ORDINANCE NO. 120949
Accepting $800,000.00 in HOME
program income funds from the Housing Economic Development Financial
Corporation (HEDFC) federal receivership; estimating and appropriating funds in
the amount of $800,000.00 in the HOME Investment Fund; authorizing the Director
of Neighborhoods and Housing Services Department to enter into a contract,
financing agreement and loan documents in the amount of $800,000.00 with Seven
Oaks Estates, L.P., for the conversion of the Seven Oaks School into affordable
housing units; and designating requisitioning authority.
WHEREAS, the
Seven Oaks Senior Apartments (“Project”) is a redevelopment project in the
Heart of the City Neighborhood Strategy Area which consists of converting an
historic school located at 3711 Jackson Avenue into forty-four (44) units of
affordable senior housing to be leased to low income Kansas City, Missouri
residents; and
WHEREAS, the
predevelopment activities of the Project have been completed or are in process,
including but not limited to environmental studies, architectural renderings,
and engineering structural analysis, and the Project is prepared for
rehabilitation construction to begin; and
WHEREAS, the
City created, and the Council approved through Committee Substitute for
Resolution No. 100903, the reBuild/KC Neighborhoods asset transfer plan, which
included the recommendation to complete Seven Oaks School project with proceeds
coming from HEDFC’s HOME program income account; and
WHEREAS, the
City advanced predevelopment costs to the developer in the amount of $41,500.00
which shall be repaid to the City upon Project loan closing; and
WHEREAS, the
transfer of the funds from HEDFC is subject to the approval of the U.S.
District Court for the Western District of Missouri in Case No.
05-00368-CV-W-GAF; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the Director of the Neighborhoods and Housing Services Department is hereby
authorized to accept, subject to approval by the U.S. District Court for the
Western District of Missouri in Case No. 05-00368-CV-W-GAF, $800,000.00 in HOME
program income from the Housing and Economic Development Financial Corporation
(HEDFC) for the purpose of the rehabilitation and development of the Seven Oaks
Senior Apartments Project.
Section 2. That
the Director of the Neighborhoods and Housing Services Department is authorized
to enter into a contract, financing agreement and loan documents with Seven
Oaks Estates, L.P. in the amount of $800,000,00 for funding assistance for the
development of the Seven Oaks Senior Apartments Project. A copy of the
contract, in substantial form, is on file in the office of the Director of
Neighborhoods and Housing Services Department.
Section 3. That
the revenue in the following account of the Home Investment Fund is estimated
in the following amount:
13-2940-550001-474630 Federal
Grant Revenues $800,000.00
Section 4. That
the appropriation in the following account of the Home Investment Fund is
increased by the following amount:
13-2940-555317-B Housing
Development $800,000.00
Section 5. That
the Director of Neighborhoods and Housing Services Department is designated as
requisitioning authority for Account No. 13-2940-555317.
____________________________________________
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:
_______________________________
Nicole Rowlette
Assistant City Attorney