ORDINANCE NO. 250713
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Sponsor: Councilperson Crispin Rea
Authorizing the City Manager to enter into a Cooperative Agreement with the Kansas City EDC Loan Corporation (the "EDCLC") to provide funding for a multifamily project at 9th and Central; estimating City Surplus Tax Increment Financing (TIF) revenue in the amount of $2,800,000.00 in the General Fund; appropriating $2,800,000.00 from the Unappropriated Fund Balance of the General Fund; designating requisitioning authority; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, EDC Loan Corporation ("EDCLC") is a nonprofit corporation specializing in the origination and underwriting loans for development projects in Kansas City; and
WHEREAS, the City is supportive of the mixed-use development including mixed-income housing and renovation of historic properties in the downtown loop; and
WHEREAS, 9th and Central, LLC ("Developer") is working to redevelop two vacant historic office buildings at 9th and Central to create 192 units with 49% of units being committed to serve residents at 30%-80% area median income, amenity space, and non-profit commercial office space ("Project"); and
WHEREAS, the Project serves a public purpose through its creation of affordable mixed-income housing, renovation of historic buildings, and non-profit commercial office space; and
WHEREAS, the Developer is requesting a 15-year loan of $2,800,000.00 to secure the property and complete the Project; and
WHEREAS, the EDLC is uniquely positioned to provide much needed gap financing to unlock this impactful Project;
WHEREAS, the City Council desires to use City Surplus Tax Increment Financing (TIF) revenue pursuant to Section 2-1972, Code of Ordinances, to provide assistance to the Project; and
WHEREAS, the 1200 Main TIF Plan (Projects 4, 5, and 6) has been approved for termination by the TIF Commission but is pending City Council approval; and...
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