Resolution 19-15

This Resolution 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 Eleven Million Dollars ($11,000,000.00). The City would lend the funds from this Economic Development Revenue Bond to Bloomington RAD I, LP, an Indiana limited partnership and its affiliated limited partner or limited liability company for the acquisition, rehabilitation, and renovation of the affordable housing developments currently known as Walnut Woods Apartments, 818 E. Miller Drive, and Reverend Butler Apartments, 1202 W. 11th Street in Bloomington. Bloomington RAD I, LP, and its partners would fully indemnify the City and take full responsibility for payment of the bond - the City would bear no cost. This renovation would modernize these housing developments, restore structural integrity, and bring them into compliance with current building codes. Note: At the Regular Session on 02 October 2019, the Council adopted Am OJ, which removed reference to "diversification of industry and increase or" as it appears in the fourth Whereas clause.