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Legislation #: 141024 Introduction Date: 12/4/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER CURLS
Title: Amending the 2014 One Year Action Plan, adding an additional $266,026.00 of Home Investment Partnerships Program (HOME) funds to the Faxon School Project; authorizing submission of a Substantial Amendment to the U.S. Department of Housing and Urban Development (HUD) for its consideration; and authorizing the Director of Neighborhoods and Housing Service Department to amend the current development agreement with Faxon School Apartments, LLC.

Legislation History
DateMinutesDescription
12/4/2014 Filed by the Clerk's office
12/4/2014 Referred to Neighborhoods, Housing & Healthy Communities
12/10/2014 Advance and Do Pass, Debate
12/11/2014 Passed

View Attachments
FileTypeSizeDescription
141024.pdf Authenticated 137K Authenticated
141024 Fiscal Note.pdf Fiscal Note 15K 141024 Fiscal Note
141024 Fact Sheet .pdf Fact Sheet 115K 141024 Fact Sheet
2014 Action Plan Amendment 3 .pdf Other 436K Other

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ORDINANCE NO. 141024

 

Amending the 2014 One Year Action Plan, adding an additional $266,026.00 of Home Investment Partnerships Program (HOME) funds to the Faxon School Project; authorizing submission of a Substantial Amendment to the U.S. Department of Housing and Urban Development (HUD) for its consideration; and authorizing the Director of Neighborhoods and Housing Service Department to amend the current development agreement with Faxon School Apartments, LLC.

 

WHEREAS, on August 21, 2014, the City Council passed the Second Committee Substitute for Ordinance No. 140073 which authorized a $500,000.00 development agreement to provide partial funding for the conversion of the former Faxon School located at 3711 Paseo Boulevard into 46 units of affordable senior rental housing (“Project”); and

 

WHEREAS, the Project financing needs have changed as a result of the inability of the financial institution to provide permanent financing to the project because of a HUD restriction which could not be subordinated to the permanent lenders’ deed of trust and security agreement; and

 

WHEREAS, Project funding was to include a loan from the Brownfields program, as authorized through Committee Substitute for Ordinance No. 140534, to provide abatement and remediation funding; however, the Project cannot support the additional debt service of an interest bearing Brownfields loan and this Ordinance allows for HOME funds to provide low interest take out financing of the Brownfields loan to make the Project financially viable; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Substantial Amendment to the 2014 One Year Action Plan prepared pursuant to the National Affordable Housing Act of 1990, as amended, a copy of which in substantial form is attached hereto, is hereby approved.

 

Section 2. That the Mayor, on behalf of the City of Kansas City, Missouri, is authorized to execute and submit the aforesaid Substantial Amendment to HUD.

 

Section 3. That the Director of Neighborhoods and Housing Services Department is authorized to amend the development agreement with Faxon School Apartments, LLC by adding $266,026.00 of HOME funds to Account No. 15-2940-575326-B-G57HOME14 which will allow for the take out financing of an interest bearing Brownfields loan in support of the Project.

 

____________________________________________

 


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