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Legislation #: 100480 Introduction Date: 6/3/2010
Type: Ordinance Effective Date: 6/10/2010
Sponsor: COUNCILMEMBER FORD
Title: Terminating the Promissory Note, dated December 4, 2009 between the City of Kansas City, Missouri (“City”) and J.E. Dunn Construction Group Inc. (“J.E. Dunn”); authorizing the execution of a 501c(3) tax-exempt interest note in the amount of $6,638,000.00 and a taxable interest note of $4,032,754.00 between the City and J.E. Dunn; estimating lease proceeds in the amount of $696,136.00 from the lease of property to Swope Community Builders (“Swope”) for the current fiscal year; estimating debt service in the amount of $696,136.00; and recognizing an emergency.

Legislation History
DateMinutesDescription
6/3/2010 Filed by the Clerk's office
6/3/2010 Referred to Finance and Audit Committee
6/9/2010 Advance and Do Pass, Debate
6/10/2010 Passed

View Attachments
FileTypeSizeDescription
100480.pdf Authenticated 1039K Authenticated
Taxable Promissory Note.doc Other 65K Taxable Promissory Note
Tax-Exempt Promissory Note.doc Other 66K Tax-Exempt Promissory Note
Promissory Note Fact Sheet v3.xlsx Fact Sheet 27K Fact Sheet
Approp Admin.xlsx Other 63K Appropriation and Admin Form
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100480 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100480
fiscal notes-Promissory Note.xlsx Fiscal Note 30K Fiscal Note

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ORDINANCE NO. 100480

 

Terminating the Promissory Note, dated December 4, 2009 between the City of Kansas City, Missouri (“City”) and J.E. Dunn Construction Group Inc. (“J.E. Dunn”); authorizing the execution of a 501c(3) tax-exempt interest note in the amount of $6,638,000.00 and a taxable interest note of $4,032,754.00 between the City and J.E. Dunn; estimating lease proceeds in the amount of $696,136.00 from the lease of property to Swope Community Builders (“Swope”) for the current fiscal year; estimating debt service in the amount of $696,136.00; and recognizing an emergency.

 

WHEREAS, Second Committee Substitute for Ordinance No. 060943 authorized the execution of the Funding and Acquisition Agreement (the “Agreement”) between the City, the Tax Increment Financing Commission (“TIF Commission”), and J.E. Dunn; and

 

WHEREAS, Ordinance No. 071287 authorized the execution of the first amendment to the Agreement; and

 

WHEREAS, in connection with the Agreement, on December 4, 2009, the City entered into a promissory note with J.E. Dunn with twenty-one (21) semi-annual payments beginning June 1, 2010; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Finance is authorized to terminate the Promissory Note between the City and J.E. Dunn, dated December 4, 2009, in the amount of $10,670,754.00.

Section 2. That the Director of Finance is authorized to enter into a 501c(3) tax-exempt interest note in the amount of $6,638,000.00 between the City and J.E. Dunn for a ten year term at an interest rate not to exceed 4.50% and a taxable interest note in the amount of $4,032,754.00 for a ten year term at an interest rate not to exceed 10.00% between the City and J.E. Dunn.

Section 3. That the revenue in the following account in the East Village TIF Fund is hereby estimated in the following amount:

11-5301-120000-469100 Lease/Sale Proceeds $696,136.00

Section 4. That the sum of $696,136.00 is hereby appropriated from the Unappropriated Fund Balance of the East Village TIF Fund to the following account:

11-5301-129600-G Debt Service $696,136.00

 

Section 5. That the Director of Finance is hereby designated as the requisitioning authority for Account No. 11-5301-129600-G

Section 6. That this ordinance is recognized as an emergency measure within the provisions of Section 503(a)(3)(c) of the City Charter in that it appropriates money and shall take effect in accordance with that section.

 

_____________________________________________

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.

 

 

_______________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

______________________________

Heather A. Brown

Assistant City Attorney