RESOLUTION NO. 921472, AS AMENDED

Supporting the change to the River Market Area Redevelopment Project.

WHEREAS, the City submitted an application to the United States Department of Housing and Urban Development (HUD) for the approval of a $3.25 million Section 108 loan for the River Market Area Redevelopment Project which included the rehabilitation of three historic buildings with provision of 217 apartment units; and

WHEREAS, HUD approved the Section 108 loan on May 11, 1992, as submitted; and

WHEREAS, it has become necessary to change the Project in order to restructure the financing in said Project; and

WHEREAS, said change involves the current rehabilitation of only one building and 60 apartment units; and

WHEREAS, the Council does not believe that the change to the Project represents a substantial change pursuant to 24 C.F.R. Section 570.704(c)(5) and HUD has concurred in this opinion; and

WHEREAS, the developer of the River Market Area Redevelopment Project still intends to rehabilitate two additional buildings containing 157 units using the same funding sources as identified in the original Section 108 loan application; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

That the Mayor and Council hereby support the change to the River Market Area Redevelopment Project.

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