Mandatory Terms. Port KC shall not convey the Subject Property to a developer or otherwise authorize development of the same to commence unless the relevant agreements executed in conjunction therewith include the following special terms: A. Any development must include not less than one hundred sixty (160) parking stalls, with one hundred and forty (140) stalls within a structured parking facility to be constructed by the Developer on the Subject Property and twenty (20) stalls in the right-of-way along Main Street sufficiently close to service the City Market; such spaces shall be dedicated to transient public parking for a period of not less than twenty-five (25) years (the “Public Parking”). Developer shall bear all management, operations and maintenance costs of the Public Parking. Developer may impose charges for the use of the Public Parking, but such charges shall not exceed the rates charged by the Developer to its tenants, if converted to a short-term use on an hourly basis, unless otherwise agreed to by the City. Port KC shall, either as part of a development agreement or as an independent parking agreement for the Subject Property, ensure that the Public Parking remain transient public parking for not less than twenty-five (25) years. Such development agreement or parking agreement shall define the standards by which the Public Parking will be managed, operated, and maintained for the duration of the Public Parking obligation. Said development or parking agreement shall provide that the Public Parking will not be used by tenants or employees of the Developer but shall provide a right of first refusal to those neighboring business currently renting parking stalls at the Subject Property on a long-term basis to retain a substantially similar number of stalls as part of the Public Parking so that they have the opportunity to elect to preserve their long-term parking prior to the Public Parking being made available to the general public on a first-come- first-served basis. Port KC shall provide the City a copy of said development agreement or parking agreement no less than twenty-one (21) days before execution of the agreement. B. The Developer shall be obligated to tender the purchase price for the Subject Property to Port KC at such time as the Subject Property is conveyed to the developer. Port KC shall hold the purchase proceeds and utilize the same to offset the construction of the Public Parking through a single disbursement to the developer or such third party as the developer may direct upon issuance of a certificate of occupancy for the completed project. Notwithstanding the foregoing, in lieu of tendering the purchase price at conveyance, Port KC may elect to require that the developer provide a completion guarantee from a financially sound and reputable completion guarantor for purposes of unconditionally and absolutely guaranteeing to Port KC that it shall cause construction to commence and thereafter proceed to completion. C. The Developer shall be required to ensure that at least fifteen percent (15%) of the total number of residential housing units being constructed on the Subject Property (but not less than 45 residential units) shall be leased at a rate that is affordable to those households having an income equal to or lower than seventy percent (70%) of the median family income for the Kansas City MO-KS Metropolitan area using annually published HUD Income Limits (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/portal/datasets/il.html) , for the duration of any period of real property tax exemption of the Subject Property including an allowance for utilities. For purposes of this agreement, affordable housing shall comply with the following criteria: (i) That all units qualifying as affordable housing shall be on the Subject Property and shall not be off site from the project. (ii) That affordable housing units be mixed with, and not clustered together or segregated in any way from, market-rate units. (iii) That units qualifying as affordable housing shall not be limited to one unit size. (iv) If the project development contains a phasing plan, the phasing plan shall provide for the development of affordable housing units concurrently with the market-rate units. No phasing plan shall provide that the affordable housing units are the last units built. (v) The exterior appearance of affordable housing units shall be made similar to market-rate units by the provision of exterior building materials and finishes substantially the same in type and quality. (vi) The Developer shall be required to covenant with City and successors in interest that the units remain affordable for a period of not less than the entire duration of time during which the developer or its successors in interest receive tax abatements or redirections from PortKC. (vii) The Developer shall be required to income verify its tenants at the at the initial time of leasing to ensure affordable units are provided to those meeting income guidelines defined in this Section D. D. Notwithstanding anything in this Agreement to the contrary, any and all Incentives that may be extended to the Development Project, including incentives conveyed by PortKC, shall be subject to City Council Ordinance 160383, and shall be substantiated by a qualified financial analysis that measures the impact to the taxing jurisdictions. This project will follow the approved Port KC Development Finance process as attached in Exhibit A, with the exception that the Selection Committee shall also review the development application