Ordinance 19-10

Approval for the City of Bloomington to Issue Economic Development Revenue Bonds pursuant to Indiana Code 36-7-11.9 and 36-7-12 in amount not to exceed twenty-six million dollars ($26,000,000.00). The City would lend the funds from this Economic Development Revenue Bond to Herman and Kittles and its limited partner, Limestone Crossing Apartments, LP, for the rehabilitation and renovation of the affordable housing development Limestone Crossing Apartments (currently known as Canterbury House Apartments) at 540 S Basswood Drive. Herman and Kittles and its partners would fully indemnify the City and take fully responsibility for payment of the bond - the City would bear no cost. As part of the renovation, the development would become all affordable housing.