (hereinafter " Development Agreement") dated June 22, 2018 with The Louisville Urban League, Inc. to develop property located at 3029 W. Muhammad Ali Boulevard and known as Heritage West (the "Property");
WHEREAS, the Development Agreement contemplated that, contingent upon Council approving a Surplus Resolution, Metro would deed the Property to Louisville Urban League Sports and Learning Complex, Inc. (hereinafter "Developer") to develop the Property in accordance with the Development Agreement;
WHEREAS, the Development Agreement contained a provision requiring the Property to revert back to Metro in the event of default, which even included a situation where the Property was not developed according to the Schedule contained in Section 1.04 of the Development Agreement, which Schedule could be extended pursuant to delays caused by force majeure or Administrative Delays as provided in Section 3.06 of the Development Agreement;
WHEREAS, enactment of the Surplus Resolution by Council on July 25, 2019 pursuant to Resolution 069, Series 2019 was predicated upon agreement among the parties to the Development Agreement to amend the Development Agreement to provide that "If the Project is not developed within five (5) years from the date of title transfer of the Property from Metro to Developer, Developer agrees that the Property will revert back to Metro," which agreement was codified in that certain First Amendment to Development Agreement dated July 25, 2019 ("the First Amendment");
WHEREAS, subsequent to the enact...

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