and quantitative analysis and may recommend further analysis to Port KC. The Parties agree that subject to findings of the qualified financial analysis by Port KC, Port KC may seek Incentives exceeding those provided in Ordinance 160383 necessary to facilitate the development of affordable housing. If any such request is made to the Board, Port KC shall notify the City and provide a copy of any qualitative analysis seven business days in advance of any public meeting at which the request will be considered. E. The Developer shall be obligated to reimburse City and Port KC, in full, for the costs of their respective Pre-Transfer Actions incurred pursuant to Section 2.1 of this Agreement. F. The developer shall be obligated to comply with all Port KC policies applicable to the construction of improvements anticipated to be owned by Port KC including, without limitation, M/WBE and Construction Workforce requirements, bonding, prompt pay, OSHA 10-hour certifications, E-Verify, public competitive procurements and, to the extent applicable, prevailing wage. G. The Developer shall be required to comply with any reasonable request from the City to show compliance with the requirements of this agreement. Port KC may elect to request that City affirm that any development agreement is compliant with the provisions of Section 5.1 of this Agreement. The City Manager shall have the sole right to make such determination on behalf of City, provided no development agreement shall provide for any less than the number of Public Parking stalls and Affordable Housing units outlined in sections 5.1(A) and 5.1(C), and the City Manager’s written determination that the provisions of Section 5.1 of this Agreement have been satisfied shall conclusively establish Port KC’s compliance with the same. At least ten (10) days prior to providing any such determination, the City Manager shall provide written notice of the requested determination to all members of the City Council.
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Mandatory Terms. Port KC shall not convey the Subject Property to a developer or otherwise authorize development of the same to commence unless the relevant agreements executed in conjunction therewith include the following special terms:
A. Any development must include the construction of not less than one hundred sixty (160) parking stalls, with one hundred and forty (140) stalls within a structured parking facility to be constructed by the Developer on the Subject Property and twenty (20) stalls in the rightand/or at another nearby off-of-way along Main Street site location, sufficiently close to service the City Market; , but in any event mutually agreed upon by the City and PortKC, and such spaces shall be dedicated to transient public parking for a period of not less than twenty-five (25) years (the “Public Parking”). The City is intended to consult with the RMCA and the CMOC as to the sufficiency of any off-site parking, as those entities’ customers, and business and residential tenants or occupants, and other neighborhood residential owners are the intended beneficiaries of such replacement parking. The Developer shall bear all management, operations and maintenance costs of the Public Parking. The Developer may impose charges for the use of the Public Parking, but such charges shall not exceed the rates charged by the Developer to its tenants, if converted to a short-term use on an hourly basis, unless otherwise agreed to by the City. If requested by City, Port KC shallKC, either as part of Developer and City shall execute a development agreement or as an independent parking agreement for the Subject Property, ensure that purposes of preserving the Public Parking remain transient public parking for not less than twenty-five (25) years. Such development agreement or parking agreement shall define obligation and defining the standards by to which the Public Parking will be managed, operated, operated and maintained for the duration of the Public Parking obligation. Said development City, Port KC and Developer shall confer for purposes of determining whether the day-to-day management, operations and maintenance are to be performed by Developer, City or parking agreement a third party, but this shall provide that the Public Parking will not be used by tenants or employees relieve Developer of the Developer but shall provide a right of first refusal financial obligation with respect to those neighboring business currently renting parking stalls at the Subject Property on a long-term basis to retain a substantially similar number of stalls as part of the Public Parking so that they have the opportunity to elect to preserve their long-term parking prior to the Public Parking being made available to the general public on a first-come- first-served basis. Port KC shall provide the City a copy of said development agreement or parking agreement no less than twenty-one (21) days before execution of the agreementsuch costs.
B. The Developer shall be obligated to tender the purchase price for the Subject Property to Port KC at such time as the Subject Property is conveyed to the developer. Port KC shall hold the purchase proceeds and utilize the same to offset the construction of the Public Parking through a single disbursement to the developer or such third party as the developer may direct upon issuance of a certificate of occupancy for the completed project. Notwithstanding the foregoing, in lieu of tendering the purchase price at conveyance, Port KC may elect to require that the developer provide .
