ORDINANCE NO. 011175
the Director of City Development to execute a tax credit agreement with the
Missouri Development Finance Board for the issuance of tax credits and the
acceptance of private contributions for the Kemper Parking Garage Project;
estimating revenue in the amount of $1,045,939.68 and appropriating it for the
Kemper Garage Project; authorizing transfer of $1,045,939.68; designating
requisitioning authority; and recognizing an emergency.
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
1. That the Director of City Development is authorized to execute a tax credit
agreement with the Missouri Development Finance Board (MDFB) for the issuance
of tax credits by MDFB in an amount not to exceed $820,016.00 and the
acceptance of private contributions in the maximum aggregate amount of
$1,640,032.00 for the Kemper Parking Garage Project. The agreement is approved
in substantial form as the attachment to this ordinance.
2. That the Council finds and determines that the project will significantly
benefit the City and the State; the benefits derived by the State are expected
to exceed the benefits provided in the tax credit agreement; and the project
would not proceed without the assistance provided by the MDFB.
3. That the revenue in the following account of the 309 Fund is hereby
estimated in the following amount:
Tax Credits $1,045,939.68
4. That the sum of $1,045,939.68 is hereby appropriated from the
Unappropriated fund Balance of the 309 Fund to the following account:
Kemper Garage $1,045,939.68
5. That the Director of City Development is authorized to expend
$1,045,939.68 from Account No. 02-309-064-7226 by transferring $1,045,939.68
to ATI Title Company on behalf of the Planned Industrial Expansion Authority of
Kansas City, Missouri, and to execute a request addressed to the MDFB asking
for the disbursement of $562,692.00 to NF Bldg Corp.
6. That the Director of City Development is designated as requisitioning
authority for Account No. 02-309-064-7226.
7. That this ordinance is recognized as an emergency measure under Section 15
of the Charter and takes effect in accordance with that section.
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.
as to form and legality: