RESOLUTION NO. 260959
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Sponsor: Councilmember Melissa Patterson Hazley
RESOLUTION – Directing the City Manager to negotiate an agreement with the EDC Strategic Initiatives Fund and/or the EDC Loan Corporation for the purpose of deploying capital through the U.S. Department of Housing and Urban Development Section 108 Loan Guarantee Program for eligible economic development and community development projects; prioritizing the elimination of chronic slum and blight and long-term vacancy in alignment with adopted City policies and initiatives including the Vacant Land Activation Initiative and the Housing Accelerator; directing the identification of a minimum $10 million in financing capacity; and directing the City Manager to report back to the Council within 60 days.
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WHEREAS, the City of Kansas City, Missouri is an entitlement jurisdiction under the federal Community Development Block Grant (CDBG) program administered by the U.S. Department of Housing and Urban Development (HUD); and
WHEREAS, Section 108 of the Housing and Community Development Act of 1974, as amended, authorizes eligible jurisdictions to obtain federally guaranteed financing secured by current and future CDBG funds, providing a significant source of capital for economic development, public facilities, housing rehabilitation, and other CDBG-eligible activities; and
WHEREAS, the HUD Section 108 Loan Guarantee Program enables local governments to undertake large-scale, transformative redevelopment projects that may not otherwise be feasible through annual CDBG allocations alone, while promoting long-term community benefit; and
WHEREAS, Section 108 financing presents an opportunity to accelerate neighborhood revitalization, stimulate economic development, create jobs, and eliminate chronic slum and blight, with particular emphasis on commercially zoned properties owned by the City, the Land Bank, and the Homesteading Authority, that have remained vacant or underutilized for at le...
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