C. The Developer shall fund a completion guarantee from a financially sound and reputable completion guarantor traffic study for purposes of unconditionally analyzing the impact to the streetcar system created by vehicles traveling to and absolutely guaranteeing to Port KC that it shall cause from the Subject Property from 5th Street and 3rd Street. Such traffic study must be reviewed by the Kansas City Streetcar Authority and no construction will be permitted to commence unless and thereafter proceed to completionuntil the Kansas City Streetcar Authority has granted its consent, which shall not be unreasonably withheld.
C. D. The Developer shall be required to ensure that at least fifteen percent (15%) of the total number of residential housing units being constructed on the Subject Property (but not less than 45 residential units) shall be leased at a rate that is affordable to those households having an income equal to or lower than seventy percent (70%) of the median family income for the Kansas City MO-KS Metropolitan area using annually published HUD Income Limits (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/portal/datasets/il.html) , for the duration of any period of real property tax exemption of the Subject Property including an allowance for utilities. The developer shall also be required to work in good faith with Port KC towards the construction of a Low Income Housing Tax Credit (LIHTC) project, or an otherwise substantively comparable project, on a parcel within Port KC’s Master Planned Development approved by City’s governing body pursuant to Ordinance No. 140583, that will include the construction of not less than 40 residential units, a portion of which will be leased at a rate than is affordable to those households having an income equal to fifty percent (50%) of the median family income for all households within the Kansas City MO-KS Metropolitan area using annually publish HUD Income Limits (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/portal/datasets/il.html) . For purposes of this agreement, affordable housing shall comply with the following criteria:
(i) That all units qualifying as affordable housing shall be on the Subject Property and shall not be off site from the project.
(ii) That affordable housing units be mixed with, and not clustered together or segregated in any way from, market-rate units.
(iii) That all units qualifying as affordable housing shall not either be limited to one unit at least one- bedroom units in size.
(iv) If the project development contains a phasing plan, the phasing plan shall provide for the development of affordable housing units concurrently with the market-rate units. No phasing plan shall provide that the affordable housing units are the last units built.
(v) The exterior appearance of affordable housing units shall be made similar to market-rate units by the provision of exterior building materials and finishes substantially the same in type and quality.
(vi) The Developer shall be required to covenant with City and successors in interest that the units remain affordable for a period of not less than the entire duration of time during which the developer or its successors in interest receive tax abatements or redirections from PortKC.
(vii) The Developer shall be required to income verify its tenants at the at the initial time of leasing to ensure affordable units are provided to those meeting income guidelines defined in this Section D.D. In the event the developer and Port KC are unable to secure a LIHTC or substantively comparable project on a parcel within Port KC’s Master Planned Development, Port KC will require that the developer exceed the minimum affordable housing requirement with respect to the Subject Property in an amount and manner to be determined by Port KC and City in writing.
D. E. The developer shall be precluded from seeking any financial incentives from the City or any agency housed within the Economic Development Corporation of Kansas City, Missouri, including but not limited to tax increment financing, the establishment of any special taxing district, the abatement of any ad valorem taxes, or the redirection of any sales taxes. Any financial incentives shall be limited to ad valorem tax exemption made available by Port KC pursuant to a Chapter 68 bond-financed sale-leaseback, and only to the extent the same is deemed warranted and approved by Port KC’s governing body. Port KC shall review and consider any request for assistance in conformity with its established policies and procedures and shall prepare its Chapter 68 Development Plan for distribution to the affected taxing jurisdictions.
F. Notwithstanding anything in this Agreement to the contrary, any and all Incentives that may be extended to the Development Project, including incentives conveyed by PortKC, shall be subject to City Council Ordinance 160383, and shall be substantiated by a qualified but-for financial analysis that measures the impact to the taxing jurisdictions. This project will follow the approved Port KC Development Finance process as attached in Exhibit A, with the exception that the Selection Committee shall also review the development application and quantitative analysis and may recommend further analysis to Port KCanalysis. The Parties agree that subject to findings of the qualified financial but-for analysis by Port KCPortKC, Port KC PortKC may seek Incentives exceeding those provided in Ordinance 160383 necessary to facilitate the development of affordable housing. If any such request is made to the Board, Port KC PortKC shall notify the City and provide a copy of any qualitative analysis seven three business days in advance of any public meeting at which the request will be considered.
E. G. The Developer developer shall be obligated to reimburse City and Port KC, in full, for the costs of their respective Pre-Transfer Actions incurred pursuant to Section 2.1 of this Agreement.
