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Legislation #: 060172 Introduction Date: 2/9/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER MCFADDEN-WEAVER
Title: Authorizing the Director of City Development, upon the payment by the developer of $10,000.00 of the accrued interest, to waive all the remaining accrued interest on two loans for the Justin Place apartments, located at 3000 Chestnut, Kansas City, Missouri.

Legislation History
DateMinutesDescription
2/9/2006 Filed by the Clerk's office
2/9/2006 Passed

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060172.pdf Authenticated 57K Authenticated
fact sheet.doc Advertise Notice 42K fact sheet

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ORDINANCE NO. 060172

 

Authorizing the Director of City Development, upon the payment by the developer of $10,000.00 of the accrued interest, to waive all the remaining accrued interest on two loans for the Justin Place apartments, located at 3000 Chestnut, Kansas City, Missouri.

 

WHEREAS, Ordinance No. 051375 authorized the Director of City Development to enter into two modification and subordination agreements with the Missouri Housing Development Commission (MHDC) for City of Kansas City, Missouri loans involving 80 units at the Justin Place apartments, located at 3000 Chestnut, Kansas City, Missouri; and

 

WHEREAS, the modification and subordination agreements addressed in Ordinance No. 051375 will provide that the City will subordinate its two existing loans, the first for $1,100,000.00 of Housing Development Action Grant (HODAG) funds and the second for $735,000.00 of Community Development Block Grant (CDBG) funds for a total of $1,835,000.00, to a Risk Share loan issued by MHDC; and

 

WHEREAS, the developer has agreed to pay $10,000.00 of the accrued interest; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That upon the payment by the developer of $10,000.00 of the accrued interest, the Director of City Development is hereby authorized to waive all of the remaining accrued interest on the HODAG and CDBG loans as part of the modification and subordination agreements considered in Ordinance No. 051375 for the Justin Place apartments, located at 3000 Chestnut, Kansas City, Missouri that has accrued as of the date of that modification and subordination.

 

___________________________________________________________

 

Approved as to form and legality:

 

 

________________________

Nicole Rowlette

Assistant City Attorney