ORDINANCE NO. 050784

Authorizing execution of three contracts for the total amount of $985,000.00 with the Kansas City Missouri Homesteading Authority for funding assistance for three multi-family affordable housing developments.

WHEREAS, in the 2004 and 2005 Consolidated Plans the City Council approved funding to assist in the financing of three affordable multi-family developments with Community Development Block Grant and HOME Investment Partnership Act funds; and

WHEREAS, the 2004 Consolidated Housing and Community Development Plan, and Committee Substitute For Resolution No. 040032 were approved by City Council on February 26, 2004; and

WHEREAS, the 2005 Consolidated Housing and Community Development Plan, and a Resolution No. 040032 were approved by City Council on April 7, 2005; and

WHEREAS, the three multi-family developments include: The Professional Building, located at 1103 Grand Avenue, a vacant, historic structure proposed for preservation into 132-units of affordable rental housing with $535,000 of HOME funds; the 42^nd and Highland Housing Development, located at the west side of Woodland and eastside of Highland at 42^nd Street, Kansas City, Missouri, a 10-unit affordable rental housing development with $200,000 of HOME funds; and the Alexandria Apartments, located at 1326-1328 East Armour Boulevard, a historic structure proposed for preservation into 55-units of affordable rental housing with $250,000 of HOME funds; and

WHEREAS, the three projects will further the Citys goals of providing affordable housing by creating 197 affordable housing units, with 132-units in the Downtown Strategy Area and 65-units in the Urban Core Strategy Area; and

WHEREAS, on the Kansas City Missouri Homesteading Authority, the Citys primary housing subrecipient, will be entering into loan documents and project regulatory agreements with each of the projects; and

WHEREAS, through this Ordinance the City and KCMHA desire to enter into contracts to provide financing for the Professional Building, the 42^nd and Highland Housing Development, and the Alexandria Apartments: NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of the City Development Department, on behalf of the City of Kansas City, Missouri, is hereby authorized to enter into and execute a $985,000.00 contract with the Kansas City Missouri Homesteading Authority which are on file in the office of the Director of City Development and is incorporated herein by reference, for the purpose of providing financing for the preservation of the Professional Building, the 42^nd and Highland Housing Development, and the Alexandria Apartments from funds previously and herein appropriated to Account No. 06-2940-645301-B.:

Section 2. That $735,000.00 is hereby appropriated from the Unappropriated Fund Balance of the 2005 HOME Investment Partnership Fund, No.2940, to the following account:

05-2940-645301-B HOME $735,000.00

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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 the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

_______________________________

Wanda Gunter

Acting Director of Finance

Approved as to form and legality:

_______________________________

Nicole Rowlette

Assistance City Attorney