COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 210695

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Appropriating funds to the Kansas City Housing trust Fund and the General Obligation Series 2022A Question 1 Bond Fund; estimating revenue; and declaring requisitioning authority for a project in the Ivanhoe Neighborhood that will provide over 100 affordable housing units.

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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, this ordinance provides for affordable housing and fulfills the goals of the City's adopted Housing plan; and

WHEREAS, affordable housing often requires up-front City investment; and

WHEREAS, the City created the Housing Trust Fund with the purpose of accelerating attainable housing growth; and

WHEREAS, the City Council would like to reverse some of the economic disparities in the City by having a special obligation investment in the City's East Side; and

WHEREAS, this project at 4423 Olive in the Ivanhoe Neighborhood consisting of 2.6 acres is planned as a $22 million project that will provide over 100 affordable units; and

WHEREAS, the developer is bringing $9.5 million of private capital to the table and is asking the City to help fill an $8 million gap; and

WHEREAS, the $8 million gap is expected to be funded in thirds: one-third from the Housing Trust Fund, one-third from the proceeds of special obligations bonds (subject to the developer's application for tax abatement/incentives), and up to one-third from the proceeds of general obligation bonds subject to the City's estimate of eligible costs for this method of financing; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY THAT:

Section 1. That the sum of $2,666,337.00 is hereby appropriated from the Unappropriated Fund Balanc...

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