KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 120961 Introduction Date: 11/1/2012
Type: Ordinance Effective Date: 11/18/2012
Sponsor: COUNCILMEMBER MARCASON
Title: Authorizing the Director of the Convention and Entertainment Facilities on behalf of the City to execute a document that restructures the terms of the “Promissory Note” the City issued to the National Association of Basketball Coaches Foundation, Inc. (“NABC”) on May 7, 2007.

Legislation History
DateMinutesDescription
11/1/2012 Filed by the Clerk's office
11/1/2012 Referred to Finance, Governance & Ethics Committee
11/7/2012 Advance and Do Pass as a Committee Substitute, Debate
11/8/2012 Passed as Substituted

View Attachments
FileTypeSizeDescription
120961.pdf Authenticated 29K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120961 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120961
120961 Fact Sheet.xlsx Fact Sheet 76K Fact Sheet
Allonge to Promissory Note.docx Other 24K promissory note

Printer Friendly Version

COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 120961

 

Authorizing the Director of the Convention and Entertainment Facilities on behalf of the City to execute a document that restructures the terms of the “Promissory Note” the City issued to the National Association of Basketball Coaches Foundation, Inc. (“NABC”) on May 7, 2007.

 

WHEREAS, Ordinance No. 070466 authorized the City Manager to execute a promissory note in the amount of $1,170,000.00 to the NABC for improvements to the College Basketball Experience and Hall of Fame (the “CBE”) located in Sprint Arena; and

 

WHEREAS, NABC agreed to pay the City the principal loan amount with an interest rate of 4% over a ten year period; and

 

WHEREAS, NABC desires to restructure the terms of payment of the Promissory Note; and

 

WHEREAS, the restructuring of the Promissory Note enables the NABC to make necessary and ongoing capital expenditures at the CBE that include technology upgrades, exhibit upgrades and development of new exhibits that will increase the relevance and excitement of the CBE; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Convention and Entertainment Facilities is hereby authorized to execute a document that restructures the terms of the Promissory Note entered into on May 7, 2007, between the City and NABC, to:

 

1.      Allow NABC to pay the total amount of interest due at the end of the loan of $190,656.72 in three annual installments starting December 31, 2021; and

 

2.      Extend the term of the note for seven years ending on December 31, 2024.

 

3.      That the Allonge to the Promissory Note is approved in a form substantially similar to the attached hereto.

 

 

_______________________________________________

 

Approved as to form and legality:

 

 

_______________________________

Lana K. Torczon

Assistant City Attorney