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Legislation #: 080998 Introduction Date: 10/2/2008
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER RILEY
Title: Establishing the Southtown Urban Life Development Bond Fund in the records of the City; estimating and appropriating $15,500,000.00 from the anticipated sale of bonds; authorizing the City Manager to expend $15,500,000.00 for the Southtown Urban Life Development Tax Increment Financing Plan; authorizing the Director of Finance to close out accounts at the end of the project; and declaring the City’s intent to reimburse itself for certain expenditures. 

Legislation History
DateMinutesDescription
10/2/2008 Filed by the Clerk's office
10/2/2008 Referred to Finance, Governance & Ethics Committee
10/8/2008 Hold Off Agenda
7/20/2011 Release
7/21/2011 Released

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080998, fact sheet.pdf Fact Sheet 74K fact sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=080998 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=080998

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ORDINANCE NO. 080998

Establishing the Southtown Urban Life Development Bond Fund in the records of the City; estimating and appropriating $15,500,000.00 from the anticipated sale of bonds; authorizing the City Manager to expend $15,500,000.00 for the Southtown Urban Life Development Tax Increment Financing Plan; authorizing the Director of Finance to close out accounts at the end of the project; and declaring the Citys intent to reimburse itself for certain expenditures. 

WHEREAS, the Council has stated its intention to issue revenue bonds in an amount sufficient to fund Phase 1 of the Southtown Urban Life Development Tax Increment Financing Plan in the amount of $20,500,000.00; and

WHEREAS, in order to begin Phase 1 of the project, the developer has requested that the City provide a portion of the funding prior to the issuance of the bonds; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY: 

Section 1. That the 2008 Southtown Urban Life Development Bond Fund is hereby established in the records of the City as Fund No. 3430.

Section 2. That the revenue in the following account of the 2008 Southtown Urban Life Development Bond Fund is hereby estimated in the following amount: 

AL-3430-120000-590000 Proceeds from the Sale of Bonds $15,500,000.00 

Section 3. That the sum of $15,500,000.00 is hereby appropriated from the Unappropriated Fund Balance of the 2008 Southtown Urban Life Development Bond Fund to the following account: 

AL-3430-642023-B 63rd Street Corridor $15,500,000.00 

Section 4. That the City Manager is hereby designated as requisitioning authority for Account No. AL-3430- 642023.

Section 5. That upon completion of the final cost of this project, the Director of Finance is hereby authorized to return the unexpended portion of this appropriation to the Unappropriated Fund Balance from which it was derived.

Section 6. That the City declares its intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this ordinance with respect to the project with the proceeds of the bonds expected to be issued. The maximum principal amount of bonds expected to be issued for Project is $20,500,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

________________________________________________

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.

 

 

___________________________________

Jeffrey Yates

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney