NOTICE OF PUBLIC HEARING (Tax Equity and Fiscal Responsibility Act)

Posted on: May 09, 2024

The Kansas City Area Transportation Authority (the “Authority”), a political subdivision of the States of Missouri and Kansas, organized and existing pursuant to Section 238.010 et seq., of the Revised Missouri Statutes, and Section 12-2524, et seq., of the Kansas Statutes Annotated (the “Compact”), will conduct a public hearing at 11:30 a.m. on May 22, 2024, at the offices of the Authority, 1200 E. 18th Street Kansas City, Missouri 64108, Breen Conference Room, or via Zoom pursuant to the information set forth at the bottom of this notice, to consider the issuance by the Authority of a Tax-Exempt Multifamily Housing Revenue Bond (collectively, the “Series 2024 Bond”) in the maximum principal amount of not to exceed $11 million. The proceeds of the Bond will be loaned to The Mabion, LLC, a Missouri limited liability company duly organized and existing under the laws of the State of Missouri (the “Borrower”), to finance and reimburse the costs of acquiring, constructing, and equipping a multifamily affordable rental housing facility located at 2732 Forest Avenue, Kansas City, Missouri, commonly known as the “Mabion Apartments Facility” (the “Facility”). The Facility is within the jurisdictional boundaries of the Authority’s “District” (as such term is defined in the Compact), and will allow for the development of 57 apartment units for low and very-low income senior residents served by the Authority’s passenger transportation system.

The Bond will not constitute an indebtedness or obligation of the Authority, the City of Kansas City, Missouri (the “City”), the State of Missouri (the “State”) or any political subdivision thereof within the meaning of any constitutional or statutory debt limitation, nor will the Authority, City, the State or any political subdivision thereof be liable thereon. The Bond will be a special, limited obligation of the Authority, payable solely from and secured by rental payments by the Borrower.

The public hearing is intended to comply with the public approval requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended, and other applicable laws.

The hearing will be open to the public.  Interested persons will have a reasonable opportunity to express their views, orally and in writing, concerning the Facility and the proposed issuance of Bond. Written comments with respect to the Facility and the Bond may also be submitted to the undersigned prior to the hearing.

Dated: May 9, 2024                                               

 

Frank White III
President and CEO
Kansas City Area Transportation Authority
1200 E. 18th Street
Kansas City, Missouri 64108
(816) 346-0200

 

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