RESOLUTION NO. 910689

Authorizing submission of an amended CDBG - Year 17 Statement of Objectives and Projected Use of Funds adding the Gem Theater 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 Gem Theater Project in the amount of $2,000,000.00.

Section 2. That the City Council desires to borrow $2,000,000.00 for the Gem Theater 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 Gem Theater 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 rehabilitated with the loan funds shall be used for repayment of the loan.

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