ORDINANCE NO. 250655, AS AMENDED
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Sponsor: Director of City Planning and Development Department
AS AMENDED
Approving the application of FC Parade Park, LLC, for a loan from the Kansas City Brownfields Revolving Loan Fund in an amount not to exceed $2,541,318.00; conditionally approving the same loan to the Port Authority of Kansas City, Missouri in place of FC Parade Park, LLC; conditionally approving a discount of loan principal not to exceed $500,000.00; and authorizing the Director of City Planning and Development to execute the necessary loan documents and authorizing further acts.
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WHEREAS, a Brownfields Revolving Loan Fund (RLF) Program has been established by the City of Kansas City, Missouri (the "City"), and the U.S. Environmental Protection Agency (EPA) has awarded Brownfields RLF grant funds to the City in the amount of $10,400,000.00, and the City has entered into federal cooperative agreement No. 4B-97798101 with EPA (the "EPA Cooperative Agreement"); and
WHEREAS, on January 17, 2025, the Kansas City Brownfields Commission (the "Commission") received the application of FC Parade Park, LLC ("Borrower") to the Kansas City RLF Program for a loan in the amount of $2,260,150.00 to abate asbestos-containing materials (ACM) and other hazardous substances and perform other related work necessary for the abatement and demolition of structures at the Parade Park Homes site, consisting of eight parcels with a total area of approximately 26 acres located at 1501, 1534, 1600 and 1726 Euclid Avenue; 1510, 1519 Garfield Avenue; 1601 Woodland Avenue; and 1700 Michigan Avenue, Kansas City, Missouri (the "Parade Park Site") (collectively, the "RLF Loan"); and
WHEREAS, FC Parade Park, LLC, has diligently pursued plans and financing for the redevelopment of Parade Park Site, has planned a redevelopment project in three phases with an estimated value of approximately $400 million, and has secured commitments, tentative commit...
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