committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 250208
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Sponsor: Mayor Quinton Lucas and Councilmembers Melissa Robinson and Melissa Patterson Hazley
COMMITTEE SUBSTITUTE
Fully capitalizing Parade Park Homes Phase 1; authorizing the City Manager to negotiate and execute a contract with FC Parade Park LLC substantially similar to the attached Memorandum of Understanding; directing the Housing Trust Fund to provide a loan to FC Parade Park LLC for development of affordable housing; expressing the City Council's support for an award of funds, through the normal application process, from the Central City Economic Development sales tax; reappropriating previously appropriated funds; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, Kansas City is facing an affordable housing crisis that requires innovative financing solutions to address the needs of its residents; and
WHEREAS, fully capitalizing the Parade Park Homes Phase 1 development is essential to creating quality affordable housing and revitalizing a historic neighborhood; and
WHEREAS, the Housing Trust Fund ("HTF") was established to provide financing for the preservation and production of affordable housing for very low-income to moderate-income households; and
WHEREAS, pursuant to Committee Substitute for Ordinance No. 231038, in March of 2024, the City obtained from the Department of Housing and Urban Development and then conveyed to FC Parade Park LLC the properties known as Parade Park Homes; and
WHEREAS, FC Parade Park LLC has undertaken extensive efforts to secure financing for the redevelopment of Parade Park Homes, including private equity, tax credits, private debt, philanthropic contributions, and other governmental sources; and
WHEREAS, FC Parade Park LLC intends to develop Parade Park Homes Phase 1 to include 240 units serving households below 60% of Area Median Income and 24...
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