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Legislation #: 110423 Introduction Date: 5/26/2011
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBERS WAGNER, CURLS, DAVIS, REED, TAYLOR, CIRCO AND SHARP
Title: Creating the CID/NID Revolving Loan Fund; estimating and appropriating $80,000.00 in the CID/NID Revolving Fund for the purpose of creating a revolving loan fund to assist with the establishment of community improvement districts and neighborhood improvement districts within distressed areas of the City; stating the intent of the Council with respect to repayment of these funds; and directing the City Manager to identify the criteria for the maximum use of these funds.

Legislation History
DateMinutesDescription
5/26/2011 Filed by the Clerk's office
5/26/2011 Referred to Neighborhoods & Healthy Communities Committee
6/1/2011 Advance and Do Pass as a Committee Substitute, Debate
6/2/2011 Passed as Substituted

View Attachments
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110423.pdf Authenticated 52K AUTHENTICATED
fact sheet.xls Advertise Notice 111K fact sheet
fiscal note.xls Advertise Notice 66K fiscal note
approp admin.xls Advertise Notice 41K approp & admin

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110423

 

Creating the CID/NID Revolving Loan Fund; estimating and appropriating $80,000.00 in the CID/NID Revolving Fund for the purpose of creating a revolving loan fund to assist with the establishment of community improvement districts and neighborhood improvement districts within distressed areas of the City; stating the intent of the Council with respect to repayment of these funds; and directing the City Manager to identify the criteria for the maximum use of these funds.

 

WHEREAS, it is important to assist economically challenged areas of the city in need of development that are without the resources to pay for the costs associated with CID/NID tools; and

 

WHEREAS, these tools that have been proven to promote safety, business development and infrastructure upgrades; and

 

WHEREAS, a Revolving Loan Fund would allow sponsoring organizations like small non-profits, neighborhood organizations or small chambers of commerce to have a fund to draw from for those costs; and

 

WHEREAS, once the CID/NID is established it would repay the Revolving Fund the amount of funds drawn in a timetable mutually agreed upon by the City and the sponsoring organization; and

 

WHEREAS, the City recently received a credit for legal services associated with the settlement of the wireless telephone litigation; and

 

WHEREAS, the use of one-time funds for this one-time expenditure is consistent with the City's one-time revenue policy; and

 

WHEREAS, a Revolving Fund of this type will show that the Council and Mayor are looking to innovative thinking with regard to economic development, especially in the urban core of Kansas City, and are committed to finding ways for communities to help themselves by giving them access to tools that have proven to be successful in other parts of the City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY

 

Section 1.  That Fund No. 2560 is hereby renamed the CID/NID Revolving Loan Fund in the financial records of the City.

 

Section 2. That revenue is estimated in the following amount and in the following account of the CID/NID Revolving Loan Fund:

 

12-2560-130000-485200 Recovery of Prior Years Expenditures.     $80,000.00

 

Section 3.  That $80,000.00 is hereby appropriated from the Unappropriated Fund Balance of the CID/NID Revolving Loan Fund to the following account in the CID/NID Revolving Loan Fund:

 

12-2560-642044-B CID/NID Support $80,000.00

 

Section 4.  That the City Council hereby states its intent that these funds shall be used only to support the costs of the formation of CIDs/NIDs by organizations that benefit economically distressed areas of the City.

 

Section 5. That the City Manager shall develop reasonable standards for the repayment of these funds, and shall develop templates or support structures to minimize the out-of-pocket costs that must be incurred so as to maximize the use of these funds by as many interested organizations as possible.

 

_____________________________________________

 

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:

 

 

___________________________________

Brian Rabineau

Assistant City Attorney