Ordinance 22-28

This Ordinance authorizes the City of Bloomington to issue economic development revenue notes pursuant to Indiana Code Chapters 3 6-7-11. 9 and 3 6-7-12 in an amount not to exceed an aggregate principal amount of Fifteen Million Dollars ($15,000,000.00). The City would lend the proceeds from the economic development revenue notes to Country View Housing, LP, an Indiana limited partnership and its affiliated partners or limited liability company for the acquisition, renovation, improvement and equipping of the affordable housing development known as the Country View Apartments at 2500 S. Rockport Road in Bloomington. Country View Housing, LP, and its partners would fully indemnify the City and take full responsibility for payment of the note. 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 Country View Apartments are expected to cost approximately $42,000 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.