committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 260706
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Sponsor: Councilmember Melissa Robinson
COMMITTEE SUBSTITUTE
Authorizing the City Manager to execute an amendment to the Community Investment Agreement with Community Builders of Kansas City, a Missouri Nonprofit Corporation, and an amendment to the corresponding Escrow Agreement to provide for a one-time release of $525,000.00 to pay the cost of City infrastructure supportive of the Overlook Tax Increment Financing Redevelopment Area and the Offices at Overlook Planned Industrial Expansion Authority General Development Plan Area.
Finance Committee recommends "Advance and Do Pass as a Committee Substitute."
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WHEREAS, since the early 1930s, the East Side of Kansas City, Missouri, has suffered from blight and economic disinvestment; and
WHEREAS, for decades, the City Council of Kansas City, Missouri, has adopted policies and approved resolutions and ordinances intended to support, prioritize and incentivize East Side development and redevelopment, to confront and ameliorate such substantial, longstanding economic disinvestment and blight conditions; and
WHEREAS, in support of its longstanding commitment to the City's East Side, on March 21, 2024, the City, pursuant to Committee Substitute for Ordinance No. 230977, authorized a Community Investment Agreement (the "Community Investment Agreement") with Community Builders of Kansas City,; and
WHEREAS, the Community Investment Agreement contemplates, among other things, the City's deposit of an annual contribution to a restricted escrow account (the "Escrow"), to be maintained at a balance of $1,600,000.00, with the City's annual contribution being the difference between $1,600,000.00 and the actual balance and not to exceed $1,600,000.00, to be used by Community Builders to satisfy debt service obligations related to the Offices at Overlook; and
WHEREAS, the City deposited $1,600,000.00 into the Escrow ...
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