Title
A Resolution authorizing and directing the Mayor, on behalf of the Urban County Government, to execute a Forgivable Loan Agreement and related documents with Wellington Park Apartments, LLC, pursuant to the Public Infrastructure Program, for construction of an access road and related infrastructure from Wellington Way as well as the creation of jobs, at a cost not to exceed $500,000. [Mayor's Office, Bencz]
Summary
Authorization to execute a Public Infrastructure Program Forgivable Loan Agreement with Wellington Park Apartments LLC in the amount of $500,000 for the construction of an access Rd. and related infrastructure from Wellington Way to a proposed senior affordable apartment project located at 3125 Dorchester Place. Funds are Budgeted. (L0573-24) (Bencz/Atkins)
Budgetary Implications: Yes
Advance Document Review:
Law: Yes, Completed by [Evan Thompson, 5/30/2024]
Risk Management: NA
Fully Budgeted: Yes
Account Number: 1144-133004-0001-78103
This Fiscal Year Impact: $500,000
Annual Impact: NA
Project:
Activity:
Budget Reference:
Current Balance: $1,000,000
Body
BE IT RESOLVED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That the Mayor, on behalf of the Lexington-Fayette Urban County Government, be and hereby is authorized and directed to execute the Forgivable Loan Agreement, which is attached hereto and incorporated herein by reference, and related documents, with Wellington Park Apartments, LLC, pursuant to the Public Infrastructure Program, for construction of an access Rd. and related infrastructure from Wellington Way, as well as the creation of jobs.
Section 2 - That an amount, not to exceed the sum of $500,000.00, be and hereby is approved for payment to Wellington Park Apartments, LLC, from account # 1144-133004-0001-78103, pursuant to the terms of the Forgivable Loan Agreement.
Section 3 - This Resolution shall become effective on the date of its passage.
PASSED URBAN COUNT...
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