ORDINANCE NO. 220565
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Accepting the recommendation of the Central City Economic Development Tax Board for additional funding in the amount of $150,000.00 for a total not to exceed amount of $2,050,000.00, for an economic development project proposed by Taliaferro and Browne Real Estate 22nd/23rd Street LLC for the purpose of incentivizing the construction of an affordable housing development consisting of a 23 units in 12 duplex buildings to be known as Prospect Summit Apartments located at or near 22nd and 23rd Streets and Prospect Avenue; estimating and appropriating $150,000.00 from the Central City Economic Development Sales Tax Fund; and authorizing the Director of Housing to execute the Amendment.
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WHEREAS, Section 67.1305 of the Revised Statutes of Missouri authorizes the City to impose a retail sales tax not to exceed one-half of one percent if the imposition of such a retail sales tax is submitted to, and then approved by, a majority of the votes cast; and
WHEREAS, on April 4, 2017, pursuant to authority granted by Section 67.1305, RSMo, a majority of Kansas City, Missouri voters approved a new 1/8 of one percent retail sales tax for funding economic development projects within the area bounded by 9th Street on the north, Gregory Boulevard on the south, Paseo Boulevard on the west and Indiana Avenue on the east; and
WHEREAS, as part of the first round of funding, Taliaferro and Browne Real Estate 22nd/23rd Street LLC ("Developer") submitted a proposal seeking $1,900,000.00 of Central City Economic Development ("CCED") sales tax funds for the construction of an affordable housing development consisting of a 23 units in 12 duplex buildings to be known as Prospect Summit Apartments (the "Project") generally located at or near 22nd and 23rd Streets and Prospect Avenue (the "Project Site"), all in Kansas City, Jackson County, Missouri; and
WHEREAS, the Council authorized a funding agreement with Taliaferro an...
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