SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 140073

Authorizing the Director of Neighborhoods and Housing Services to execute a $500,000.00 contract, financing agreement and loan documents with Faxon School Apartments, LLC to provide partial funding in support of the conversion of the former Faxon School located at 3710 Paseo Boulevard into 46 units of affordable senior housing; and designating requisitioning authority.

WHEREAS, on January 24, 2013, through Committee Substitute for Resolution No. 121077, the Council approved the 2013 One-Year Action Plan which included Home Investments Partnerships Program (HOME) funds for rental housing development; and

WHEREAS, the Faxon School Apartments project was awarded 2013 historic and State and Federal 4% low income housing tax credits through the Missouri Housing Development Commission and City HOME funds are necessary in order for the project to move forward; and

WHEREAS, authorization is required from the City Council in order for the Director to enter into contracts exceeding $75,000.00; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Neighborhoods and Housing Services is hereby authorized to execute a $500,000.00 contract, financing agreement and loan documents with Faxon School Apartments, LLC for contingency and hard construction costs of the Faxon School conversion into forty-six (46) units of affordable one and two bedroom senior apartment units from funds appropriated to Account No. 14-2940-575326-G57HOME13. A copy of the contract, in substantial form, is on file in the office of the Director of Neighborhoods and Housing Services and is incorporated herein by reference.

Section 2. That the Director of Neighborhoods and Housing Services is designated as requisitioning authority for Account No. 14-2940-575326.

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  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.

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Randall J. Landes

Director of Finance

Approved as to form and legality:

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Nicole Rowlette

Assistant City Attorney