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Legislation #: 050990 Introduction Date: 8/11/2005
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER COOPER
Title: Directing The City Manager to develop a plan of financing to support the construction of an inland Mexican customs facility in the West Bottoms area; and stating the City’s intent to reimburse itself from proceeds of the financing.

Legislation History
DateMinutesDescription
8/11/2005 Filed by the Clerk's office
8/11/2005 Immediate Adoption
8/11/2005 Adopted

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050990.pdf Authenticated 74K Authenticated

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RESOLUTION NO. 050990

 

Directing The City Manager to develop a plan of financing to support the construction of an inland Mexican customs facility in the West Bottoms area; and stating the Citys intent to reimburse itself from proceeds of the financing.

 

WHEREAS, the Greater Kansas City Chamber of Commerce, the Mid-America

Regional Council and the Kansas City Area Development Council created Kansas City SmartPort, Inc. (Smartport) to explore ways in which Kansas City can position itself as an international trade processing center with the capability of serving as an inland port; and

 

WHEREAS, SmartPort, in promoting Kansas City as a strategic hub for trade between the U.S. and Mexico, has secured the support of both Mexican and U.S. Customs officials for the construction of a customs facility (Customs Facility) in Kansas City; and

 

WHEREAS, the construction of such a facility offers great economic benefit to Kansas City; and

 

WHEREAS, the City owns the real property located on the east side of Liberty Street between 14th and 15th Streets; and SmartPort has requested City support in constructing, equipping, and acquiring the Customs Facility on that site (the Liberty Site); NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is directed to develop a plan of financing to support the construction of an inland Mexican customs facility on the Liberty Site in the approximate principal amount of $3 million.

 

Section 2. That the City may contribute land, services and construction moneys and seek state, federal, local and private contributions, as well, each benefiting from the unique business opportunities that will result from the facility.

 

Section 3. That the City Manager is further directed to present his recommendations regarding the financing to the City Council for its approval.

 

Section 4. That the City expects to incur capital expenditures on and after the date of adoption of this resolution (the Expenditures), and intends to reimburse itself for such Expenditures solely from the proceeds of the financing. The funds to be advanced to pay Expenditures are or will be available only for a temporary period and it is necessary to reimburse the City for such Expenditures made on and after the date hereof. The maximum principal amount of financing proceeds expected is $3,000,000.00. This resolution constitutes a declaration of official intent under Treasury Regulation Section 1.150-2 issued under the Internal Revenue Code of 1986, as amended.

 

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