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Legislation #: 081063 Introduction Date: 10/23/2008
Type: Ordinance Effective Date: 11/16/2008
Sponsor: None
Title: Estimating revenue and appropriating $2,000,000.00 in MTFC loan proceeds in FY 2008-09; and designating requisitioning authority.

Legislation History
DateMinutesDescription
10/22/2008 Filed by the Clerk's office
10/23/2008 Referred to Finance and Audit Committee
11/5/2008 Referred to Transportation and Infrastructure Committee
11/6/2008 Advance and Do Pass, Debate
11/6/2008 Passed

View Attachments
FileTypeSizeDescription
081063.pdf Authenticated 78K Authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081063 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081063
Cap Proj Fiscal Note Paseo Bridge.xls Fiscal Note 37K fiscal note
Fact Sheet - Paseo Bridge 2nd Draw.xls Fact Sheet 32K fact sheet

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ORDINANCE NO. 081063

 

Estimating revenue and appropriating $2,000,000.00 in MTFC loan proceeds in FY 2008-09; and designating requisitioning authority.

 

WHEREAS, Ordinance No. 071228 authorized a direct loan agreement with the Missouri Transportation Finance Commission and the Missouri Highways and Transportation Commission to provide for a loan to the City in the total amount of $10,000,000.00 for the construction of a single point urban interchange in conjunction with the kcICON project; and

 

WHEREAS, that the City Council stated its intent to allocate all new revenues generated from a Commercial Improvement District or Transportation Development District overlay over the current Isle of Capri casino site, all land rent revenues generated above $3 million per year that is received from the current Isle of Capri casino operation towards project debt service and therefore reduce the funds needed from the Capital Improvement Sales Tax to fully repay this loan; and

 

WHEREAS, the first $2 million draw was authorized by Ordinance No. 071128, with four more draws to occur in subsequent years; and

 

WHEREAS, the necessary transaction required in this ordinance is that the City receives $2 million from the Missouri Transportation Finance Commission and passes $2 million to the Missouri Department of Transportation; and

 

WHEREAS, the second draw of this $2 million loan is scheduled to be received on November 18, 2008, NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the revenue in the following account of the Capital Improvements Fund is hereby estimated in the following amount:

 

09-3090-890001-590201 Proceeds from MTFC Loan $2,000,000.00

 

Section 2. That the sum of $2,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account in the Capital Improvements Fund:

 

09-3090-898017-F Paseo Bridge Interchange $2,000,000.00

 

Section 3. That the Director of Public Works is hereby designated as requisitioning authority for Account No. 09-3090-898017.

 

_______________________________________________

 

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 A. Yates

Director of Finance

 

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney