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Legislation #: 050785 Introduction Date: 6/23/2005
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing execution of a contract for $1,419,000.00 with the Kansas City Missouri Homesteading Authority for funding assistance for the Jazz District Apartments Phase II Housing Development.

Legislation History
DateMinutesDescription
6/23/2005 Filed by the Clerk's office
6/23/2005 Referred to Neighborhood Development and Housing Committee
6/29/2005 Advance and Do Pass as a Committee Substitute, Debate
6/30/2005 Passed as Substituted

View Attachments
FileTypeSizeDescription
050785.pdf Authenticated 100K Authenticated
JazzDistIIFactSheet.doc Fact Sheet 48K Fact Sheet - Jazz District Phase II Housing

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 050785

 

Authorizing execution of a contract for $1,419,000.00 with the Kansas City Missouri Homesteading Authority for funding assistance for the Jazz District Apartments Phase II Housing Development.

 

WHEREAS, in 1999 the City Council approved a Committee Substitute for Ordinance No. 990359 authorizing funding to assist in the financing of affordable multi-family developments within the 18th and Vine Historic District with approved Section 108 Loan and Economic Development Initiative Grant funds from the United States Department of Housing and Urban Development (H.U.D.); and

 

WHEREAS, the Jazz District Apartments Phase II Housing Development, located at 19th and Vine, proposes the construction of seventy-eight (78)-units of mixed income rental housing with $1,419,000.00 of Section 108 Loan Guarantee funds; and

 

WHEREAS, the City has made direct disbursements of $47,111 and previous disbursements through its former subrecipient, the Housing and Economic Development Financial Corporation of $554,556 to the project Developer; and

 

WHEREAS, the Project will further the Citys housing goals by assisting in the development of 51 affordable housing units and 27 market rate units in the Urban Core Strategy Area; and

 

WHEREAS, the Kansas City Missouri Homesteading Authority, the Citys housing subrecipient, will enter into a participation agreement with the Missouri Housing Development Commission which will serve as the primary lender and loan servicer for the loan; and

 

WHEREAS, through this Ordinance the City and KCMHA desire to enter into a contract to provide financing for the Jazz District Apartments Phase II, NOW, THEREFORE:

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of the City Development Department, on behalf of the City of Kansas City, Missouri, is hereby authorized to enter into and execute a $1,419,000.00 contract with the Kansas City Missouri Homesteading Authority which is on file in the office of the Director of City Development and incorporated herein by reference, for the purpose of providing financing for the construction of the Jazz District Apartments Phase II.

 

Section 2. That the revenue in the following account of the HUD Section 108 Loan Fund is hereby estimated in the following additional amount:

 

06-2540-640000-485330 Program Income Multi-Family Housing $601,667.00

 

Section 3. The $817,332.00 is hereby appropriated from the Unappropriated Fund Balance of the Section 108 fund, No. 2540 to the following account:

 

06-2540-649800-B 18th &Vine Section 108 Debt $817,332.00

 

Section 4. The City is hereby authorized to receive program income from the project in the amount of $554,556.00, and $47,111.00 from the project Developer as a condition of closing, with the total amount of $601,667.00, to be provided to the primary lender at the time of permanent financing, is hereby appropriated from the Unappropriated Fund Balance of Section 108 fund, No. 2540 to the following account:

 

06-2540-649800-B 18th &Vine Section 108 Debt $601,667.00

 

_____________________________________________

 

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.

 

 

___________________________________

Wanda Gunter

Acting Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Nicole Rowlette

Assistant City Attorney