Resolution 22-01

Resolution 22-01 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 Fifteen Million Dollars ($15,000,000.00). The City would lend the proceeds from this economic development revenue bond to Country View Housing, LP, an Indiana limited partnership or an existing or to-be-formed affiliated limited partnership or limited liability company for the acquisition, rehabilitation, and renovation of the affordable housing development known as the Country View Apartments at 2500 S. Rockport Road, Bloomington, Indiana. Country View Housing, LP, or its existing or to-be-formed affiliate would fully indemnify the City and take full responsibility for debt service payments of the bonds. The City would not bear liability, ongoing obligation, or cost related to the bonds-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 Country View Apartments are expected to cost approximately $35,000 per unit including new kitchen cabinets, counter tops, appliances, garbage disposals, kitchen sinks and faucets, new bathroom cabinets, counter tops, sinks, toilets, mirrors and towel bars, new interior doors, new blinds, subfloor repair and mold remediation, new lights throughout the units, new flooring, asphalt and concrete repairs, trash compactor updates, gutter, downspouts, soffit and fascia repair, sanitary main drain and sump pump work, new exterior doors, freeze boards and additional units will be converted to fully accessible ADA compliant units.