COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 220989
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Sponsor: Councilmember Melissa Robinson
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 the amount of $4,124,296.00, for an economic development project proposed by F&C Development, Inc. & 12th Street Heritage Development Corporation to support the rehabilitation of the existing Jazz Hill Apartments as 197 affordable multi-family housing units located in the west side of Paseo Boulevard between 9th and 13th Street; appropriating money; authorizing the Director of Housing and Community Development to execute the Amendment, Assignment and Assumption Agreements for the purpose of increasing the funding by $150,000.00, assigning the agreements to a single asset entity and extending the maturity date of the note as required by Freddie Mac; and authorizing execution of a Subordination Agreement as required by Freddie Mac.
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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, F&C Development, Inc. & 12th Street Heritage Development Corporation ("Developer") submitted a proposal seeking $3,974,296.00 of Central City Economic Development ("CCED") sales tax funds for the rehabilitation of the existing Jazz Hill Apartments as 197 affordable multi-family housin...
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