ORDINANCE NO. 010580
Approving
a financing agreement in connection with the Chouteau Crossing Improvement
Project.
WHEREAS,
the Council on October 19, 2000 by Ordinance No. 001391 created a
neighborhood improvement district pursuant to the Neighborhood Improvement
District Act, Sections 67.453 to 67.475, inclusive, of the Revised States
of Missouri, as amended (the "NID Act"), known as the "Chouteau
Crossing Improvement Project" for the purpose of financing the construction
of certain public improvements (the "NID District"); and
WHEREAS,
Chouteau Development Company, L.L.C. (the "Redeveloper") has
requested that the Tax Increment Financing Commission of Kansas City, Missouri
(the "Commission") and the City assist in the financing and
refinancing of the Chouteau Crossing Improvement Project through the issuance
of the Commission's Tax Increment Revenue Bonds (Chouteau I-35 Project) in a
maximum principal amount of $6,630,000.00 (the "Bonds"); and
WHEREAS,
the Commission, the City, the Redeveloper and the Trustee will enter into a
Financing Agreement to provide that the proceeds of the Bonds are used to
finance the acquisition of property, road, storm sewer and sanitary sewer
improvements and other public improvements and related infrastructure adjacent
to the Chouteau Crossings Project in Kansas City, Missouri (the
"Project"); NOW, THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. The Director of Finance is hereby authorized to enter into the Financing
Agreement and all other necessary agreements and certificates in connection
with the issuance and sale of the Bonds.
Section
2. The City and its officers, agents and employees are hereby authorized and
directed to, take such further action, and execute such other documents,
certificates and instruments, as may be necessary or desirable to carry out and
comply with the intent of this ordinance, and to carry out, comply with and
perform the duties of the City with respect to the Bonds and the Financing
Agreement.
__________________________________________________________________
Approved
as to form and legality:
________________________________
Assistant
City Attorney