RESOLUTION NO. 021437

Stating the Councils intent to increase funding for Phase III of the Mt. Cleveland Initiative Project a commercial office building located on the Blue Parkway and Jackson (a.k.a. the Blue Parkway Office Center), from $1.4 million to $1.8 million for loan refinancing and interior tenant finishes.

WHEREAS, on January 10, 2002, City Council adopted Resolution No. 011766 reaffirming the Councils intent to provide community development block grant funding to finance a $1.4 million development loan to Community Builders of Kansas City for the purpose of constructing Phase III of the Mt. Cleveland Initiative Project, and stated its intent to include such funding in the 2002 Consolidated Housing and Community Development Plan with repayments made upon recommendation by the Director of the Department of Housing and Community Development; and

WHEREAS, construction of Phase III of the Mt. Cleveland Initiative Project is complete and the lease-up phase is 85% complete; and

WHEREAS, the Housing and Economic Development Financial Corporation (HEDFC), the Citys primary subrecipient for federal housing and economic development activities, desires to relocate its business office from 600 Broadway to the new Blue Parkway Office Center; and

WHEREAS, the cost of HEDFCs relocation and tenant finishes are estimated to be $400,000.00; and

WHEREAS, the Director of the Department of Housing and Community Development and Community Builders of Kansas City, in order to facilitate the relocation of HEDFC, recommend to increase the development loan by Resolution No. 011766 by $400,000.00 to fund necessary tenant finishes and other facility costs in the Blue Parkway Office Center; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council states its intent to include community development block grant funding in the 2003 Consolidated Housing and Community Development Plan for principal and interest payments necessary to financing a $1.8 million development loan to Community Builders of KC.

Section 2. That the Council states its intent, upon recommendation by the Director of the Department of Housing and Community Development, that $400,000.00 be used by Community Builders of Kansas City to make tenant finishes and other expenses necessary to facilitate the relocation of the Housing and Economic Development Financial Corporation to the new Blue Parkway Office Center.

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