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Legislation #: 190662 Introduction Date: 8/8/2019
Type: Resolution Effective Date: none
Sponsor: None
Title: Accepting the recommendation of the Central City Economic Development Tax Board to fund an economic development project proposed by Taliaferro and Browne Real Estate 22nd/23rd Street, LLC for funding to support the development of 23 units of newly constructed affordable housing to be located at or near 22nd and 23rd Streets and Prospect Avenue in Kansas City, Jackson County, Missouri in the amount of $1,900,000.00 and authorizing the City Manager to negotiate a Funding Agreement for that purpose.

Legislation History
DateMinutesDescription
8/8/2019 Filed by the Clerk's office
8/8/2019 Referred to Special Committee on Housing Policy
8/21/2019 Be Adopted as a Committee Substitute
8/22/2019 Re-Referred Special Committee on Housing Policy
8/28/2019 Be Adopted as a Second Committee Substitute
8/29/2019 Councilmember Parks-Shaw (Second by Barnes Jr.) Move to Waive Charter Requirement
8/29/2019 Adopted as Second Committee Substitute

View Attachments
FileTypeSizeDescription
190662 2nd sub.pdf Authenticated 282K Authenticated
Project Descriptions Board Presentation RDD (002).pptx Other 2866K Presentation
Fact Sheet Prospect Summit.pdf Fact Sheet 168K Fact sheet
CCSST Round 2 Funding Fiscal Note-Taliaferro and Browne.pdf Fiscal Note 100K Fiscal Note

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SECOND COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 190662

 

Accepting the recommendation of the Central City Economic Development Tax Board to fund an economic development project proposed by Taliaferro and Browne Real Estate 22nd/23rd Street, LLC for funding to support the development of 23 units of newly constructed affordable housing to be located at or near 22nd and 23rd Streets and Prospect Avenue in Kansas City, Jackson County, Missouri in the amount of $1,900,000.00 and authorizing the City Manager to negotiate a Funding Agreement for that purpose.

 

WHEREAS, Section 67.1305 of the Revised Statutes of Missouri authorizes the City to impose a retail sales tax not to exceed one-half of one percent if the imposition of such a retail sales tax is submitted to, and then approved by, a majority of the votes cast; and

 

WHEREAS, on April 4, 2017, pursuant to authority granted by Section 67.1305, RSMo, a majority of Kansas City, Missouri voters approved a new 1/8 of one percent retail sales tax for funding economic development projects within the area bounded by 9th Street on the north, Gregory Boulevard on the south, Martin Luther King, Jr. Boulevard on the west and Indiana Avenue on the east; and

 

WHEREAS, Taliaferro and Browne Real Estate 22nd/23rd Street, LLC (“Developer”) submitted a proposal seeking $1,900,000.00 of Central City Economic Development (“CCED”) sales tax funds for a proposed development to be known as Prospect Summit Apartments that will include 23 newly constructed affordable apartments in 12 duplex units to be located at or near 22nd and 23rd Streets and Prospect Avenue in Kansas City, Jackson County, Missouri (the “Project”); and

WHEREAS, at its July 16, 2019 meeting, the Central City Economic Development Sales Tax Board voted to approve a recommendation to the Council for funding costs associated with this Project from CCED sales tax funds in the amount of $1,900,000.00; and

 

WHEREAS, the Project serves a predominantly public municipal purpose because, without limitation, completion of the Project (i) enhances the tax base of the Project Site; (ii) retains and/or generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined to be blighted as a location for business operations; (iv) results in generation of tax revenues to the City from the conduct of business and other activities in the City that would not otherwise occur; (v) serves as a catalyst for additional investment in and further redevelopment and rehabilitation of the area of the City in which the Project site is located; and (vi) furthers the City's policy of encouraging economic stability and growth; and

WHEREAS, the City desires to encourage the Developer to carry out the Project for the purpose of realizing these predominantly public purposes by entering into an agreement to contribute certain revenues in an amount needed to cause the Project to be undertaken and attract the necessary private investment; and

WHEREAS, the contributions contemplated by the funding agreement are limited to those which have been determined to be needed for the purpose of ensuring that the Project proceeds, and, but for their contribution, the Project would not proceed, to the detriment of the public interest; NOW, THEREFORE,  

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the CCED Board’s recommendation that CCED sales tax revenues in an amount not to exceed $1,900,000.00 be utilized for construction and related costs incurred by Taliaferro and Browne Real Estate 22nd/23rd Street, LLC for its proposed above-referenced Project is hereby accepted.

 

Section 2. That the City Manager is hereby authorized to enter into negotiations for a funding agreement with Taliaferro and Browne Real Estate 22nd/23rd Street, LLC for construction and related costs associated with the above-referenced Project in an amount not to exceed $1,900,000.00.

 

Section 3. That the City Manager is directed to provide a city planner to assist with the negotiations of the funding agreement in order to assure that the long range strategic planning for the area in which the project is to be located is appropriately accommodated and to negotiate a funding agreement that provides for compliance with any applicable provisions of the Missouri Prevailing Wage Law and any applicable provisions of the City’s Contracting Program Requirements set out in Article IV, Chapter 3, Code of Ordinances, including, but not limited to, the provisions concerning affirmative action, Minority and Women’s Business Enterprises and the Small Local Business Enterprises program. Further, the City Manager is directed to negotiate a funding agreement that prohibits the use of any CCED sales tax funding for the repayment of any preexisting debt or repayment for services or work performed prior to the execution of the funding agreement. In addition, the City Manager is directed to negotiate a funding agreement that requires the disclosure of total project funding sources and projected costs and periodic reporting of project progress.

 

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