COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 960483

Authorizing submission to the U.S. Department of Housing and Urban Development of an amendment to the Section 108 Loan for the GEM Theater Project and authorizing execution of a $2,000,000.00 agreement with the 18th and Vine Authority for the GEM Theater project.

WHEREAS, the Council approved the submission of a $2,000,000.00 application for a Section 108 loan for the GEM Theater Project through the adoption of Resolution No. 910689 on June 13, 1991; and

WHEREAS, the application submitted to HUD stated that the GEM Theater would be owned by the Black Economic Union; and

WHEREAS, HUD approved the City's application for the GEM Theater Project in the amount of $2,000,000.00 on August 4, 1992; and

WHEREAS, the Council accepted the Section 108 Loan for the GEM Theater Project from HUD through passage of Ordinance No. 921136 on October 15, 1992; and

WHEREAS, certain changes to the GEM Theater Project have necessitated submission of an amendment to the approved Section 108 Loan, including that the GEM Theater is owned by the City not the Black Economic Union; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Mayor, on behalf of the City of Kansas City, is hereby authorized to execute an amendment to the Section 108 Loan No. B-91-MC-29-0003-A to the U.S. Department of Housing and Urban Development for the GEM Theater Project. A copy of said amendment, in substantial form, is attached hereto and is hereby approved.

Section 2. That the Director of the Department of Housing and Community Development is authorized to execute, on behalf of the City, an agreement with the 18th and Vine Authority, in the amount of $2,000,000.00, for funds for the GEM Theater Project from funds previously appropriated to Account No. 93-254-055-2138, GEM Theater, once the amendment to the Section 108 Loan is approved by HUD and executed by the City. A copy of the agreement, in substantial form, is attached to this ordinance and is approved.

_____________________________________________

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.

___________________________________

Director of Finance

Approved as to form and legality:

___________________________________

Assistant City Attorney