ORDINANCE NO. 241051
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Sponsor: Director of City Planning and Development Department
Approving the application of Historic Northeast Lofts LLC ("HNEL") for a loan from the Kansas City Brownfields Revolving Loan Fund in an amount not to exceed $7,575,000.00 and authorizing the Director of City Planning and Development to execute the necessary loan documents and authorizing further acts.
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WHEREAS, a Brownfields Revolving Loan Fund (RLF) Program has been established by the City of Kansas City, Missouri (the "City"), and the U.S. Environmental Protection Agency (EPA) has awarded Brownfields RLF grant funds to the City in the amount of $10,400,000, and the City has entered into federal cooperative agreement No. 4B-97798101 with EPA; and
WHEREAS, on March 6, 2024 the Kansas City Brownfields Commission (the "Commission") received the application of Historic Northeast Lofts, LLC (HNEL) to the Kansas City 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 Buildings No. 1 and 2 of the former Hardesty Federal Complex located at 5401 Independence Ave., Kansas City, Missouri (the "Subject Properties" or "Site") (collectively, the "HNEL Loan"); and
WHEREAS, HNEL has diligently pursued plans and financing to redevelop the Subject Properties for a project with an estimated value of approximately $180 million that includes 389 residential units of which approximately 82% will be affordable with a range of 30% to 80% average median income (AMI), an approximately 30,000 square feet daycare and after school care facility, 2 MW of solar power generation to supply 50% of the site energy needs, passive house energy efficiency construction standards, transit-oriented development (TOD) features, 60,000 square feet of greenspace, and other common area amenities; and
WHEREAS, HNEL has secured commitments, l...
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