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Legislation #: 050021 Introduction Date: 1/6/2005
Type: Resolution Effective Date: none
Sponsor: None
Title: Developing a financing plan to provide funds to refinance certain Lease Revenue Bonds in connection with the Municipal Auditorium Project, the Muehlebach and Doubletree Hotel Projects and to finance certain improvements to the Auditorium Plaza Garage in an approximate aggregate principal amount of $60,000,000.00.

Legislation History
DateMinutesDescription
1/5/2005 Filed by the Clerk's office
1/6/2005 Referred to Finance Committee
1/12/2005 Immediate Adoption
1/13/2005 Adopted

View Attachments
FileTypeSizeDescription
050021.pdf Authenticated 88K Authenticated
fiscal notes-LCRA resolution v1.xls Fiscal Note 39K Resolution fiscal note
2005 Resolution LCRA Fact Sheet(4).xls Fact Sheet 42K Resolution fact sheet

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RESOLUTION NO. 050021

 

Developing a financing plan to provide funds to refinance certain Lease Revenue Bonds in connection with the Municipal Auditorium Project, the Muehlebach and Doubletree Hotel Projects and to finance certain improvements to the Auditorium Plaza Garage in an approximate aggregate principal amount of $60,000,000.00.

 

WHEREAS, the Land Clearance for Redevelopment Authority of Kansas City, Missouri (the Authority) has previously issued its Lease Revenue Bonds (Municipal Auditorium and Muehlebach Hotel Redevelopment Projects) Series 1995A in the original principal amount of $34,130,000.00 (the Series 1995A Bonds) to finance the Muehlebach Hotel and Municipal Auditorium projects; and

 

WHEREAS, the Authority has previously issued its Taxable Lease Revenue Bonds (Municipal Auditorium and 13th and Wyandotte Hotel Redevelopment Projects) Series 1996 in the original principal amount of $15,110,000.00 (the Series 1996 Bonds) to finance the Doubletree Hotel and Municipal Auditorium projects; and

 

WHEREAS, the City of Kansas City, Missouri (the City) has certain lease payment obligations in connection with the Series 1995A Bonds and the Series 1996 Bonds and by refinancing the Series 1995A Bonds and the Series 1996 Bonds certain savings could be realized; and

 

WHEREAS, the City finds and determines that in order to accomplish the foregoing it is necessary and desirable to work with the Authority to develop a financing plan to refinance the Series 1995A Bonds and the Series 1996 Bonds and to investigate financing certain improvements to the Auditorium Plaza Garage; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. Financing plan. The Council expresses its intent in the development of a financing plan to issue approximately $60,000,000.00 in one or more series of revenue bonds to provide funds to refinance the Series 1995A Bonds and the Series 1996 Bonds and to finance certain improvements to the Auditorium Plaza Garage, including reimbursement of expenditures, said bonds to be special revenue obligations payable solely out of tax increment revenues and other revenues.

 

Section 2. Reimbursement. The City upon approval by the Council expects to incur certain expenditures in connection with the acquisition, design and construction of improvements to the Auditorium Plaza Garage after the date of this resolution and before the issuance of the bonds, and the City desires and intends to reimburse itself for all or a portion of such expenditures, to the extent permitted by law, with the proceeds of the bonds to be issued by the Authority in the maximum principal amount of $8,000,000.00.

 


Section 3. Further authorization and direction. The City hereby authorizes and directs the Acting Director of Finance, Gilmore & Bell, P.C. and the Martinez Law Firm, as Co-Bond Counsel, the City's Financial Advisor and City staff to prepare for submission to the City, a financing plan to refinance the Series 1995A Bonds and the Series 1996 Bonds and to investigate financing certain improvements to the Municipal Auditorium Garage.

 

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