ORDINANCE NO. 251041
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Sponsor: Councilmember Melissa Robinson
Authorizing the City Manager to execute the Fourth Amendment to the Community Investment Agreement with Community Builders of Kansas City ("Community Builders"); authorizing the City Manager to execute a Second Amendment to the Escrow Agreement with Community Builders and Preferred Title of Saint Joseph, LLC; and modifying the requirements of Code Section 74-12 as it applies to the Fourth Amendment to the Community Investment Agreement and Second Amendment to the Escrow Agreement.
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WHEREAS, Ordinance No. 230977 authorized the City Manager to enter into the Community Investment Agreement for the Offices at Overlook Redevelopment Project (the "Project") with Community Builders of Kansas City, and other documents necessary for the City to provide an amount up to $1,600,000.00 to be held in escrow and used if necessary to prevent any shortfalls for the Project; and
WHEREAS, the City and Community Builders, entered into the Community Investment Agreement on March 26, 2024, and a subsequent Escrow Agreement with Community Builders and Preferred Title of Saint Joseph, dated January 31, 2025; and
WHEREAS, the Community Investment Agreement has since been amended three times and the Escrow Agreement has been amended once; and
WHEREAS, Community Builders has been working to secure final financing for the Project, the process for which has been delayed due to the particular challenges associated with development on the East Side; and
WHEREAS, during that delay, Community Builders has continued pursuing completion of the Project, which is now largely complete, excluding the sewer relocation work on the site; and
WHEREAS, City Council deems it appropriate to modify certain terms in the Community Investment Agreement in light of the significant progress made towards completion and the desire to encourage the overall development to proceed; NOW, THEREFORE,
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