F. H. The developer shall be obligated to comply with all Port KC policies applicable to the construction of improvements anticipated to be owned by Port KC including, without limitation, M/WBE and Construction Workforce requirements, bonding, prompt pay, OSHA 10-hour certifications, E-Verify, public competitive procurements and, to the extent applicable, prevailing wage.
G. I. The Developer shall be required to comply with any reasonable request from the City to show compliance with the requirements of this agreement. Port KC may elect to request that City affirm that any development agreement is compliant with the provisions of Section 5.1 of this Agreement. The City Manager shall have the sole right to make such determination on behalf of City, provided no development agreement shall provide for any less than the number of Public Parking stalls City and Affordable Housing units outlined in sections 5.1(A) and 5.1(C), and the City Manager’s his written determination that the provisions of Section 5.1 of this Agreement have been satisfied shall conclusively establish Port KC’s compliance with the same. At least ten (10) days prior to providing any such determination, the City Manager shall provide written notice of the requested determination to all members of the City Council.
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Mandatory Terms. Port KC shall not convey the Subject Property to a developer or otherwise authorize development of the same to commence unless the relevant agreements executed in conjunction therewith include the following special terms:
A. Any development must include the construction of not less than one hundred sixty (160) parking stalls, with one hundred and forty (140) stalls within a structured parking facility to be constructed by the Developer on the Subject Property and twenty (20) stalls in the rightand/or at another nearby off-of-way along Main Street site location, sufficiently close to service the City Market; , but in any event mutually agreed upon by the City and PortKC, and such spaces shall be dedicated to transient public parking for a period of not less than twenty-five (25) years (the “Public Parking”). The City is intended to consult with the RMCA and the CMOC as to the sufficiency of any off-site parking, as those entities’ customers, and business and residential tenants or occupants, and other neighborhood residential owners are the intended beneficiaries of such replacement parking. The Developer shall bear all management, operations and maintenance costs of the Public Parking. The Developer may impose charges for the use of the Public Parking, but such charges shall not exceed the rates charged by the Developer to its tenants, if converted to a short-term use on an hourly basis, unless otherwise agreed to by the City. If requested by City, Port KC shallKC, either as part of Developer and City shall execute a development agreement or as an independent parking agreement for the Subject Property, ensure that purposes of preserving the Public Parking remain transient public parking for not less than twenty-five (25) years. Such development agreement or parking agreement shall define obligation and defining the standards by to which the Public Parking will be managed, operated, operated and maintained for the duration of the Public Parking obligation. Said development City, Port KC and Developer shall confer for purposes of determining whether the day-to-day management, operations and maintenance are to be performed by Developer, City or parking agreement a third party, but this shall provide that the Public Parking will not be used by tenants or employees relieve Developer of the Developer but shall provide a right of first refusal financial obligation with respect to those neighboring business currently renting parking stalls at the Subject Property on a long-term basis to retain a substantially similar number of stalls as part of the Public Parking so that they have the opportunity to elect to preserve their long-term parking prior to the Public Parking being made available to the general public on a first-come- first-served basis. Port KC shall provide the City a copy of said development agreement or parking agreement no less than twenty-one (21) days before execution of the agreementsuch costs.
B. The Developer shall be obligated to tender the purchase price for the Subject Property to Port KC at such time as the Subject Property is conveyed to the developer. Port KC shall hold the purchase proceeds and utilize the same to offset the construction of the Public Parking through a single disbursement to the developer or such third party as the developer may direct upon issuance of a certificate of occupancy for the completed project. Notwithstanding the foregoing, in lieu of tendering the purchase price at conveyance, Port KC may elect to require that the developer provide .
C. The Developer shall fund a completion guarantee from a financially sound and reputable completion guarantor traffic study for purposes of unconditionally analyzing the impact to the streetcar system created by vehicles traveling to and absolutely guaranteeing to Port KC that it shall cause from the Subject Property from 5th Street and 3rd Street. Such traffic study must be reviewed by the Kansas City Streetcar Authority and no construction will be permitted to commence unless and thereafter proceed to completionuntil the Kansas City Streetcar Authority has granted its consent, which shall not be unreasonably withheld.
