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 Thirty Million Dollars ($30,000,000.00). The City would lend the proceeds from this economic development revenue bond 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 bond. The City would not bear liability, ongoing obligation, or cost related to the bond-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.

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