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Legislation #: 150253 Introduction Date: 4/9/2015
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the City Manager to execute the Twelfth Amendment of Master Development Agreement and Third Amendment to City Parking Easement and Agreement with Kansas City Live, LLC, and any documents related thereto, for the purposes of providing certain financial incentives and changes to parking obligations in connection with approximately 300 residential units to be constructed on Block 140 in the KC Live entertainment area; establishing the Series 2015B Bond Fund; estimating and appropriating revenues in the amount of $17,500,000.00 in the Series 2015B Bond Fund; designating requisitioning authority; declaring the City’s intent to reimburse itself from bond proceeds; and recognizing this ordinance as having an accelerated effective date.

Legislation History
DateMinutesDescription
4/8/2015 Filed by the Clerk's office
4/9/2015 Referred to Planning, Zoning & Economic Development Committee
4/15/2015 Advance and Do Pass, Debate
4/16/2015 Passed

View Attachments
FileTypeSizeDescription
150253.pdf Authenticated 271K Authenticated
fact sheet-150253.docx Fact Sheet 25K fact sheet
3d Amd-City Parking Easement and Agreement.pdf Agreement 90K 3rd Amd to City Parking Easement and Agreement
12th Amd-Master Dev Agr.pdf Agreement 430K 12th Amd to Master Development Agreement

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ORDINANCE NO. 150253

 

Authorizing the City Manager to execute the Twelfth Amendment of Master Development Agreement and Third Amendment to City Parking Easement and Agreement with Kansas City Live, LLC, and any documents related thereto, for the purposes of providing certain financial incentives and changes to parking obligations in connection with approximately 300 residential units to be constructed on Block 140 in the KC Live entertainment area; establishing the Series 2015B Bond Fund; estimating and appropriating revenues in the amount of $17,500,000.00 in the Series 2015B Bond Fund; designating requisitioning authority; declaring the City’s intent to reimburse itself from bond proceeds; and recognizing this ordinance as having an accelerated effective date.

 

WHEREAS, the City and Kansas City Live, LLC, (the “Developer”) have entered into a Master Development Agreement dated April 27, 2004, which has been amended by the First Amendment to Development Agreement dated as of July 24, 2004, the Second Amendment to Development Agreement dated as of September 15, 2004, the Third Amendment of Development Agreement dated as of February 7, 2005, the Fourth Amendment of Development Agreement dated as of March 8, 2005, the Fifth Amendment of Development Agreement dated as of March 9, 2005, the Sixth Amendment of Master Development Agreement dated as of May 1, 2006, the Seventh Amendment of Master Development Agreement dated as of May 1, 2006, the Eighth Amendment of Master Development Agreement dated as of April 30, 2007, the Ninth Amendment of Master Development Agreement dated as of August 29, 2008, the Tenth Amendment of Master Development Agreement dated as of February 17, 2009, and the Eleventh Amendment of Master Development Agreement dated as of August 22, 2012 (collectively, the “Master Development Agreement”); and

 

WHEREAS, the City and the Developer have entered into a City Parking Easement and Agreement dated July 20, 2006, which has been amended by the First Amendment to City Parking Easement and Agreement dated as of February 17, 2009, and the Second Amendment to City Parking Easement and Agreement dated as of August 22, 2012 (collectively, the “Parking Agreement”); and

 

WHEREAS, the Developer has determined that it can construct, subject to the receipt of certain incentives, approximately 300 residential units and the necessary parking for such units in the KC Live entertainment area by constructing a residential tower and parking garage on Block 140; and

 

WHEREAS, one of the City’s priorities is the creation of additional downtown residential units since the addition of these residential units are critical to a vibrant downtown with a more diverse economic base, and additional residents support other City and private investments in the downtown area; and

 

WHEREAS, the City and the Developer desire to amend the Master Development Agreement to provide certain financial incentives with regards to the construction of additional residential units on Block 140 and the associated parking; and

 

WHEREAS, the City and the Developer desire to amend the Parking Agreement for the purpose of modifying the City’s obligations thereunder with respect to the associated parking; and

 

WHEREAS, the City anticipates issuing bonds for the purpose of funding certain costs related to the construction of the additional residential units and associated parking; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby authorized to execute the “Twelfth Amendment of Master Development Agreement” with Kansas City Live, LLC, for the purposes of providing certain financial incentives with regards to the construction of additional residential units and associated parking on Block 140 in the KC Live entertainment area. The “Twelfth Amendment of Master Development Agreement” is approved in substantial form to that attached hereto.

 

Section 2. That the City Manager is hereby authorized to execute the “Third Amendment to City Parking Easement and Agreement” with Kansas City Live, LLC, for the purposes of modifying the City’s obligations thereunder with respect to the parking to be constructed in support of the additional residential units to be constructed on Block 140 in the KC Live entertainment area. The “Third Amendment to City Parking Easement and Agreement” is approved in substantial form to that attached hereto.

 

Section 3. That the City Manager is hereby authorized to take such further action, and execute such other documents, certificates and instruments, including any required agreements or documentation, as may be necessary or desirable to carry out and comply with the intent of this ordinance and to comply with and perform the duties of the City with respect to the “Twelfth Amendment of Master Development Agreement” and to the “Third Amendment to City Parking Easement and Agreement.”

 

Section 4. That Fund No. 3433, the Series 2015B Bond Fund, is hereby established in the records of the City of Kansas City, Missouri.

 

Section 5. That the revenue in the following account of Fund No. 3433, the Series 2015B Bond Fund, is hereby estimated in the following amount:

 

AL-3433-120000-590000 Proceeds from Sale of Bonds $17,500,000.00


Section 6. That the sum of $17,500,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3433, the Series 2015B Bond Fund, to the following account:

AL-3433-108047-B Downtown Residential $17,500,000.00

 

Section 7. That the City Manager is hereby designated as the requisitioning authority for Account No. AL-3433-108047.

Section 8. That the City  hereby declares its official intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on or after the date of this ordinance with respect to the Two Light residential tower and garage (the Project)  with the proceeds of bonds expected to be issued by the City.  The maximum principal  amount of bonds expected to be issued for the Project is not to exceed $18,000,000.00. This constitutes a declaration of official intent under Treasury Regulation Section 1.150-2.

Section 9. That this ordinance, relating to the appropriation of money, is recognized as an ordinance with an accelerated effective date as provided by Section 503(a)(3)(C) of the City Charter and shall take effect in accordance with Section 503, City Charter.

_____________________________________________

 

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:

 

 

___________________________________

Brian T. Rabineau

Assistant City Attorney