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Legislation #: 060224 Introduction Date: 2/23/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER HERMANN
Title: Authorizing the Director of City Development to accept the assignment of a Land Clearance for Redevelopment Authority of Kansas City, Missouri loan and to enter into a modification and subordination agreement for this loan at the Linwood Boulevard Apartments, located in Kansas City, Missouri.

Legislation History
DateMinutesDescription
2/23/2006 Filed by the Clerk's office
2/23/2006 Referred to Neighborhood Development and Housing Committee
3/1/2006 Advance and Do Pass, Debate
3/2/2006 Passed

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060224.pdf Authenticated 42K Authenticated

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ORDINANCE NO. 060224

 

Authorizing the Director of City Development to accept the assignment of a Land Clearance for Redevelopment Authority of Kansas City, Missouri loan and to enter into a modification and subordination agreement for this loan at the Linwood Boulevard Apartments, located in Kansas City, Missouri.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is hereby authorized to accept the assignment of a Land Clearance for Redevelopment Authority of Kansas City, Missouri (LCRA) loan to the City in the amount of $105,000.00 for the Linwood Boulevard Apartments, located in Kansas City, Missouri.

 

Section 2. That upon such assignment, the Director is hereby authorized to enter into a modification and subordination agreement with the Missouri Housing Development Commission (MHDC) whereby the City will subordinate this $105,000.00 loan to a Risk Share loan issued by MHDC.

 

___________________________________________________________

 

Approved as to form and legality:

 

 

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Nicole Rowlette

Assistant City Attorney