RESOLUTION NO. ______, SERIES 2021
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A RESOLUTION DETERMINING CERTAIN PROPERTY AT 1700 MARINAS EDGE WAY AS SURPLUS AND NOT NEEDED FOR A GOVERNMENTAL PURPOSE AND AUTHORIZING ITS TRANSFER.
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SPONSORED BY: COUNCIL MEMBER BILL HOLLANDER
WHEREAS, according to KRS Chapter 67C 101, Metro Government may sell any real property belonging to Metro Government;
WHEREAS, Section 1(A) of Executive Order No. 2, Series 2011 of the Mayor, which adopts Section 2(C) of Executive Order No. 3, Series 2007, provides that the Louisville/Jefferson County Metro Government ("Metro Government") may sell and convey surplus real estate upon declaration by the Legislative Council of Metro Government ("the Council") that such property is no longer needed for the governmental purposes of Metro Government;
WHEREAS, Metro Government owns property located at 1700 Marinas Edge Way, as more particularly described in Exhibit A (the "Property");
WHEREAS, the Property is currently ground leased to River Park Apartments I, LLC, pursuant to an Amended and Restated Development Agreement entered into between River Partners, LLC ("Developer") and Louisville/Jefferson County Metro Government, acting by and through the Waterfront Development Corporation, dated September 23, 2011, as amended by First Amendment to Amended and Restated Development Agreement dated May 17, 2012 and by Second Amendment to Amended and Restated Development Agreement dated December 31, 2013, and by Third Amendment to Amended and Restated Development Agreement dated September 24, 2015 (collectively, the "Development Agreement");
WHEREAS, Developer has constructed a 170 unit multi-story apartment building with office space on the 7th floor, and certain amenities on the Property;
WHEREAS, pursuant to the terms of the Development Agreement, Developer has the right to purchase the "footprint" of the Building from Louisville Metro for the purchase price determined in accordance with the Developm...
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