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Legislation #: 180142 Introduction Date: 2/22/2018
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER CANADY AND COUNCILMEMBER SHIELDS
Title: Expressing the concerns of the City Council regarding the Master Development Agreement and subsequent amendments between the City of Kansas City, Missouri and Kansas City Live, LLC, and directing the City Manager to negotiate certain amendments to the Thirteenth Amendment of Master Development Agreement and report back to the City Council.

Legislation History
DateMinutesDescription
2/23/2018 Filed by the Clerk's office
2/22/2018 Referred to Ethics and Legal Review Committee
3/5/2018 Be Adopted as a Committee Substitute
3/8/2018 Assigned Third Read Calendar as Substituted
3/22/2018 Held off Docket

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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 180142

 

Expressing the concerns of the City Council regarding the Master Development Agreement and subsequent amendments between the City of Kansas City, Missouri and Kansas City Live, LLC, and directing the City Manager to negotiate certain amendments to the Thirteenth Amendment of Master Development Agreement and report back to the City Council.

 

WHEREAS, on April 27, 2004 the City of Kansas City entered into a Master Development Agreement (“MDA”) with Kansas City Live, LLC for redevelopment of the 1200 Main/South Loop Tax Increment Financing District (“District”) in downtown Kansas City, Missouri; and

 

WHEREAS, said MDA has been amended twelve times with a thirteenth amendment currently pending via Ordinance No. 180057; and

 

WHEREAS, the City Council believes that certain concerns should be addressed, including, without limitation, the inclusion of affordable housing in the residential towers and the limitation of any impacts to the General Fund; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby directed to engage KC Live, LLC for the purpose of negotiating revisions to the proposed Thirteenth Amendment of Master Development Agreement to address the following issues:

 

● Not less than fifteen percent (15%) of all existing units in One Light and Two Light, and proposed future units in Three Light and any Four Light, shall be reserved for rent by persons making not more than one hundred percent (100%) of HUD’s Median Income calculations for Jackson County, Missouri, or the Midland Office Building shall be developed as affordable housing prior to any Four Light, which Four Light shall also include 15% affordable housing. Any future affordable housing in the District will be developed in accordance with the City’s affordable housing policies.

 

● A cap of four (4) residential buildings for which the City would provide parking, i.e., incentives would terminate with what is anticipated to be known as “Four Light.”

 

● A date certain by which Four Light is to commence construction, with an expiration of any City obligation if such date is not achieved for any reason.

 

● Kansas City Live, LLC, will be responsible for, at its expense, all future maintenance and capital repairs. City will retain responsibility only for structural repairs to the walls, roof, foundations and floors as is necessary to the essential stability of the Block 110 and Block 126 Garages.  

 

● The creation of a profit sharing mechanism that would provide for a percentage of net parking garage revenues to be made available to the City for debt service of existing and any future debt obligations with respect to the District.

 

● The reduction of the proposed Parking Subsidy to an amount consistent with the Parking Cost Cap as it presently exists in Section 6.9(a) of the MDA or such amount as the City’s Director of Finance reasonably determines would result in a financial commitment that can be serviced by the City without negatively impacting the City’s General Fund, whichever is less.

 

Section 2. That the City Manager shall report back to the City Council on the status of negotiations in a period not to exceed thirty days.

 

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