Ordinance 2012-1622 - Laserfiche WebLink

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conditioned upon satisfaction of all conditions in the Purchase Contract for the Property. For funding of the purchase, stabilization, rehabilitation and redevelopment of the Historic Grain Elevator site, the General Fund is approved to loan the Historic Preservation Fund the principal amount of$1,500,000 for 2012. Said loan shall be for a term of six years, payable with interest in six equal installments with all principal repaid in full by December 31, 2018, unless such term and maturity are extended by subsequent ordinance. Interest shall be applied to said loan based on the City of Louisville's average annual rate of return of total cash and investments for the previous twelve months. This rate shall be updated annually. Section 3. The City Council finds and determines that the Property is not being acquired for any park, open space or governmental purpose, but as a general asset of the City and for potential rehabilitation of the historic Grain Elevator located on the Property, and that all or portions of the Property, and any interests, licenses, rights or privileges therein, may be sold, leased, conveyed or disposed of, in whole or part, as determined by subsequent action of City Council, without necessity of election, pursuant to the home rule charter of the City; provided, however, that all or portions of the Property sold may be subject to landmarking and/or the granting of a conservation easement for the protection of historic resources. Section 4. Nothing in this Ordinance is intended to nor should be construed to create any multiple-fiscal year direct or indirect City debt or fiscal obligation whatsoever. Section 5. If any portion of this ordinance is held to be invalid for any reason, such decision shall not affect the validity of the remaining portions of this ordinance. The City Council hereby declares that it would have passed this ordinance and each part hereof irrespective of the fact that any one part be declared invalid. Section 6. Ordinance No. 1618, Series 2012 is hereby repealed in its entirety. All other ordinances or portions thereof inconsistent or conflicting with this ordinance or any portion hereof are hereby repealed to the extent of such inconsistency or conflict. INTRODUCED, READ, PASSED ON FIRST READING, AND ORDERED P . dj'~,;,., this ezi day of Abt usr , 2012. • SEAL dvL' / • : Robert P. Muckle, Mayor ATTEST: •' .. LILA!. Nancy V. • City Clerk Ordinance No. 1622, Series 2012 Page 2 of 4