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Legislation #: 200094 Introduction Date: 1/30/2020
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FOWLER
Title: Stating the intent of the City Council to finance the Kansas City North Sports Complex project in an amount not to exceed $25,200,000; establishing Fund No. 3441, the Special Obligation Series 2021A Fund; estimating revenue and appropriating $25,200,000 in Fund No. 3441 the Special Obligation Series 2021A Fund; approving a plan of finance and term sheet for the Kansas City North Sports Complex project; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; and declaring the intent of the City to reimburse itself from the bond proceeds for certain expenditures.

Legislation History
DateMinutesDescription
2/3/2020 Filed by the Clerk's office
1/30/2020 Referred to Finance, Governance and Public Safety Committee
2/12/2020 Hold On Agenda (2/19/2020)
2/26/2020 Hold On Agenda (3/4/2020)
3/4/2020 Hold On Agenda (3/18/2020)
3/18/2020 Hold On Agenda (4/8/2020)
4/8/2020 Hold On Agenda (4/15/2020)
4/15/2020 Hold On Agenda (4/22/2020)
4/22/2020 Do Pass as a Committee Substitute
4/23/2020 Assigned Third Read Calendar as Substituted
4/30/2020 Passed as Substituted

View Attachments
FileTypeSizeDescription
200094.pdf Authenticated 102K Authenticated Ordinance 200094
term sheet.pdf Other 188K term sheet
Northland Sports Complex - Plan of Finance Version 5.pdf Plan 119K Plan of Finance

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 200094

 

Stating the intent of the City Council to finance the Kansas City North Sports Complex project in an amount not to exceed $25,200,000; establishing Fund No. 3441, the Special Obligation Series 2021A Fund; estimating revenue and appropriating $25,200,000 in Fund No. 3441 the Special Obligation Series 2021A Fund; approving a plan of finance and term sheet for the Kansas City North Sports Complex project; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; and declaring the intent of the City to reimburse itself from the bond proceeds for certain expenditures.

 

WHEREAS, Resolution No. 190192 directed the City Manager to investigate potential sources of funding for the development of a new Northland youth soccer/multisport field complex and the City Manager has identified the source of funds to proceed with the development of a new 12-field sports complex; and,

 

WHEREAS, Committee Substitute for Ordinance No. 190485, As Amended directed the City Manager to issue a Request for Information and a Request for Proposals/Qualifications for the design, construction, operation and maintenance of a new 12-field sports complex in the City’s Northland; and,

 

WHEREAS, Section 5 of Committee Substitute for Ordinance No. 190485, As Amended stated that prior to the execution of a contract with a selected developer, the City Manager is directed to present to Council a financing plan identifying the specific sources of funding including Second District In-District PIAC allocation in the amount of $250,000.00 per year for four years subject to all Code requirements and authorizing ballot language; and,

 

WHEREAS, the City expects to finance a portion of the Project through the issuance of special obligation bonds in Spring 2021 to be secured by the City’s annual appropriation pledge with Capital Improvements and Parks Sales Taxes from expiring TIF’s in Platte and Clay Counties as the source of repayment; NOW THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Council hereby determines and declares the intent to finance the acquisition, construction, renovation, rehabilitation, equipping and improvement of the Project with proceeds of bonds and notes in an aggregate principal amount not to exceed $25,000,000.00

 

Section 2. That Fund No. 3441, the Special Obligation Series 2021A Bond Fund, is hereby established in the records of the City of Kansas City, Missouri.

 


 

Section 3. That the revenue in the following account of the Special Obligation Series 2021A Fund is hereby estimated in the following amount:

 

AL-3441-120000-590000 Bond Proceeds $25,200,000.00

 

Section 4. That the sum of $25,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Special Obligation Series 2021A Fund to the following accounts:

 

AL-3441-108042-B-70204958 Kansas City North Sports

Complex $25,000,000.00

AL-3441-129620-B Cost of Issuance 200,000.00

TOTAL $25,200,000.00

 

Section 5. That the City Manager is hereby designated as requisitioning authority for Account No. AL-3441-108042 and that the Director of Finance is hereby designated as requisitioning authority for Account No. AL-3441-129620.

 

Section 6. That the Director of Finance is hereby authorized to close project accounts, encumbrances and retainage related to the accounts in Section 4, and return the unspent portion to the fund balance from which it came upon the earliest of: (i) Project’s completion; (ii) final maturity of financing, or (iii) five years after issuance.

 

Section 7. That the City hereby declares its official intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this ordinance with respect to the Project with the proceeds of the bonds to be issued. The maximum principal of amount of bonds intended to be issued for the Project expected is $25,200,000.00. This constitutes a declaration of official intent under Treasury Regulation Section 1.150-2.

 

Section 8. That the City hereby approves the attached plan of finance for the Project, a copy of which is on file with the City Clerk’s office.

 

Section 9. That the City hereby approves the attached term sheet for the project, a copy of which is on file with the City Clerk’s Office.

 

Section 10. That the City hereby approves the Northland Sports Complex in concept, subject to the Director of Finance preparing and updating the funding plan that reflects the projected decline in Sales Tax Revenue from the COVID-19 pandemic.

 

___________________________________________________

 


 

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.

 

 

___________________________________

Tammy Queen

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Mark P. Jones

Assistant City Attorney