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Legislation #: 081028 Introduction Date: 10/9/2008
Type: Ordinance Effective Date: 10/26/2008
Sponsor: COUNCILMEMBER HERMANN
Title: Estimating revenue in the amount of $500,000.00 in the 2008 Special Obligation Bond Fund and appropriating it; authorizing the Director of City Development to enter into a cooperative agreement with the Land Clearance for Redevelopment Authority in the total amount of $3,900,000.00 for property acquisition and relocation to further the redevelopment of the Columbus Park Urban Renewal Area; and appropriating the Supplemental Leased Property Budget.

Legislation History
DateMinutesDescription
10/8/2008 Filed by the Clerk's office
10/9/2008 Referred to Planning and Zoning Committee
10/13/2008 Referred to Finance and Audit Committee
10/15/2008 Advance and Do Pass as a Committee Substitute, Debate
10/16/2008 Passed as Substituted

View Attachments
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081028.pdf Authenticated 115K Autenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081028 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081028
approp.xls Advertise Notice 324K appropriation
Exhibit B.XLS Advertise Notice 24K Exhibit B
fact sheet.xls Advertise Notice 106K fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 081028

 

Estimating revenue in the amount of $500,000.00 in the 2008 Special Obligation Bond Fund and appropriating it; authorizing the Director of City Development to enter into a cooperative agreement with the Land Clearance for Redevelopment Authority in the total amount of $3,900,000.00 for property acquisition and relocation to further the redevelopment of the Columbus Park Urban Renewal Area; and appropriating the Supplemental Leased Property Budget.

 

WHEREAS, the Columbus Park Development (Project) is a 22 acre area that is to be constructed in six phases with an initial timeframe of 5 years; and

 

WHEREAS, the Project is to consist of 360+ units of residential housing, 15 to 25 percent of which will be affordable housing, plus commercial retail space with surface and in-building parking; and

 

WHEREAS, the City desires to assist the Land Clearance for Redevelopment Authority of Kansas City (LCRA) in the redevelopment of the Columbus Park Urban Renewal Area through the contribution of funding for the land acquisition and relocation of properties and site remediation; and

 

WHEREAS, the City is authorized under its charter to issue its notes, bonds or other obligations in evidence thereof; and

WHEREAS, on August 21, 2006, the City and the Port Authority entered into the First Amended and Restated Lease Agreement (approved by Committee Substitute for Ordinance No. 060862) (Amended Lease) which established a budget approval process for the use of Leased Property Revenues received from the Sublease; and

WHEREAS, on June 12, 2008, the Council passed Ordinance No. 080563, approving the Leased Property Revenues Budget for Fiscal Year 2008-09 and desires to approve the 2009-2009 Supplemental Leased Property Revenues Budget; and

 

WHEREAS, the City wishes to fund the land acquisition and relocation expenses associated with this Project by issuing its special obligation improvement bonds from funds previously appropriated to the Columbus Park Improvements account in the amount of $3,400,000.00 in Ordinance No. 080357; and

 

WHEREAS, the City further wishes to assist in funding the land acquisition and relocation expenses by contributing $500,000.00 of Casino Lease Revenue funds; and

 

WHEREAS, City and LCRA desire to enter into a cooperative agreement for the land acquisition, relocation, demolition and site remediation; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 


Section 1. That the revenue in the following account of the 2008 Special Obligation Bond Fund is estimated in the following amount:

 

AL-3330-648041-482090 Port Authority Contribution for

Columbus Park $500,000.00

 

Section 2. That the appropriation in the following account of the 2008 Special Obligation Bond Fund is increased in the following amount:

 

AL-3330-648041-B Development CD1 $500,000.00 

 

Section 3. That the Director of City Development is authorized to execute a $3,900,000.00 cooperative agreement with the Land Clearance for Redevelopment Authority from funds previously appropriated to AL-3330-648041-B. A copy of the agreement, in substantial form, is on file in the office of the Director of the Department of City Development.

 

Section 4. That the Supplemental Leased Property Revenue Budget for Fiscal Year 2008-2009 (which includes the City Managers Supplemental Certificate for Fiscal Year 2008-2009) is amended with the following changes:

 

1. Columbus Park Infrastructure reduced by $400,000.00; and

2. Columbus Park Property Acquisition increased by $500,000.00.

 

A copy of said Budget is on file in the office of the Director of the Department of City Development.

_____________________________________________

 

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