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RESOLUTION NO. 961192
Authorizing submission of an amended 1996 Consolidated
Plan adding the 18th Street East Industrial Park Project; desiring to borrow up
to $1,700,000.00 for the 18th Street East Industrial Park Project through Title
I, Section 108 of the Housing and Community Development Act; certifying the use
of security required for said loan; and affirming use of program income.
BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the Mayor, on behalf of the City of
Kansas City, Missouri, is hereby authorized to submit an amended 1996
Consolidated Plan adding one project to be known as the 18th Street East
Industrial Park Project in an amount up to $1,700,000.00.
Section 2. That the City Council desires to borrow
up to $1,700,000.00 for the 18th Street East Industrial Park Project through
Title I, Section 108, of the Housing and Community Development Act of 1974, as
amended.
Section 3. That the City Council hereby certifies
that the pledge of all grant entitlements as required by 24 C.F.R. Section
570.705(b)(2) as a condition of the Section 108 Loan Guarantee will be given to
secure repayment of said loan.
Section 4. That the City Council hereby affirms
that program income derived from the disposition by sale or lease of any real
property acquired or rehabilitated with the loan funds shall be used for
repayment of said loan.
Section 5. That this resolution shall have no
further force and effect after the expiration of two (2) years after adoption
hereof unless otherwise extended by the Council.
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