ORDINANCE NO. 120402

Authorizing a Second Amendment to a cooperative agreement between the City and the Economic Development Corporation concerning the River Market Loan Program.

WHEREAS, the City Council passed Ordinance No. 970225 on March 20, 1997, which authorized execution of a cooperative agreement with the Economic Development Corporation (“EDC”) wherein EDC would administer the River Market Loan Program; and

WHEREAS, the City Council passed Ordinance No. 110762 on October 6, 2011, which authorized a First Amendment to the cooperative agreement to allow more funds to be disbursed to qualified small businesses in the River Market area and promote economic and job growth; and

WHEREAS, the City Council desires to further amend the agreement to allow funds in excess of the original $500,000.00 grant to be spent City-wide for micro-loans to entrepreneurs that are unable to access capital from traditional financial institutions; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Manager is authorized to execute a second amendment to a cooperative agreement with the Economic Development Corporation on the River Market Loan Program, said amendment in substantial form as on file in the City Manager’s Office.

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Approved as to form and legality:

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Cecilia Abbott

Assistant City Attorney