File #: 1362-2025    Version: 1 Name:
Type: Emergency Ordinance Status: Passed
File created: 10/24/2025 In control: City Council
On agenda: 11/10/2025 Final action: 11/10/2025
Passage/adoption date: 11/10/2025
Effective date: 11/11/2025    
Title: AN EMERGENCY ORDINANCE Authorizing the Director of Economic Development to enter into a forgivable loan agreement with Pennrose Holding, LLC, or its designee, to provide economic development assistance to partially finance the construction, predevelopment and renovation costs associated with converting two buildings located in Ward 5 service area into affordable apartments for seniors and families, and other associated costs necessary to redevelop the properties.
Sponsors: Richard A. Starr, Anthony T. Hairston, Blaine A. Griffin, By Departmental Request
Indexes: ECONOMIC DEVELOPMENT DEPARTMENT, LOAN AGREEMENT
Attachments: 1. FINAL VERSION City Record 11/21/2025 Page 125, 2. 1362-2025 Forgivable loan w Pennrose Holding for Warner and Swasey buildings for affordable apartments, 3. FILE NO. 1362-2025-B, 4. File No. 1362-2025, 5. 1362-2025 Amend 1362-2025, 6. 1362-2025 as amended-desk copy-Final ( Pennrose), 7. 1362-2025 PRESENTATION, 8. 1362-2025 Legislative Summary- Pennrose Loans

Title

AN EMERGENCY ORDINANCE Authorizing the Director of Economic Development to enter into a forgivable loan agreement with Pennrose Holding, LLC, or its designee, to provide economic development assistance to partially finance the construction, predevelopment and renovation costs associated with converting two buildings located in Ward 5 service area into affordable apartments for seniors and families, and other associated costs necessary to redevelop the properties.