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Legislation #: 120155 Introduction Date: 2/23/2012
Type: Ordinance Effective Date: 3/18/2012
Sponsor: None
Title: Accepting $1,700,000.00 in HOME program income funds from the Housing Economic Development Finance Corporation (HEDFC) federal receivership; estimating and appropriating funds in the amount of $1,700,000.00 in the HOME Investment Fund; authorizing the Acting Director of Housing and Community Development, the City Manager or his designee to enter into a contract, financing agreement and loan documents in the amount of $1,700,000.00 with The Colonnades at Beacon Hill, L.P., for the construction and rehabilitation of the Colonnades at Beacon Hill; and designating requisitioning authority.

Legislation History
DateMinutesDescription
2/15/2012 Filed by the Clerk's office
2/23/2012 Referred to Planning, Zoning & Economic Development Committee
2/29/2012 Do Pass
3/1/2012 Assigned to Third Read Calendar
3/8/2012 Passed

View Attachments
FileTypeSizeDescription
120155.tiff Authenticated 99K AUTHENTICATED
120155 Fiscal Note.xls Fiscal Note 50K Fiscal Note
120155 Fact Sheet.xls Fact Sheet 141K Fact Sheet
Approp Admin - Colonnades.xls Other 39K Approp/Admin

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ORDINANCE NO. 120155

 

Accepting $1,700,000.00 in HOME program income funds from the Housing Economic Development Finance Corporation (HEDFC) federal receivership; estimating and appropriating funds in the amount of $1,700,000.00 in the HOME Investment Fund; authorizing the Acting Director of Housing and Community Development, the City Manager or his designee to enter into a contract, financing agreement and loan documents in the amount of $1,700,000.00 with The Colonnades at Beacon Hill, L.P., for the construction and rehabilitation of the Colonnades at Beacon Hill; and designating requisitioning authority.

WHEREAS, the Colonnades at Beacon Hill Project (“Project”) is a redevelopment project in the Beacon Hill Redevelopment Area which consists of the rehabilitation of two historically significant colonnade-style, 6-unit apartment structures, and construction of three new 6-unit apartment structures along 27th Street at Tracy Avenue to be leased to a mix of market rate and low income Kansas City, Missouri residents; and

WHEREAS, the predevelopment activities of the Project have been completed, including but not limited to environmental studies, architectural renderings, and engineering structural analysis, and, upon award of low income housing tax credits by the Missouri Housing Development Commission (MHDC), the Project is prepared for closing and rehabilitation/ construction to begin; and

WHEREAS, the Project will rehabilitate and save two (2) historically significant structures in Beacon Hill; and

WHEREAS, the City has established the renovation and preservation of the residential units and the related historic elements of the Colonnades in Beacon Hill as a priority; and

WHEREAS, the City has an obligation with the United States Department of Housing and Urban Development to complete the Colonnades at Beacon Hill project; 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 the Colonnades at Beacon Hill project with proceeds coming from HEDFC’s HOME program income account; and

WHEREAS, on September 8, 2011, the City Council approved Resolution No. 110686 which amended the 2011 One Year Action Plan and authorized submission of a Substantial Amendment to the U.S. Department of Housing and Urban Development in order to approve the allocation of $1,700,000.00 in HOME program income from HEDFC for the Project; 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 Acting Director of the Housing and Community Development 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, $1,700,000.00 in HOME program income from the Housing and Economic Development Financial Corporation (HEDFC) for the purpose of the rehabilitation and development of the Colonnades in Beacon Hill Project.

Section 2. That, upon notice of award of federal and state tax credits by the Missouri Housing Development Commission (MHDC), the Acting Director of the Housing and Community Development Department, the City Manager or his designee are authorized to enter into a contract, financing agreement and loan documents with the Colonnades at Beacon Hill, L.P. in the amount of $1,700,000.00 for funding assistance for the development of the Colonnades at Beacon Hill Project. A copy of the contract, in substantial form, is on file in the office of the Acting Director of Housing and Community Development.

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

12-2940-550001-474630 Federal Grant Revenue $1,700,000.00

Section 4. That $1,700,000.00 is appropriated from the Unappropriated Fund Balance of the Home Investment Fund to the following account:

12-2940-555317-B Housing Development $1,700,000.00

Section 5. That the Acting Director of Housing and Community Development is designated as requisitioning authority for Account No. 12-2940-555317.

_____________________________________________

 

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