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Legislation #: 100217 Introduction Date: 3/11/2010
Type: Ordinance Effective Date: 4/11/2010
Sponsor: COUNCILMEMBER MARCASON
Title: Authorizing the execution and delivery of a financing agreement with the Tax Increment Financing Commission of Kansas City, Missouri, in connection with the Union Hill Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
3/11/2010 Filed by the Clerk's office
3/11/2010 Referred to Finance and Audit Committee
3/24/2010 Do Pass
3/25/2010 Assigned to Third Read Calendar
4/1/2010 Passed

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Union Hill_Fact Sheet_Financing Agreement_100217.pdf Fact Sheet 70K Fact Sheet

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ORDINANCE NO. 100217

 

Authorizing the execution and delivery of a financing agreement with the Tax Increment Financing Commission of Kansas City, Missouri, in connection with the Union Hill Tax Increment Financing Plan.

 

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) has been created by and is authorized and empowered pursuant to the provisions of the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, inclusive, of the Revised Statutes of Missouri, as amended (the “Act”), to issue revenue bonds to provide funds to pay “redevelopment project costs” as defined in the Act; and

 

WHEREAS, on November 24, 1982, the City Council of Kansas City, Missouri (the “City”) adopted Ordinance No. 54556 creating the Commission, which was subsequently amended by Committee Substitute for Ordinance No. 911076 adopted August 29, 1991, and further amended by Ordinance No. 100089, as amended; and

 

WHEREAS, a plan for redevelopment known as the “Union Hill Tax Increment Financing Plan” (the “Redevelopment Plan”) for an area designated therein as the Redevelopment Area (the “Redevelopment Area”), was prepared and reviewed by the Commission, and the Commission approved said Redevelopment Plan by Resolution No. 11-6-97 adopted on November 24, 1997; and

 

WHEREAS, the City Council of the City on December 18, 1997, by Committee Substitute for Ordinance No. 971698, approved the Redevelopment Plan; and

 

WHEREAS, the Commission entered into an Agreement dated August 31, 1999 with the Union Hill Development Company, a Missouri corporation (the “Redeveloper”), for the implementation of the Redevelopment Plan; and

 

WHEREAS, the City Council of the City on December 4, 2008, by Committee Substitute for Ordinance No. 081070, approved the First Amendment of the Union Hill Tax Increment Financing Plan; and

 

WHEREAS, the Redeveloper has requested the Commission to assist in providing funds to (a) finance, refinance and reimburse the costs of certain redevelopment project costs (the “Project”), (b) fund a debt service reserve fund and (c) pay associated costs of issuance of bonds, and the City has requested that the Commission issue its bonds and make the proceeds thereof available to the City to pay for the Project, all as permitted under the Act; and

 

WHEREAS, the Commission is authorized under the Act to issue its revenue bonds for the purposes aforesaid and the Commission has determined that the public interest will be best served and that the purposes of the Act can be more advantageously obtained by the Commission’s issuance of revenue bonds in order to make funds available to the City under the Financing Agreement (herein defined) as a means of accomplishing the foregoing; and

WHEREAS, the Commission intends to finance the Project as provided in the Financing Agreement by the issuance of its Tax Increment Revenue Bonds (Union Hill Redevelopment Project) Series 2010, in a principal amount not to exceed $3,500,000 (the “Bonds”), to be issued under the Trust Indenture between the Commission and Commerce Bank, N.A., as trustee (the “Trustee”); and

 

WHEREAS, the City further finds and determines that it is necessary and desirable in connection with the issuance of the Bonds that the City execute and deliver the Financing Agreement and certain documents and that the City take certain other actions as herein provided; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Authorization and Approval of Financing Agreement. The Financing Agreement dated as of the date set forth therein (the “Financing Agreement”), among the City, the Commission, the Redeveloper and the Trustee, is hereby approved in substantially the form presented to the City Council (a copy of which shall be filed in the records of the City), and the City is hereby authorized to execute and deliver the Financing Agreement with such changes therein as shall be approved by the officials of the City executing the Financing Agreement, such officials’ signatures thereon being conclusive evidence of their approval and the City’s approval thereof.

 

Section 2. Execution of Financing Agreement. The Mayor, the City Manager, the Director of Finance or the Director of City Development are hereby authorized and directed to execute and deliver the Financing Agreement and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance for and on behalf of and as the act and deed of the City. The City Clerk is hereby authorized and directed to attest to the Financing Agreement and to such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance.

 

Section 3. Further Authority. The City shall, and the officials, agents and employees of the City 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 Financing Agreement and the transactions contemplated thereby.

 

Section 4. Governing Law. This ordinance shall be governed exclusively by and construed in accordance with the applicable laws of the State of Missouri.

 

______________________________________________

 

Approved as to form and legality:

 

___________________________________ Heather A. Brown

Assistant City Attorney