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Legislation #: 910298 Introduction Date: 3/14/1991
Type: Resolution Effective Date: 4/4/1991
Sponsor: COUNCILMEMBER HAZLEY
Title: Authorizing submission of an amended CDBG - Year 17 Statement of Objectives and Projected Use of Funds adding the Kensington Square Project; desiring to borrow $2,000,000.00 for the Project through Title I, Section 108 of the Housing and Community Development Act; designating Land Clearance for Redevelopment Authority of Kansas City, Missouri, to receive the Loan Guarantee; certifying the use of security required for said loan; and affirming use of program income.

Legislation History
DateMinutesDescription
3/14/1991

Referred Plans And Zoning Committee

3/20/1991

Hold On Agenda

3/27/1991

Hold On Agenda

4/3/1991

Immediate Adoption

4/4/1991

Adopted


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RESOLUTION NO. 910298

 

Authorizing submission of an amended CDBG - Year 17 Statement of Objectives and Projected Use of Funds adding the Kensington Square Project; desiring to borrow $2,000,000.00 for the Project through Title I, Section 108 of the Housing and Community Development Act; designating Land Clearance for Redevelopment Authority of Kansas City, Missouri, to receive the Loan Guarantee; certifying the use of security required for said loan; and affirming use of program income.

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Mayor is hereby authorized to submit on behalf of the City, an amended CDBG Year 17 Statement of Objectives and Projected Use of Funds adding a new project to be known as the Kensington Square Project in the amount of $2,000,000.00.

 

Section 2. That the City Council desires to borrow $2,000,000.00 for the Kensington Square Project through Title I, Section 108, of the Housing and Community Development Act of 1974, as amended.

 

Section 3. That the City Council hereby designates the Land Clearance for Redevelopment Authority of Kansas City, Missouri, as the public agency to receive the Loan Guarantee from the U.S. Department of Housing and Urban Development in the amount of $2,000,000.00 for the Kensington Square Project.

 

Section 4. That the City Council hereby certifies that the security required by Section 570.703(b) as a condition of Section 108 loan by future grant entitlements will be given to secure repayment of said loan.

 

Section 5. That the City Council hereby affirms that program income derived from the disposition by sale or lease of any real property acquired or rehabilitation with the loan funds shall be used for repayment of the loan.

 

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