KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 031245 Introduction Date: 11/6/2003
Type: Resolution Effective Date: 11/13/2003
Sponsor: COUNCILMEMBERS HERMANN, MCFADDEN-WEAVER, GLOVER AND NASH
Title: Directing the City Manager to formally request the U.S. Department of Housing and Urban Development to authorize the retention of program income from the early debt repayment of a Section 108 guaranteed loan to finance additional housing and economic development projects within the City.

Legislation History
DateMinutesDescription
11/6/2003

Prepare to Introduce

11/6/2003

Referred Neighborhood Development and Housing Committee

11/12/2003

Immediate Adoption

11/13/2003

Adopted


View Attachments
FileTypeSizeDescription
No attachment(s) found

Printer Friendly Version

RESOLUTION NO. 031245

 

Directing the City Manager to formally request the U.S. Department of Housing and Urban Development to authorize the retention of program income from the early debt repayment of a Section 108 guaranteed loan to finance additional housing and economic development projects within the City.

 

WHEREAS, in 1997, the City received a $7.1 million HUD Section 108 guaranteed loan for the Westside Business Park project (the Project) which was made available to the developer of the project through the Citys lender HEDFC; and

 

WHEREAS, DST, the developer of the Project, has paid in full the loan; and

 

WHEREAS, the City and HEDFC have been in preliminary consultations with HUD to retain the proceeds derived from the prepayment of the loan and use such proceeds as program income to finance new housing and economic development activities; and

 

WHEREAS, HUD officials have made further recommendations and suggestions regarding the use of the funds from the prepayment of the loan but have not made a final determination regarding the Citys request; and

 

WHEREAS, the City Council endorses the use of available proceeds from the repayment of the 108 loan and request HUD to consider and approve the Citys original request to retain the funds; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is directed to formally request the U.S. Department of Housing and Urban Development to authorize the retention of program income from the early debt repayment of a Section 108 guaranteed loan to finance additional housing and economic development projects within the City.

 

________________________________________________________