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Legislation #: 150295 Introduction Date: 4/16/2015
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER MARCASON
Title: Authorizing execution of a Section 108 Loan Guarantee for the 18th _ Vine Economic Loan Fund and all necessary documents and for the submission of said documents to the U.S. Department of Housing and Urban Development (“HUD”) to enable HUD to refinance the Section 108 Loan.

Legislation History
DateMinutesDescription
4/16/2015 Filed by the Clerk's office
4/16/2015 Referred to Finance, Governance & Ethics Committee
4/22/2015 Advance and Do Pass, Consent
4/23/2015 Passed

View Attachments
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150295.pdf Authenticated 122K Authenticated
150295 Fact Sheet.pdf Fact Sheet 112K Fact Sheet

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ORDINANCE NO. 150295

 

Authorizing execution of a Section 108 Loan Guarantee for the 18th & Vine Economic Loan Fund and all necessary documents and for the submission of said documents to the U.S. Department of Housing and Urban Development (“HUD”) to enable HUD to refinance the Section 108 Loan.

 

WHEREAS, on March 18, 1999, Council passed Committee Substitute for Ordinance No. 990359 which authorized the acceptance of a Loan Guarantee pursuant to Section 108 of the Housing and Community Development Act of 1974, as amended, 42 U.S.C. 5308, in the amount of $7,100,000.00 (“Section 108 Loan”), as well as other grant funding, for the 18th & Vine Economic Loan Fund and Culture Facilities and authorized the execution of the Funding Approval and the Contract for Loan Guarantee Assistance with HUD, the Note and all other necessary documents in order the implement the Section 108 Loan; and

 

WHEREAS, the City has made continual and timely payments on the Section 108 Loan from annual Community Development Block Grant (“CDBG”) entitlement funds in accordance with the terms of the Section 108 Loan Guarantee; and

 

WHEREAS, the Section 108 Loan funding provided for the construction of mixed use projects and improvements to occur in the 18th & Vine project area; and

 

WHEREAS, HUD desires to refinance the Section 108 Loan to obtain a lower interest rate and will include the 18th & Vine Loan in a public offering to be conducted on May 28, 2015; and

 

WHEREAS, it is in the City’s interest for this Section 108 Loan to be refinanced in order to save the City approximately $392,000.00 of CDBG funds between now and the Note’s final maturity date; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager, on behalf of the City of Kansas City, Missouri, is authorized to execute the Contract for Loan Guarantee Assistance, the Fixed Rate Note for Series 2015-A Certificates, and all other necessary documents in order to implement the Section 108 Loan Guarantee.

 

Section 2. That the City Manager is authorized to submit all necessary Section 108 Loan refinancing documents to the U.S. Department of Housing Urban Development.

 

_____________________________________________

 

Approved as to form and legality:

 

___________________________________

Nicole Rowlette

Assistant City Attorney