The City and County already support historic preservation through tax abatements on some properties, and in some cases TIF to help redevelop some other older properties.
In other cases, the City has purchased buildings to preserve them. The Empire/Mainstreet Theater being one example. The City took ownership of that structure from Executive Hills, and placed it on the historic register before turning it over to Cordish/AMC for renovation.
The City also has other avenues to purchase historic properties and hold them for redevelopment, or provide funding tools through the Land Clearance for Redevelopment Authority, and Planned Industrial Expansion Authority (PIEA), where it can also issue revenue bonds to contribute to the funding plan.
It has done this with the Rochester Hotel on Highland Avenue, and the houses across the street, in the Jazz District; and apartment buildings on Armour Boulevard--including the Bellerive.
http://edckc.com/portfolio/commonwealth-apartments/
The City does a variety of things to help already, but doesn't have unlimited resources to do it alone. It's needs public/private partnerships. For Historic Kansas City to be effective, it needs an large endowment so that it can be proactive. This means buying up historic properties before they are endangered, and putting them on the historic register and local landmarks list, and then working alone, or in public/private partnerships to renovate these properties and sell them once they are viable once again.
A good example of how having a private endowment could help is the case of 100-118 W. Armour Blvd. The buildings, by architect John McKecknie. Historic Kansas City could purchase those buildings from the developer who doesn't want to renovate them. They could mothball them and seek another developer, or renovate them from their endowment and sell them afterwards. They could also do this with the Knickerbocker Apartments, and in partnership with the Thanks Walt Disney group. for the Laugh-O-Gram Studio building. Some projects would be outright purchases, and others would be financial assistance in the form of grants or loans.
At the very least, an endowment could buy properties that would otherwise be demolished by their owner because they don't want to renovate them, or can't afford it. Some buildings might even be purchase at county tax auctions, or in foreclosure sales by banks.