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Legislation #: 140826 Introduction Date: 10/2/2014
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER JAMES, JR.
Title: Directing the City Manager to work with the Economic Development Corporation of Kansas City, Missouri and the Tax Increment Financing Commission of Kansas City, Missouri to develop and implement a plan for transferring to the City the accounting and financial reporting services provided to the Tax Increment Financing Commission of Kansas City, Missouri subject to certain conditions; and authorizing the execution of certain agreements.

Legislation History
DateMinutesDescription
10/1/2014 Filed by the Clerk's office
10/2/2014 Referred to Planning, Zoning & Economic Development Committee
10/8/2014 Hold On Agenda (10/15/2014)
10/29/2014 Hold Off Agenda
10/15/2014 Hold Off Agenda
6/10/2015 Be Adopted as a Committee Substitute
6/11/2015 Assigned Third Read Calendar as Substituted
6/18/2015 Adopted as Substituted

View Attachments
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140826.pdf Authenticated 159K Authenticated
revised fact sheet.xlsx Fact Sheet 40K revised fact sheet
140826 Fact Sheet.pdf Fact Sheet 109K Fact Sheet

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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 140826

 

Directing the City Manager to work with the Economic Development Corporation of Kansas City, Missouri and the Tax Increment Financing Commission of Kansas City, Missouri to develop and implement a plan for transferring to the City the accounting and financial reporting services provided to the Tax Increment Financing Commission of Kansas City, Missouri subject to certain conditions; and authorizing the execution of certain agreements.

WHEREAS, the City annually contracts with the Economic Development Corporation of Kansas City, Missouri (the “EDC”) to provide a variety of services to the City and the economic development agencies, including the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and

 

WHEREAS, the EDC and the Commission have historically executed corollary contracts that affirm the EDC’s role in providing such services to the Commission; and

 

WHEREAS, the EDC currently provides various accounting and financial reporting services to the Commission, among others, which it fulfills in part through a contract with Cochran Head Vick & Co.; and

 

WHEREAS, the EDC’s board of directors has determined that the EDC’s objectives in promoting economic development would be more effectively fulfilled by reducing such administrative obligations so that it can more heavily focus its efforts on its direct economic development functions; and

 

WHEREAS, the EDC’s board of directors did, on September 26, 2014, adopt a resolution approving the transition and transfer to the City of the accounting and financial reporting services it and its vendor provide to the Commission, and directing its officers and staff to work cooperatively with the City to develop and implement such a transition; and

 

WHEREAS, the City Council believes that the transfer of such accounting and financial reporting services is in the best interests of the concerned parties and the City’s economic development objectives; and

 

WHEREAS, the City might fulfill those accounting and financial reporting service in-house, or might contract with a third party vendor for such services, whether in whole or in part, as the City Manager determines to be in the best interests of the City; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby directed to work with the Commission and EDC to develop and implement a plan for transferring to the City the accounting and financial reporting services provided to the Commission, with the objective of beginning the implementation of such plan by November 1, 2015 and completing the implementation of such plan as soon thereafter as it functionally achievable.

 

Section 2. That the City Manager is authorized to execute such agreements with the Commission, EDC and third party vendors as may be required for the City to provide the transferred services, and to execute any amendment to the City’s existing contract with the EDC as may be required in connection therewith. The documents shall be in such form as the City Manager shall determine proper for such purposes.

 

Section 3. That the approval and full implementation of any plan for the purposes contemplated herein shall require that the Commission and the EDC, as may be applicable, shall have granted all necessary approvals and transferred the funds residing within each special allocation fund established and existing pursuant to the terms of the Real Property Tax Increment Allocation Redevelopment Act to the City of Kansas City, Missouri. The City Manager is authorized to execute such documents in such form as the City Manager shall determine proper and as may be required in connection therewith.

 

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