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.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney