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Meeting Date:
04/25/2022
Alcore/The Landings of Huber Heights - Land Use Restriction Agreement Termination
Submitted By:
Bryan Chodkowski
Department:
Council Committee Review?:
Council Work Session
Date(s) of Committee Review:
04/19/2022
Audio-Visual Needs:
None
Emergency Legislation?:
No
Motion/Ordinance/
Resolution No.:
2022-R-7116
Agenda Item Description or Legislation Title
A Resolution Authorizing The Execution Of A Termination Of The Land Use Restriction Agreement In Connection With The City’s Multifamily Housing Mortgage Revenue Bonds (Alcore Huber LLC Project) Series 2012A.
(first reading)
Purpose and Background
In support of Alcore/The Landings of Huber Heights, the City issued bonds to fund construction on behalf of the owner in 2012. As a condition of that bond issuance, the City was partner to a Land Use Restriction Agreement to guarantee the bond proceeds would be used for the intended purpose. The bonds in question were paid off in 2018 and the facility is under new ownership. The new owners would like the Land Use Restriction Agreement terminated in an effort to clean up the title for the property.
Fiscal Impact
Source of Funds:
N/A
Cost:
N/A
Recurring Cost? (Yes/No):
N/A
Funds Available in Current Budget? (Yes/No):
N/A
Financial Implications:
Attachments
Land Use Restriction Agreement
Assignment/Assumption Agreement
Termination Of Land Use Restriction Agreement
Resolution
2022-R-7116
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