C. D. The Developer shall be required to ensure that at least fifteen percent (15%) of the total number of residential housing units being constructed on the Subject Property (but not less than 45 residential units) shall be leased at a rate that is affordable to those households having an income equal to or lower than seventy percent (70%) of the median family income for the Kansas City MO-KS Metropolitan area using annually published HUD Income Limits (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/portal/datasets/il.html) , for the duration of any period of real property tax exemption of the Subject Property including an allowance for utilities. The Selection Committee shall give greater consideration to projects with housing available to lower income levels. The developer shall also be required to work in good faith with Port KC towards the construction of a Low Income Housing Tax Credit (LIHTC) project, or an otherwise substantively comparable project, on a parcel within Port KC’s Master Planned Development approved by City’s governing body pursuant to Ordinance No. 140583, that will include the construction of not less than 40 residential units, a portion of which will be leased at a rate than is affordable to those households having an income equal to fifty percent (50%) of the median family income for all households within the Kansas City MO-KS Metropolitan area using annually publish HUD Income Limits (▇▇▇▇▇://▇▇▇.▇▇▇▇▇▇▇.▇▇▇/portal/datasets/il.html) . For purposes of this agreement, affordable housing shall comply with the following criteria:
(i) That all units qualifying as affordable housing shall be on the Subject Property and shall not be off site from the project.
(ii) That affordable housing units be mixed with, and not clustered together or segregated in any way from, market-rate units.
(iii) That units qualifying as affordable housing shall not be limited to one unit size.
(iv) If the project development contains a phasing plan, the phasing plan shall provide for the development of affordable housing units concurrently with the market-rate units. No phasing plan shall provide that the affordable housing units are the last units built.
(v) The exterior appearance of affordable housing units shall be made similar to market-rate units by the provision of exterior building materials and finishes substantially the same in type and quality.
(vi) The Developer shall be required to covenant with City and successors in interest that the units remain affordable for a period of not less than the entire duration of time during which the developer or its successors in interest receive tax abatements or redirections from PortKC.
(vii) The Developer shall be required to income verify its tenants at the at the initial time of leasing to ensure affordable units are provided to those meeting income guidelines defined in this Section D.
D. Notwithstanding anything in this Agreement to In the contrary, any event the developer and all Incentives that may be extended to the Development Project, including incentives conveyed by PortKC, shall be subject to City Council Ordinance 160383, and shall be substantiated by a qualified financial analysis that measures the impact to the taxing jurisdictions. This project will follow the approved Port KC Development Finance process as attached in Exhibit A, with the exception that the Selection Committee shall also review the development application and quantitative analysis and may recommend further analysis are unable to secure a LIHTC or substantively comparable project on a parcel within Port KC. The Parties agree that subject to findings of the qualified financial analysis by Port KC’s Master Planned Development, Port KC may seek Incentives exceeding those provided in Ordinance 160383 necessary to facilitate will require that the development of developer exceed the minimum affordable housing. If any such request is made housing requirement with respect to the Board, Port KC shall notify the City Subject Property in an amount and provide a copy of any qualitative analysis seven business days in advance of any public meeting at which the request will be considered.
E. The Developer shall be obligated to reimburse City and Port KC, in full, for the costs of their respective Pre-Transfer Actions incurred pursuant to Section 2.1 of this Agreement.
F. The developer shall be obligated to comply with all Port KC policies applicable to the construction of improvements anticipated manner to be owned determined by Port KC including, without limitation, M/WBE and Construction Workforce requirements, bonding, prompt pay, OSHA 10-hour certifications, E-Verify, public competitive procurements and, to the extent applicable, prevailing wageCity in writing.
G. The Developer shall be required to comply with any reasonable request from the City to show compliance with the requirements of this agreement. Port KC may elect to request that City affirm that any development agreement is compliant with the provisions of Section 5.1 of this Agreement. The City Manager shall have the sole right to make such determination on behalf of City, provided no development agreement shall provide for any less than the number of Public Parking stalls and Affordable Housing units outlined in sections 5.1(A) and 5.1(C), and the City Manager’s written determination that the provisions of Section 5.1 of this Agreement have been satisfied shall conclusively establish Port KC’s compliance with the same. At least ten (10) days prior to providing any such determination, the City Manager shall provide written notice of the requested determination to all members of the City Council.
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