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Legislation #: 990359 Introduction Date: 3/11/1999
Type: Ordinance Effective Date: 3/28/1999
Sponsor: COUNCILMEMBER ZCLEAVER(OLD)
Title: Authorizing acceptance and execution of a Section 108 Loan Guarantee and an Amended Economic Development Initiative Grant in the amount of $14,200,000.00 for the 18th _ Vine Economic Loan Fund and Cultural Facilities Project and all necessary documents; estimating revenue in the amount of $7,100,000.00 in the Section 108 Loan Fund and appropriating it to the 18th _ Vine Economic Development Loan Fund and Cultural Facilities account; estimating revenue in the amount of $7,100,000.00 in the Economic Development Initiative Fund and appropriating it to the 18th _ Vine Economic Development Loan Fund and Cultural Facilities account; authorizing execution of a $14,200,000.00 development agreement with the Housing and Economic Development Financial Corporation and the Jazz District Renaissance Corporation for the 18th _ Vine Economic Loan Fund and Cultural Facilities Project; and designating requisitioning authority.

Legislation History
DateMinutesDescription
3/18/1999

Waive Charter Requirements City Council

3/11/1999

Prepare to Introduce

3/11/1999

Referred Planning, Zoning & Economic Development Committee

3/17/1999

Advance and Do Pass as a Committee Substitute

3/18/1999

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 990359

 

Authorizing acceptance and execution of a Section 108 Loan Guarantee and an Amended Economic Development Initiative Grant in the amount of $14,200,000.00 for the 18th & Vine Economic Loan Fund and Cultural Facilities Project and all necessary documents; estimating revenue in the amount of $7,100,000.00 in the Section 108 Loan Fund and appropriating it to the 18th & Vine Economic Development Loan Fund and Cultural Facilities account; estimating revenue in the amount of $7,100,000.00 in the Economic Development Initiative Fund and appropriating it to the 18th & Vine Economic Development Loan Fund and Cultural Facilities account; authorizing execution of a $14,200,000.00 development agreement with the Housing and Economic Development Financial Corporation and the Jazz District Renaissance Corporation for the 18th & Vine Economic Loan Fund and Cultural Facilities Project; and designating requisitioning authority.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Mayor, on behalf of the City of Kansas City, Missouri, is hereby authorized to accept an Amended HUD Section 108 Loan Guarantee, B-94-MC-29-0003, in the amount of $7,100,000.00, for the 18th & Vine Economic Loan Fund and Culture Facilities Project and to execute the Funding Approval and the Contract for Loan Guarantee Assistance with the U.S. Department of Housing and Urban Development (HUD), the Notes, and all other necessary documents in order to implement the Loan Guarantee.

 

Section 2. That the revenue in the following account of the Section 108 Loan Fund is hereby estimated in the following amount:

 

99-254-055-7723 Economic Development Initiative-HUD Loan $7,100,000.00

 

Section 3. That the sum of $7,100,000.00 is appropriated from the Unappropriated Fund Balance of the Section 108 Loan Fund to the following account in said Fund:

 

99-254-055-2430-B 18th & Vine Economic Development Loan $7,100,000.00

Fund and Culture Facilities

 

Section 4. That the Mayor, on behalf of the City of Kansas City, Missouri, is hereby authorized to accept an Amended Economic Development Initiative Grant, Grant No. E-95-E2-29-0007, from the U.S. Department of Housing and Urban Development, in the amount of $7,100,000.00, for the 18th and Vine Economic Development Loan Fund and Culture Facilities Project and to execute Amendment No. 1 to EDI Grant Agreement with HUD and all other necessary documents in order to implement said Grant.

 

Section 5. That the revenue in the following account of the Economic Development Initiative Fund is hereby estimated in the following amount:

 

99-250-055-7723 Economic Development Initiative-HUD Grant $7,100,000.00


Section 6. That the sum of $7,100,000.00 is appropriated from the Unappropriated Fund Balance of the Economic Development Initiative Fund to the following account in said Fund:

 

99-250-055-2430-B 18th & Vine Economic Development Loan Fund $7,100,000.00

and Cultural Facilities

 

Section 7. That the Director of the Department of Housing and Community Development is hereby authorized to execute a development agreement with the Housing and Economic Development Financial Corporation and the Jazz District Renaissance Corporation, in the amount of $14,200,000.00, for the implementation of the 18th & Vine Economic Loan Fund and Cultural Facilities Project to be paid from funds herein appropriated to Account Nos. 99-254-055-2430-B, 18th & Vine Economic Development Loan Fund and Cultural Facilities ($7,100,000.00) and 99-250-055-2430-B, 18th & Vine Economic Development Loan Fund and Cultural Facilities ($7,100,000.00). A copy of the agreement, in substantial form, is attached hereto and is hereby approved.

 

Section 8. That the Director of the Department of Housing and Community Development is hereby designated as requisitioning authority for Account Nos. 99-254-055-2430 and 99-250-055-2430.

 

Section 9. That the remaining uncollected balances in Revenue Account Nos. 99-254-055-7723 and 99-250-055-7723 are hereby estimated in the same accounts in the 1999-2000 Fiscal Year.

 

Section 10. That the unexpended and unencumbered balances of the appropriations for Account Nos. 99-254-055-2430 and 99-250-055-2430 are hereby estimated in the same accounts in the 1999-2000 Fiscal Year.

 

________________________________________________________

 

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