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Legislation #: 990751 Introduction Date: 5/20/1999
Type: Resolution Effective Date: 5/27/1999
Sponsor: COUNCILMEMBER SCHUMACHER
Title: Consenting to and approving a project in The Industrial Development Authority of the County of Jackson, State of Missouri, involving the acquisition of and the improvements to real property located in the City of Kansas City, Missouri by CME Meadows, Inc.

Legislation History
DateMinutesDescription
5/26/1999

Immediate Adoption

5/20/1999

Referred Planning, Zoning & Economic Development Committee

5/27/1999

Adopted


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RESOLUTION NO. 990751

 

Consenting to and approving a project in The Industrial Development Authority of the County of Jackson, State of Missouri, involving the acquisition of and the improvements to real property located in the City of Kansas City, Missouri by CMEStonegate Meadows, Inc.

 

WHEREAS, The Industrial Development Authority of the County of Jackson, State of Missouri, has received an application to approve a 501(c)(3) project for CME Housing Group, Inc., a Tennessee not-for-profit corporation (CME) or assigns; consisting of the acquisition of the Stonegate Meadows, 10500 East 42nd Street, Kansas City, Missouri, including real estate, buildings, structures, improvements and fixtures, and the rehabilitation of said buildings (the Project) at a total cost not to exceed $13,500,000.00 to be financed by the issuance of Multifamily Housing Revenue Bonds under the authority of Chapter 349 R.S.Mo., 1994, as amended (the Act), in a principal amount not to exceed $13,500,000.00; and

 

WHEREAS, CME has assigned its interest in the Project to its subordinate affiliate CMEStonegate Meadows, Inc., a Tennessee not-for-profit corporation; and

 

WHEREAS, the approval of the City Council of Kansas City, Missouri, the municipality in which the Project is located, is required by Section 349.010 of the Act; and

 

WHEREAS, the Council hereby finds and determines the Project and the Multifamily Housing Revenue Bonds issued on behalf of the Project will promote the welfare of the residents of the City and will promote the economic development thereof and will be in furtherance of the public purposes set forth in the Act; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Council does hereby consent to and approve the Project of The Industrial Development Authority of the County of Jackson, State of Missouri for CMEStonegate Meadows, Inc. and assigns, providing for the issuance of the Multifamily Housing Revenue Bonds, in the principal amount not to exceed $13,500,000.00 for the Project within the city limits of the City.

 

Section 2. This Resolution will be effective immediately upon passage.

 

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