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Legislation #: 090437 Introduction Date: 5/21/2009
Type: Ordinance Effective Date: 6/14/2009
Sponsor: None
Title: Establishing a Technical Review Committee to assist in the financial review and underwriting of development proposals seeking financial assistance from the City using Community Development Block Grant or HOME Investment Partnership Program funding provided by the U.S. Department of Housing and Urban Development.

Legislation History
DateMinutesDescription
5/20/2009 Filed by the Clerk's office
5/21/2009 Referred to Housing Committee
5/27/2009 Do Pass
5/28/2009 Assigned to Third Read Calendar
6/4/2009 Passed

View Attachments
FileTypeSizeDescription
090437.pdf Authenticated 116K AUTHENTICATED
Tech Review Fact Sheet.xls Fact Sheet 105K Fact Sheet

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ORDINANCE NO. 090437

 

Establishing a Technical Review Committee to assist in the financial review and underwriting of development proposals seeking financial assistance from the City using Community Development Block Grant or HOME Investment Partnership Program funding provided by the U.S. Department of Housing and Urban Development.

 

WHEREAS, prior to 2005, the City provided funding received from the U.S. Department of Housing and Urban Development (HUD) to the Housing and Economic Development Finance Corporation (HEDFC) through annual contracts for the purpose of administering housing and community development programs for the City; and

 

WHEREAS, the City has prepared an Asset Transfer and Capacity Building Plan (Plan) for submission to the U.S. District Court for the Western District of Missouri in the case styled City of Kansas City, Missouri v. HEDFC, Case No. 4:05-CV-00368-GAF, as part of its request for transfer of the assets of HEDFC to the City; and

 

WHEREAS, in response to HUDs concern over the Citys technical expertise to pursue and assess large commercial and multi-family housing projects funded with Community Development Block Grant or HOME Investment Partnership Program funds, the City has included as part of that Plan a provision for a Technical Review Committee to assist City staff in developing capacity and reviewing and evaluating commercial and multi-family development projects and loans involving more than $500,000.00 or as needed; and

 

WHEREAS, the use of an advisory group from the private sector to evaluate requests for public support from developers was recommended in the December 2006 Report of the Housing Policy and Oversight Committee, an advisory committee comprised of fifteen citizens which was established to recommend a consolidated housing policy to the Council; and

 

WHEREAS, such Technical Review Committee should be comprised of members who have expertise and knowledge in areas of real estate, property management, and commercial lending; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Technical Review Committee is established for a period not to exceed twenty-one months from the effective date of this ordinance to assist in the financial review, evaluation and underwriting of development projects utilizing or seeking financial assistance from the City through U.S. Department of Housing and Urban Development Community Development Block Grant or HOME Investment Partnership Program funding in excess of $500,000.00 or as needed.

 


Section 2. That the Technical Review Committee members be appointed by the Mayor, and consist of three members to be represented by individuals from the private sector with demonstrable commercial and/or multifamily housing experience in the fields of real estate, property management, and commercial lending.

 

Section 3. That the Technical Review Committee shall be responsible for reviewing development applications as requested by the Acting Director of the Housing and Community Development Department and recommending a course of action for the City to pursue. Factors to be considered in formulating such recommendations shall include, but not be limited to: (a) the financial capacity of the developer to successfully complete and operate the project; (b) the economic feasibility of the project; (c) the economic viability and continued affordability of the project; and (d) the amount of subsidy required.

 

 

Approved as to form and legality:

 

 

Nicole Rowlette

Assistant City Attorney