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COMMITTEE SUBSTITUE
FOR ORDINANCE NO. 080213
Authorizing an application to the
Missouri Development Finance Board for the preliminary authorization of state
tax credits in the amount not to exceed $30,000,000.00 to support the Three Trails Redevelopment project; and authorizing
the City Manager to execute a tax credit agreement with the Missouri
Development Finance Board in connection with the tax credits.
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That the
Council authorizes an application in the amount of $30,000,000.00 from the Missouri
Development Finance Board for financing for the Three Trails
redevelopment project.
Section 2. That
the City Manager is authorized to execute a tax credit agreement with the
Missouri Development Finance Board (MDFB) for the issuance of tax credits by
the MDFB in the amount of $30,000,000.00.
Section 3. That
the Council finds and determines that the project will significantly benefit
the City and the State; the benefits derived by the State are expected to
exceed the benefits provided in the tax credit agreement; and the project would
not proceed without the assistance provided by the MDFB.
___________________________________________
Approved
as to form and legality:
______________________________
Heather
A. Brown
Assistant City Attorney