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Legislation #: 160145 Introduction Date: 2/25/2016
Type: Ordinance Effective Date: none
Sponsor: None
Title: Appropriating $500,000.00 in the Maintenance Reserve Fund and supporting the creation of a Catalytic Urban Redevelopment Pre-Development Loan Fund with Greater Kansas City LISC using $500,000.00 of Kansas City Maintenance Reserve Corporation funds to support eligible predevelopment expenses of projects that will spur economic renewal and growth in Kansas City's underserved neighborhoods.

Legislation History
DateMinutesDescription
2/25/2016 Filed by the Clerk's office
2/25/2016 Referred to Neighborhoods and Public Safety Committee
3/2/2016 Advance and Do Pass as a Committee Substitute, Debate
3/3/2016 Passed as Substituted

View Attachments
FileTypeSizeDescription
160145.pdf Authenticated 225K 160145
Predelopment Loan Fund Fact Sheet_12 30 15.xls Fact Sheet 154K Fact Sheet
AA - MRC-pre-development.xls Other 45K Approp Admin
FN - MRC-predevelopment.xls Fiscal Note 50K Fiscal note

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 160145

 

Appropriating $500,000.00 in the Maintenance Reserve Fund and supporting the creation of a Catalytic Urban Redevelopment Pre-Development Loan Fund with Greater Kansas City LISC using $500,000.00 of Kansas City Maintenance Reserve Corporation funds to support eligible predevelopment expenses of projects that will spur economic renewal and growth in Kansas City's underserved neighborhoods.

 

WHEREAS, the Greater Kansas City Local Initiatives Support Corporation (“LISC”) has established a $4 million Catalytic Urban Predevelopment Loan Fund (“Fund”) to be used to support development projects specifically in Kansas City’s underserved neighborhoods with a predominance of low-income populations; and

 

WHEREAS, LISC requested the Kansas City Maintenance Reserve Corporation join in collaboration with its other partners in capitalizing the Fund including the Ewing Marion Kauffman Foundation, the Hall Family Foundation and the Unified Government of Wyandotte County; and

 

WHEREAS, the Fund will provide predevelopment loans for a variety of projects including affordable and mixed-income housing as well as commercial and mixed-use projects; loan repayments received from projects will be recycled in perpetuity to be used for future projects; and

 

WHEREAS, in 1975, the Kansas City Missouri Rehabilitation Maintenance Corporation was established as a general non for profit corporation with the State of Missouri with the civic purposes of contracting with owners of residential property in Kansas City, Missouri and performing maintenance on such property after rehabilitation to preserve the benefit of such rehabilitation for the community as a whole; and

 

WHEREAS, the name of the corporation was changed to Kansas City Maintenance Reserve Corporation (“MRC”) in 1977; and

 

WHEREAS, the MRC Board of Directors authorized a conditional commitment of $500,000.00 for three years to participate in LISC’s Catalytic Urban Predevelopment Fund program by providing funding for payable loans for residential projects in low-moderate income census tracts during the February 10, 2016 Board Meeting; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That $500,000.00 is appropriated from the Unappropriated Fund Balance of the Maintenance Reserve Fund to the following account:

 

AL-6930-572127-B Maintenance Reserve Program $500,000.00

 

Section 2. That the City supports the use of $500,000.00 by the Maintenance Reserve Corporation to establish a pre-development loan fund agreement with LISC, as approved by the Maintenance Reserve Corporation Board of Directors, for the creation of a $4 million Catalytic Urban Redevelopment Pre-Development Loan Fund. All Maintenance Reserve Corporation funds will be used in accordance with City policies, procedures and ordinances including the historic preservation ordinances in Sections 88-580 and 88-585 of the City Code of Ordinances. The Maintenance Reserve Corporation funds will not be used toward the demolition of designated historic properties in Kansas City, Missouri.

 

_____________________________________________

 

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.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Nicole Rowlette

Assistant City Attorney