COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 120942
Authorizing the City Manager to
execute a Downtown Housing Financial Assistance Agreement with the Economic
Development Corporation of Kansas City, Missouri and the EDC Loan Corporation
for the purpose of providing financial assistance in the development of
multifamily residential development in downtown Kansas City, Missouri.
WHEREAS,
pursuant to Committee Substitute for Ordinance No. 120359, the City issued its
taxable Special Obligation Bonds, Series 2012B, a portion of the proceeds of
which were appropriated to provide funds for downtown residential projects; and
WHEREAS, there
are currently two million dollars ($2,000,000.00) available to supplement the
development of multifamily residential development in downtown Kansas City,
Missouri; and
WHEREAS, rental rates, land costs and
the need for structured parking, in certain circumstances, have created the
need for public investment in multifamily residential development; and
WHEREAS, the City has been working in
conjunction with the EDC Development Corporation of Kansas City, Missouri (the
“EDC”) and the Downtown Council to promote multifamily residential development
and develop a process for identifying those multifamily residential projects
that should receive a public financial investment; and
WHEREAS,
potential developers will be selected through a proposal process and the City
will be actively involved in the review of any proposals and negotiation of any
development agreements; and
WHEREAS, no development agreement will
be approved that would use any portion of the bond proceeds unless and until
such development agreement has been approved by the City Council; NOW, THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the City Manager is authorized to execute, on behalf of the City, a Downtown
Housing Financial Assistance Agreement with the Economic Development
Corporation of Kansas City, Missouri and the EDC Loan Corporation. Such
agreement is approved in substantial form as that which is on file in the
office of the Director of the City Development Department.
Section 2. That
the agreement authorized herein shall be funded from those funds previously
appropriated to Account No. AL-3430-108047-B by Committee Substitute for
Ordinance No. 120359.
_________________________________________
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:
_______________________________
Brian Rabineau
Assistant City
Attorney