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Legislation #: 120949 Introduction Date: 11/1/2012
Type: Ordinance Effective Date: 11/18/2012
Sponsor: None
Title: Accepting $800,000.00 in HOME program income funds from the Housing Economic Development Financial Corporation (HEDFC) federal receivership; estimating and appropriating funds in the amount of $800,000.00 in the HOME Investment Fund; authorizing the Director of Neighborhoods and Housing Services Department to enter into a contract, financing agreement and loan documents in the amount of $800,000.00 with Seven Oaks Estates, L.P., for the conversion of the Seven Oaks School into affordable housing units; and designating requisitioning authority.

Legislation History
DateMinutesDescription
10/30/2012 Filed by the Clerk's office
11/1/2012 Referred to Planning, Zoning & Economic Development Committee
11/7/2012 Advance and Do Pass, Debate
11/8/2012 Passed

View Attachments
FileTypeSizeDescription
120949.pdf Authenticated 54K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120949 Website Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120949
120949 Fiscal Note.xls Fiscal Note 50K Fiscal Note
120949 Fact Sheet.xls Fact Sheet 141K Fact Sheet
Approp Admin - Seven Oaks.xls Other 45K Approp Worksheet

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ORDINANCE NO. 120949

 

Accepting $800,000.00 in HOME program income funds from the Housing Economic Development Financial Corporation (HEDFC) federal receivership; estimating and appropriating funds in the amount of $800,000.00 in the HOME Investment Fund; authorizing the Director of Neighborhoods and Housing Services Department to enter into a contract, financing agreement and loan documents in the amount of $800,000.00 with Seven Oaks Estates, L.P., for the conversion of the Seven Oaks School into affordable housing units; and designating requisitioning authority.

WHEREAS, the Seven Oaks Senior Apartments (“Project”) is a redevelopment project in the Heart of the City Neighborhood Strategy Area which consists of converting an historic school located at 3711 Jackson Avenue into forty-four (44) units of affordable senior housing to be leased to low income Kansas City, Missouri residents; and

WHEREAS, the predevelopment activities of the Project have been completed or are in process, including but not limited to environmental studies, architectural renderings, and engineering structural analysis, and the Project is prepared for rehabilitation construction to begin; and

WHEREAS, the City created, and the Council approved through Committee Substitute for Resolution No. 100903, the reBuild/KC Neighborhoods asset transfer plan, which included the recommendation to complete Seven Oaks School project with proceeds coming from HEDFC’s HOME program income account; and

WHEREAS, the City advanced predevelopment costs to the developer in the amount of $41,500.00 which shall be repaid to the City upon Project loan closing; and

WHEREAS, the transfer of the funds from HEDFC is subject to the approval of the U.S. District Court for the Western District of Missouri in Case No. 05-00368-CV-W-GAF; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of the Neighborhoods and Housing Services Department is hereby authorized to accept, subject to approval by the U.S. District Court for the Western District of Missouri in Case No. 05-00368-CV-W-GAF, $800,000.00 in HOME program income from the Housing and Economic Development Financial Corporation (HEDFC) for the purpose of the rehabilitation and development of the Seven Oaks Senior Apartments Project.

Section 2. That the Director of the Neighborhoods and Housing Services Department is authorized to enter into a contract, financing agreement and loan documents with Seven Oaks Estates, L.P. in the amount of $800,000,00 for funding assistance for the development of the Seven Oaks Senior Apartments Project. A copy of the contract, in substantial form, is on file in the office of the Director of Neighborhoods and Housing Services Department.

Section 3. That the revenue in the following account of the Home Investment Fund is estimated in the following amount:

13-2940-550001-474630 Federal Grant Revenues $800,000.00

Section 4. That the appropriation in the following account of the Home Investment Fund is increased by the following amount:

13-2940-555317-B Housing Development $800,000.00

Section 5. That the Director of Neighborhoods and Housing Services Department is designated as requisitioning authority for Account No. 13-2940-555317.

____________________________________________

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:

 

 

_______________________________

Nicole Rowlette

Assistant City Attorney