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Legislation #: 120529 Introduction Date: 6/7/2012
Type: Ordinance Effective Date: 6/24/2012
Sponsor: COUNCILMEMBER MARCASON
Title: Authorizing the City Manager to execute a Development Agreement with EDC Charitable Fund (“EDC”) and Lockton Insurance Agency, Inc. (“Lockton”) that authorizes the issuance of Chapter 100 bonds in connection with an economic development effort.

Legislation History
DateMinutesDescription
6/7/2012 Filed by the Clerk's office
6/7/2012 Referred to Planning, Zoning & Economic Development Committee
6/13/2012 Advance and Do Pass, Debate
6/14/2012 Passed

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120529.pdf Authenticated 1059K Authenticated
agreement.DOCX Agreement 49K Agreement
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120529 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120529
120529 Fact Sheet.xls Fact Sheet 57K Fact Sheet

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ORDINANCE NO. 120529

 

Authorizing the City Manager to execute a Development Agreement with EDC Charitable Fund (“EDC”) and Lockton Insurance Agency, Inc. (“Lockton”) that authorizes the issuance of Chapter 100 bonds in connection with an economic development effort.

WHEREAS, the City has had conversations with the EDC and Lockton, a corporation whose world headquarters are currently located in Kansas City, Missouri; and

WHEREAS, Lockton has proposed to extend and improve its office industry in Kansas City, Missouri; and

  WHEREAS, the project proposed by Lockton would ensure its continued economic presence in the City and the retention of existing jobs and creation of new jobs in the City; and

WHEREAS, Chapter 100 bonds are required, as part of an overall incentive package being developed cooperatively with the State of Missouri, to make the project financially viable; and

WHEREAS, issuance of Chapter 100 bonds will be contingent on the City approving a Chapter 100 Plan; NOW, THEREFORE,

  BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Manager is hereby authorized to execute a Development Agreement with the EDC and Lockton that authorizes the issuance of Chapter 100 bonds upon the City Council’s subsequent approval of a Chapter 100 Plan, with said agreement approved in substantial form as that on file in the City Attorney’s Office.

_____________________________________________

Approved as to form and legality:

 

 

_______________________________

Brian T. Rabineau

Assistant City Attorney