RESOLUTION NO. 971334

Stating the Council's intent to enter into a Cooperative Agreement with the Jazz District Redevelopment Corporation and the Housing and Economic Development Financial Corporation for the 18th and Vine Area Redevelopment Loan Fund and directing the City Manager to proceed with negotiations for said Cooperative Agreement.

WHEREAS, the Council authorized the submission of amendments to the City's approved Economic Development Initiative Grant and Section 108 Loan application, in the total amount of $14,200,000.00, for establishment of the 18th and Vine Area Redevelopment Loan Fund through the adoption of Resolution No. 971199, adopted on August 21, 1997; and

WHEREAS, the 18th and Vine Area Redevelopment Loan Fund is vitally important to the economic development of the 18th and Vine area; and

WHEREAS, the Council desires to designate the Jazz District Redevelopment Corporation and the Housing and Economic Development Financial Corporation as the entities to implement the Loan Fund; and

WHEREAS, the Council believes that it is necessary to proceed with the implementation of the Loan Fund as quickly as possible; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Mayor and Council hereby state their intent to enter into a Cooperative Agreement with the Jazz District Redevelopment Corporation and the Housing and Economic Development Financial Corporation to establish and implement the 18th and Vine Area Redevelopment Loan Fund.

Section 2. That the Mayor and Council further direct the City Manager to proceed with negotiations for development of said Cooperative Agreement for the implementation of the Loan Fund as quickly as possible for Council approval.

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