FINAL APPROVAL TO ISSUE ECONOMIC DEVELOPMENT REVENUE NOTES
AND LEND THE PROCEEDS FOR THE RENOVATION OF AFFORDABLE HOUSING
- Re: Crestmont Community, 1002 N. Summit Street, Bloomington, Indiana
(Bloomington RAD II, LP, Petitioner)
This Ordinance authorizes the City of Bloomington to issue economic development revenue
notes pursuant to Indiana Code Chapters 36-7-11.9 and 36-7-12 in an amount not to exceed an
aggregate principal amount of Thirty Million Dollars ($30,000,000.00). The City would lend the
proceeds from the economic development revenue notes to Bloomington RAD II, LP, an Indiana limited
partnership and its affiliated partners or limited liability company for the acquisition,
rehabilitation, and renovation of the affordable housing development known as the Crestmont
Community at 1007 Summit Street in Bloomington. Bloomington RAD II, LP, and its partners would
fully indemnify the City and take full responsibility for payment of the notes. The City would not
bear liability, ongoing obligation, or cost related to the notes-the City would act only as a
conduit allowing the borrower to access capital at a tax-exempt rate and receive equity for the
project in the form of tax credits. The renovations to the community would focus on addressing code
requirements, handicap accessibility, modernizing the units, and energy
efficiency.
Final |
2021-09-01 |
pass |
9-0 |
Download