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Legislation #: 160262 Introduction Date: 4/7/2016
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving a Kansas City Brownfields Revolving Loan Fund program loan application in an amount not to exceed $504,853.00 for the Hardesty Renaissance Economic Development Corporation, authorizing the Director of City Development to execute the necessary loan documents and authorizing further acts.

Legislation History
DateMinutesDescription
4/7/2016 Filed by the Clerk's office
4/7/2016 Referred to Planning, Zoning & Economic Development Committee
4/13/2016 Advance and Do Pass, Debate
4/14/2016 Passed

View Attachments
FileTypeSizeDescription
160262.pdf Authenticated 127K Authenticated
Hardesty Renaissance EDC RESOLUTION 003-015 (signed).pdf Related Documents 231K Brownfields Commission Resolution
160262 Brownfields Commission.pdf Related Documents 71K Brownfields Commission Resolution
160262 AAFE Resolution.pdf Related Documents 86K AAFE Resolution Guarantee
160262 Draft Guarantee.pdf Agreement 61K Draft Guarantee
160262 Draft Promissory Note.pdf Agreement 41K Draft Promissory Note
160262 Draft Deed of Trust.pdf Agreement 98K Draft Deed of Trust
160262 Draft Loan Agrmnt.pdf Agreement 1050K Draft Loan Agreement
160262 Fiscal Note.pdf Fiscal Note 27K Fiscal Note
160262 Fact Sheet.pdf Fact Sheet 94K Fact Sheet

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ORDINANCE NO. 160262

 

Approving a Kansas City Brownfields Revolving Loan Fund program loan application in an amount not to exceed $504,853.00 for the Hardesty Renaissance Economic Development Corporation, authorizing the Director of City Development to execute the necessary loan documents and authorizing further acts.

 

WHEREAS, a Brownfields Revolving Loan Fund (RLF) program has been established by the City of Kansas City, Missouri (the “City”), and the U.S. Environmental Protection Agency (USEPA) has awarded Brownfields RLF grant funds to the City in the amount of $2,700,108.00, and the City has entered into Federal Cooperative Agreement No. BF-97700901 with USEPA; and

 

WHEREAS, the City’s Brownfields Commission (the “Commission”) has received a draft of an application of the Hardesty Renaissance Economic Development Corporation (HREDC) to the Kansas City Brownfields RLF Program for a loan in the amount of $504,853.00 to abate asbestos containing materials, lead-based paint and other hazardous substances from the structure known as Building No. 10 of the former Hardesty Federal Complex (the “Project”), located at 607 Hardesty Avenue, Kansas City, Missouri (the “Site”); and

 

WHEREAS, on December 11, 2015, the Commission adopted Resolution 003-2015 recommending to the City Council an RLF loan to HREDC for the cleanup of Building No. 10 at the Site, be granted, subject to certain preconditions being met by HREDC; and

 

WHEREAS, the preconditions necessitated that the City receive a final application for RLF assistance, executed by an authorized officer or representative of HREDC, together with current financial statements for HREDC and its parent organization and guarantor, Asian Americans for Equality (AAFE), and that second, upon submission of the financial statements, the City obtains and reviews a basic financial evaluation of the loan applicant and project, such review to be satisfactory to the City and the Commission; and

 

WHEREAS, the City has received a signed loan application, necessary financial statements, and a basic financial evaluation satisfactory to the City and the Commission; and

 

WHEREAS, the HREDC successfully completed the remediation of Building No. 11 in September 2015 and has demonstrated the capacity to appropriately manage RLF funds; and

 

WHEREAS, the applicant HREDC has diligently pursued redevelopment plans, financing and prospective tenants for the redevelopment of Buildings No. 11 and No. 10 and the Site in general, and that such plans include specific efforts to make the Site redevelopment environmentally sustainable, energy efficient and economically equitable for the benefit neighborhood residents and the broader community; and

 

WHEREAS, there remains an unobligated fund balance of $784,697.67 in the RLF grant account; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the application of HREDC for a loan from the City in an amount not to exceed $504,853.00 for the Project at the Site is hereby approved and funded from funds previously appropriated in the following accounts:

 

16-2550-645020-B-G64BRLF Brownfields Revolving Loan Fund $504,853.00

 

Section 2. That the Director of City Planning and Development is authorized to execute with HREDC the necessary loan documents to memorialize, issue and secure the loan, all in accordance with the terms and conditions of the City’s EPA Cooperative Agreement governing the RLF. A copy of the loan documents, approved in substantial form, is on file with the City Planning and Development Department.

 

Section 3. That the Director of City Planning and Development is authorized to take such necessary further acts related to the loan and loan documents, all consistent with this ordinance.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Matthew Gigliotti

Assistant City Attorney