committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 240275
title
Sponsor: Councilmember Melissa Robinson
COMMITTEE SUBSTITUTE
Appropriating from the Unappropriated Fund Balance of the Development Services Fund to support the District Row Project; and directing the City Manager to engage the Economic Development Corporation of Kansas City and the EDC Loan Corporation to develop a plan for funding the District Row Project that shall identify funding gaps and propose potential financing solutions and report back to Council in 90 days; and recognizing this ordinance as having an accelerated effective date.
body
WHEREAS, the central city that comprises most of the City's historically economically- disadvantaged neighborhoods has seen a disproportionate share of population loss; and
WHEREAS, the availability of housing stock is a driving factor in maintaining residential stability; and
WHEREAS, although the availability of affordable housing is critical, the availability of all types of housing, including luxury housing, increases housing stock and adds to the sustainability of a vibrant neighborhood; and
WHEREAS, the District Row project consists of 10 acres of land between 22nd and 20th Streets (Paseo to Tracy); and
WHEREAS, the City Council passed Ordinance No. 210698 to estimate and appropriate bond proceeds for this project and to declare its intent to support future phases of the District Row Project; and
WHEREAS, the Council now intends to use funds from the Development Services Fund for this project; and
WHEREAS, the developer is seeking $750,000.00 from the City for the project that will preserve 37,000 square feet of the Western Bible College in Phase One; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY THAT:
Section 1. That the sum of $750,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Development Services Fun...
Click here for full text