ORDINANCE NO. 250850
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Sponsor: Director of City Planning and Development Department
Amending Ordinance No. 241051 conditionally approving the application of Historic Northeast Lofts, LLC, for a Brownfields loan to remediate Buildings Nos. 1 and 2 of the former Hardesty Federal Complex by repealing Sections 1 and 3 and enacting new Sections 1 and 3.
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WHEREAS, the Council adopted Ordinance No. 241051 conditionally approving the application of Historic Northeast Lofts, LLC (HNEL) to the Kansas City Brownfields Revolving Loan Fund (RLF) Program for a loan in the amount of $7,575,000.00 to abate asbestos containing materials (ACM), lead-based paint (LBP) and other hazardous substances, and perform other related work necessary for the remediation of Building Nos. 1 and 2 of the former Hardesty Federal Complex located at 5401 Independence Avenue, Kansas City, Missouri (the "Subject Properties" or "Site") (collectively, the "HNEL Loan"); and
WHEREAS, changes to the ownership of the Site and the financial structure of the redevelopment project have made it impracticable for HNEL to satisfy the conditions of Ordinance No. 241051 for approval of the HNEL Loan; and
WHEREAS, such changes include the acquisition of the Site by the Planned Industrial Expansion Authority of Kansas City, Missouri (PIEA) instead of by HNEL, the scope of the redevelopment and budget has increased from $178.9 million to $416.1 million, the ratio of private to public investment has increased from 2.7:1 to 6.3:1, and the amount of permanent debt financing will be between $7 million and $31 million; and
WHEREAS, after taking into consideration the above-described changes, the approval of the HNEL Loan continues to be in the best interests of the City; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section A. That Section 1 of Ordinance No. 241051, is hereby repealed and replaced with the following Section 1:
Section 1. The a...
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