COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 120405
Authorizing the City Manager to
execute a development agreement with Beacon Hill Student Housing Developers, LC
for the development of approximately 120 units, 240 bedrooms of student
housing and related facilities including a 200 space parking garage as well as
provisions for the assemblage of the necessary land and a long-term ground
leasing agreement for the land.
WHEREAS, the
Beacon Hill Development is a major housing development located from 22nd to
27th Streets, Troost to Vine; and
WHEREAS, on
April 12, 2012, Resolution No. 120329 was adopted which directed the City
Manager to take all steps necessary to move the student housing project
forward; and
WHEREAS, on
March 8, 2012, Ordinance No. 120198 was passed that authorized the First
Amendment to the Beacon Hill Development Contract which identified several
sub-development areas, milestones and activities within the overall Beacon Hill
Development and authorized the agreement to be the primary development
agreement for the area; and
WHEREAS, the
northwest quadrant sub-area is located generally from 23rd to 25th Streets,
Troost to Forest Avenue; and
WHEREAS, a
significant proposed project, in cooperation with the University of Missouri
Kansas City, the Beacon Hill Master Developer and the City, is the financing
and construction of approximately 120 units, $26 million, student housing
development on the east side of Troost at 24th Street; and
WHEREAS, the
land necessary for the student housing project is owned by the City and the
Housing and Economic Development Financial Corporation (“HEDFC”), which is
currently under Federal receivership in the U.S. District Court for the Western
District of Missouri in Case No. 05-00368-CV-W-GAF and the City proposed
through Resolution No. 120329 that the HEDFC land be transferred to the EDC
Charitable Foundation (“EDCCF”), subject to Court approval, and for the EDCCF
land and City-owned land to then be transferred to a single entity, the Land
Clearance for Redevelopment Authority (“LCRA”); and
WHEREAS, the
transfer of the land to a single entity is necessary to streamline sales of the
lots for single family housing development and facilitate the financing and
development of the student housing; and
WHEREAS, the
request for approval of the land transfer was submitted to the Department of
Housing and Urban Development (“HUD”) on April 25, 2012 and the City received
notice of HUD’s approval on May 4, 2012. NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the City Manager is authorized to execute a development agreement with Beacon
Hill Student Housing Developers, LC for the development of approximately 120
units, 240 bedrooms of student housing and related facilities including a 200
space parking garage as well as provisions for the assemblage of the necessary
land and a long-term ground leasing agreement for the land. A copy of the
agreement, in substantial form, is on file in the City Manager’s office.
Section 2. That
the City will submit the development agreement and this Ordinance to the U.S.
District Court for the Western District of Missouri in Case No.
05-00368-CV-W-GAF as part of its motion requesting approval of the transfer of
HEDFC-owned land
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Approved as to form and legality:
_____________________________
Nicole Rowlette
Assistant City Attorney