ORDINANCE NO. 110376
Reducing the Contingent
Appropriation in the General Fund by $102,978.71; appropriating it to the HEDFC
Property Maintenance account in the General Fund to cover the repayment of
HEDFC Receiver’s Real Estate Owned (REO) assets that are non-compliant with the
U.S. Department of Housing and Urban Development’s (HUD) national objectives
and grant requirements.
WHEREAS, as part
of the closing of the Housing and Economic Development Financial Corporation
(“HEDFC”) receivership, the City of Kansas City has identified a parcel of land
once owned by HEDFC wherein Community Development Block Grant (CDBG) and Home
Investment Partnership (HOME) funds were invested in an attempt to develop
multifamily housing; and
WHEREAS, following
the expenditure of CDBG and HOME funds for the project, a decision was made by
HEDFC not to pursue the development of affordable housing; and
WHEREAS, this
parcel will no longer meet a national objective for the use of CDBG funds or be
an eligible activity for the use of HOME funds; and
WHEREAS, HUD has
instructed the City that all of the funds spent on acquiring and maintaining
these parcels must be repaid from non-federal sources to the City’s CDBG and
HOME lines of credit; and
WHEREAS, these
funds will then be available for qualified purposes under the City’s CDBG and
HOME programs; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the appropriation in the following account of the General Fund is reduced by
the following amount:
12-1000-179990-B Contingent
Appropriation $102,978.71
Section 2. That
$102,978.71 is appropriated from the Unappropriated Fund Balance of the General
Fund to the following account:
12-1000-552266-B HEDFC
Property Maintenance $102,978.71
Section 3. That
the Director of Housing and Community Development is hereby designated as
requisitioning authority for Account No. 12-1000-552266.
_________________________________________________
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