COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 960267

Authorizing the Director of City Development to enter into a Cooperative Agreement with the Tax Increment Financing Commission to provide for the release of any right or interest which the City might have to a portion of the tunnels commonly known as the Eighth Street Trolley Tunnel for a consideration of $10.00 for the continued development of the Eleventh Street Corridor Tax Increment Financing Project; authorizing the Mayor to execute a Quitclaim Deed releasing any interest the City may have in a portion of the Tunnels; estimating revenue in the amount of $10.00; and directing the City Clerk to record that agreement with the appropriate departments.

WHEREAS, the City of Kansas City, Missouri, has an interest in the underground Eighth Street Trolley Tunnels generally located between Broadway and a point approximately 150 feet west of Jefferson Street running generally under Eighth Street and private property between said points; and

WHEREAS, the tunnels were constructed for use as a railway, trolley or streetcar operation and were used as such until approximately 1957, when the franchise to Kansas City Public Service Co. ended; and

WHEREAS, the City has no immediate or foreseeable future need for ownership of said Eighth Street Trolley Tunnels, and all City departments have been notified that the herein described tunnels are in excess of the needs of the City and no interest has been expressed in retaining the tunnels for future public use; and

WHEREAS, the City now desires to release any and all claims which it might have to a portion of the Eighth Street Trolley Tunnels to the Tax Increment Financing Commission for the continued development of the 11th Street Corridor Tax Increment Financing Project; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Council does hereby approve and authorize the transfer and sale of the City's interest to a portion of the Tunnels generally located under Eighth Street and under private properties between Broadway and a point approximately 150 feet west of Jefferson Street in Kansas City, Jackson County, Missouri, commonly known as the Trolley Tunnels to the Tax Increment Financing Commission for the sum of $10.00 for development of the property in the Eleventh Street Corridor Tax Increment Financing Project in accordance with a Cooperative Agreement, a copy of which is attached hereto and made a part hereof at this place by reference and which is hereby accepted and approved.

Section 2. That the description of the property approved for sale hereunder is as follows:

All that part of the existing Eighth Street Tunnels (created for the Inter-State Elevated Railway Company in 1888 and an additional tunnel established in 1904), lying below the existing grade of Lots 6 and 19 and within said Lots 6 and 19, Block 3, Lucas Place, a subdivision, according to the recorded plat thereof, lying between the west right of way line of Washington Street and the east right of way line of Pennsylvania Avenue, as said street and avenue are now both established. This document hereby releases and relinquishes the rights and interests as described in Document No. B-110423, Book B-4783, page 294 together with the easement reserved for ingress and egress and excavation.

Section 3. That the revenue in Account No. 96-100-064-8501 is hereby estimated in the amount of $10.00.

Section 4. That the Director of City Development is hereby authorized to enter into a Cooperative Agreement with the Tax Increment Financing Commission for the sale of the Eighth Street Trolley Tunnel.

Section 5. That the Mayor of Kansas City, Missouri, is hereby authorized to execute a Quitclaim Deed releasing to the Tax Increment Financing Commission any right or interest which the City may have in and to the portion of the Tunnels generally located under Eighth Street and under private properties between Broadway and a point approximately 150 feet west of Jefferson Street in Kansas City, Jackson County, Missouri, a copy of which is attached hereto and made a part hereof by reference.

Section 6. That the City Clerk is hereby directed to record copies of this Cooperative Agreement in the office of the Secretary of State for the State of Missouri and the Director of Records for Jackson County, Missouri, at Kansas City, as provided by State Statute Section 70.300.

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I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

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Director of Finance

Approved as to form and legality:

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Assistant City Attorney