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Preliminary Approval to Issue Economic Development Bonds and Lend the Proceeds for the Renovation of Affordable Housing at 540 S. Basswood Drive

Resolution 18-27 is for Preliminary 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 an 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 Kittle and its limited partner for the rehabilitation and renovation of the affordable housing development currently known as Canterbury House at 540 S. Basswood Drive. Herman and Kittle 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. This Resolution is only the first step in the process, which will allow Herman and Kittle to apply for Indiana Community Housing Development Authority tax credits that will make this project possible.

Amends CodeNo
Final 2018-12-19 pass 9-0