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Legislation #: 130064 Introduction Date: 1/24/2013
Type: Ordinance Effective Date: 2/10/2013
Sponsor: COUNCILMEMBER REED
Title: Appropriating $250,000.00 in Community Development Block Grant funds for the Colonnades Project in Beacon Hill; and authorizing the Director of Neighborhoods and Housing Services to execute a $250,000.00 contract and corresponding loan documents with The Colonnades at Beacon Hill, LP.

Legislation History
DateMinutesDescription
1/24/2013 Filed by the Clerk's office
1/24/2013 Referred to Planning, Zoning & Economic Development Committee
1/30/2013 Advance and Do Pass as a Committee Substitute, Debate
1/31/2013 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 130064

Appropriating $250,000.00 in Community Development Block Grant funds for the Colonnades Project in Beacon Hill; and authorizing the Director of Neighborhoods and Housing Services to execute a $250,000.00 contract and corresponding loan documents with The Colonnades at Beacon Hill, LP.

  WHEREAS, the Colonnades at Beacon Hill Project (“Project”) is a redevelopment project in the Beacon Hill Redevelopment Area which consists of the rehabilitation of one historically significant colonnade-style, 6-unit apartment structures, and construction of four new 6-unit apartment structures along 27th Street at Tracy Avenue to be leased to a mix of market rate and low income Kansas City, Missouri residents; and

WHEREAS, certain activities of the Project have been completed, including but not limited to environmental studies, architectural renderings, and engineering structural analysis, and, upon award of low income housing tax credits by the Missouri Housing Development Commission (MHDC), the Project is prepared for closing and rehabilitation/ construction to begin; and

WHEREAS, the Project will rehabilitate and save one (1) historically significant structure in Beacon Hill; and

WHEREAS, the City has established the renovation and preservation of the residential units and the related historic elements of the Colonnades in Beacon Hill as a priority; and

WHEREAS, the City has an obligation with the United States Department of Housing and Urban Development to complete the Colonnades at Beacon Hill project; and

WHEREAS, the City created and the Council approved, through Committee Substitute for Resolution No. 100903, the ReBuild KC/Neighborhoods asset transfer plan, which included the recommendation to complete the Colonnades at Beacon Hill project with proceeds coming from HEDFC’s HOME program income account; and

WHEREAS, on March 8, 2012, the City passed Ordinance No. 120155 which authorized the acceptance of $1,700,000.00 of HOME program income from the HEDFC federal receivership, estimated and appropriated $1,700,000.00 in the HOME investment fund and authorized a contract, financing agreement and loan documents in the amount of $1,700,000.00 between the City and The Colonnades at Beacon Hill, LP; and

WHEREAS, on September 27, 2012 the City passed Ordinance No. 120855 which a) provided an additional $400,000.00 in funding to the Project because a fire destroyed one of the historically significant structures beyond repair causing the loss of historic tax credit equity and creating a $400,000.00 loss of funds and b) authorized an amendment to the contract and corresponding loan documents to reflect the total contract amount of $2,100,000.00; and

WHEREAS, $250,000.00 is needed in order that The Colonnades at Beacon Hill, L.P. can pay predevelopment costs. NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That $250,000.00 is appropriated from the Unappropriated Fund Balance of the Community Development Block Grant Fund to the following account in the Community Development Block Grant Fund:

13-2600-575311 Neighborhood Revitalization $250,000.00

Section 2. That, the Director of the Neighborhoods and Housing Services Department is authorized to enter into a predevelopment loan contract and corresponding documents with The Colonnades at Beacon Hill, LP for $250,000.00. A copy of the contract, in substantial form, is on file in the office of the Director of Neighborhoods and Housing Services.

_____________________________________________

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