The Kansas City Area Transportation Authority (the “Authority”), a quasi-federal political subdivision pursuant to 80 Stat. 826, P.L. 89-599 approved by Congress on September 21, 1966, a political subdivision of the State of Kansas, pursuant to K.S.A. 12-2524 et seq., and a political subdivision of the State of Missouri, pursuant to RSMo 238.010 et seq. (the “Compact”), will conduct a public hearing at 11:00 a.m. on July 22, 2026, at the offices of the Authority, 1200 E. 18th Street Kansas City, Missouri 64108, Breen Conference Room (or via Zoom at the link attached below), to consider the issuance by the Authority of one or more series of tax-exempt Multifamily Housing Revenue Bonds (the “Tax-Exempt Bonds”) in the maximum principal amount of not to exceed $20,000,000, and one or more series of taxable revenue bonds in an amount to exceed $27,000,000. (the “Taxable Bonds”) for a total amount not to exceed $47,000,000 (together, the “Bonds”). The proceeds of the Tax-Exempt Bonds and the Taxable Bonds will be loaned to Promise Place, LLC, a Missouri limited liability company duly organized and existing under the laws of the State of Missouri and/or its lenders (the “Borrower”), to finance and reimburse the costs of acquiring, constructing, developing and equipping an approximately 85-unit low income transit-oriented housing facility to be located at 4423 Olive Street in Kansas City, Jackson County, Missouri, commonly known as the “Promise Place TOD Housing Facility” (the “TOD Facility”). The TOD Facility is within the jurisdictional boundaries of the Authority’s “District” (as such term is defined in the Compact) and is served by the Authority’s bi-state passenger transportation system.
The Bonds will not constitute an indebtedness or obligation of the Authority, the federal government (the “Federal Government”), the City of Kansas City, Missouri (the “City”), Jackson County, Missouri (the “County”), 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, the Federal Government, the City, the County, the State or any political subdivision thereof be liable thereon. The Bonds will be special, limited obligations of the Authority, and all obligations related to the Bonds will be paid solely from and secured by rental payments by the Borrower of the Bonds. The public hearing is intended to comply with Section 147(f) of the Internal Revenue Code of 1986, as amended, and other applicable laws.
The hearing will be open to the public and will provide a reasonable opportunity for interested persons to express their views, both orally and in writing, concerning the proposed issuance of Bonds for the Facility. Written comments with respect to the Facility may also be submitted to the undersigned prior to the hearing.
