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.

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