COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 110423
Creating the CID/NID Revolving
Loan Fund; estimating and appropriating $80,000.00 in the CID/NID Revolving
Fund for the purpose of creating a revolving loan fund to assist with the
establishment of community improvement districts and neighborhood improvement
districts within distressed areas of the City; stating the intent of the
Council with respect to repayment of these funds; and directing the City
Manager to identify the criteria for the maximum use of these funds.
WHEREAS, it is
important to assist economically challenged areas of the city in need of
development that are without the resources to pay for the costs associated with
CID/NID tools; and
WHEREAS, these
tools that have been proven to promote safety, business development and
infrastructure upgrades; and
WHEREAS, a
Revolving Loan Fund would allow sponsoring organizations like small non-profits,
neighborhood organizations or small chambers of commerce to have a fund to draw
from for those costs; and
WHEREAS, once
the CID/NID is established it would repay the Revolving Fund the amount of
funds drawn in a timetable mutually agreed upon by the City and the sponsoring
organization; and
WHEREAS, the
City recently received a credit for legal services associated with the
settlement of the wireless telephone litigation; and
WHEREAS, the use
of one-time funds for this one-time expenditure is consistent with the City's
one-time revenue policy; and
WHEREAS, a
Revolving Fund of this type will show that the Council and Mayor are looking to
innovative thinking with regard to economic development, especially in the
urban core of Kansas City, and are committed to finding ways for communities to
help themselves by giving them access to tools that have proven to be
successful in other parts of the City; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY
Section 1.
That Fund No. 2560 is hereby renamed the CID/NID Revolving Loan Fund in
the financial records of the City.
Section 2. That
revenue is estimated in the following amount and in the following account of
the CID/NID Revolving Loan Fund:
12-2560-130000-485200 Recovery
of Prior Years Expenditures. $80,000.00
Section 3.
That $80,000.00 is hereby appropriated from the Unappropriated Fund
Balance of the CID/NID Revolving Loan Fund to the following account in the CID/NID
Revolving Loan Fund:
12-2560-642044-B CID/NID
Support $80,000.00
Section 4.
That the City Council hereby states its intent that these funds shall be
used only to support the costs of the formation of CIDs/NIDs by organizations
that benefit economically distressed areas of the City.
Section 5. That
the City Manager shall develop reasonable standards for the repayment of these
funds, and shall develop templates or support structures to minimize the
out-of-pocket costs that must be incurred so as to maximize the use of these
funds by as many interested organizations as possible.
_____________________________________________
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:
___________________________________
Brian
Rabineau
Assistant City Attorney