File #: 1362-2025    Version: 1 Name:
Type: Emergency Ordinance Status: First Reading
File created: 10/24/2025 In control: City Council
On agenda: 10/27/2025 Final action:
Passage/adoption date:
Effective date:    
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
Attachments: 1. 1362-2025 Forgivable loan w Pennrose Holding for Warner and Swasey buildings for affordable apartments, 2. 1362-2025-A File-Forgivable loan w Pennrose Holding for Warner and Swasey buildings for affordable
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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.