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File #: 220431    Version: 1 Name:
Type: Ordinance Status: Passed
File created: 5/2/2022 In control: Council
On agenda: 5/26/2022 Final action: 5/26/2022
Title: Reducing an appropriation in the amount of $1,500,000.00 in the Central City Economic Development Sales Tax Fund; appropriating $1,500,000.00 from the Unappropriated Fund Balance in the Central City Economic Development Sales Tax Fund; and authorizing the Director of the Housing and Community Development Department to negotiate and execute a Funding Agreement with Zhou B Art Center, LLC, in the amount of $1,500,000.00 for the purpose of repurposing, preserving, acquiring and rehabilitating historic building located at 1801 E. 18th Street.
Attachments: 1. Fact Sheet - Zhou B Art Center of Kansas City, 2. Fiscal Note- TMP 1803, 3. Approp Admin - TMP 1803, 4. Authenticated Ordinance 220431
ORDINANCE NO. 220431

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Reducing an appropriation in the amount of $1,500,000.00 in the Central City Economic Development Sales Tax Fund; appropriating $1,500,000.00 from the Unappropriated Fund Balance in the Central City Economic Development Sales Tax Fund; and authorizing the Director of the Housing and Community Development Department to negotiate and execute a Funding Agreement with Zhou B Art Center, LLC, in the amount of $1,500,000.00 for the purpose of repurposing, preserving, acquiring and rehabilitating historic building located at 1801 E. 18th Street.

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WHEREAS, Zhou B Art Center, LLC ("Developer") has proposed to rehabilitate the Crispus Attucks School for the purposes of establishing the Zhou B Art Center of Kansas City, in the 18th & Vine Jazz District;

WHEREAS, the building will increase neighborhood capacity and accessibility to cultural, artistic, educational programs and space for community events to be located along Woodland Avenue between 18th Street and 19th Street in the Wendell Phillips Neighborhood (the "Project Site"); and

WHEREAS, Developers proposal includes land acquisition and construction resulting in the creation of a world renown art center bringing prestige and economic growth to the 18th & Vine District; and

WHEREAS, the Developer's proposal contemplates a financing package that includes Central City Economic Development Sales Tax Funds; and

WHEREAS, the Developer requested a public contribution of $2,200,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $1,500,000.00; and

WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration o...

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