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Legislation #: 080213 Introduction Date: 2/28/2008
Type: Ordinance Effective Date: 3/16/2008
Sponsor: COUNCILMEMBER SHARP AND COUNCILMEMBER JOLLY
Title: 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. 

Legislation History
DateMinutesDescription
2/25/2008 Filed by the Clerk's office
2/28/2008 Referred to Planning and Zoning Committee
3/5/2008 Advance and Do Pass as a Committee Substitute, Debate
3/6/2008 Passed as Substituted

View Attachments
FileTypeSizeDescription
080213.pdf Authenticated 45K Authenticated
3 Trails Application Factsheet.xls Fact Sheet 101K Corrected/Revised Factsheet

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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