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Legislation #: 080308 Introduction Date: 3/27/2008
Type: Ordinance Effective Date: 4/13/2008
Sponsor: None
Title: Terminating the 13th and Wyandotte, Project Number 1995-1, Neighborhood Improvement District.

Legislation History
DateMinutesDescription
3/26/2008 Filed by the Clerk's office
3/27/2008 Referred to Finance and Audit Committee
4/2/2008 Advance and Do Pass as a Committee Substitute, Debate
4/3/2008 Passed as Substituted

View Attachments
FileTypeSizeDescription
080308.pdf Authenticated 64K Authenticated
fiscal_notes-13th and Wyandotte NID termination_v1(1).xls Fiscal Note 59K fiscal note
fact_sheet-NID Termination v1.xls Fact Sheet 44K Fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 080308

 

Terminating the 13th and Wyandotte, Project Number 1995-1, Neighborhood Improvement District.

 

WHEREAS, the City Council (the Council) of the City of Kansas City, Missouri (the City), on June 8, 1995, pursuant to Ordinance No. 950741, established the 13th and Wyandotte, Project Number 1995-1, Neighborhood Improvement District (13th and Wyandotte NID) to fund costs associated with the construction of certain improvements located within the 13th and Wyandotte NID; and

 

WHEREAS, in conjunction with the creation of the 13th and Wyandotte NID, the Land Clearance for Redevelopment Authority of Kansas City, Missouri, issued $15,110,000.00 Taxable Lease Revenue Bonds (Municipal Auditorium and 13th and Wyandotte Hotel Redevelopment Projects), Series 1996 (Bonds); and

 

WHEREAS, pursuant to the Amended and Restated Cooperative Agreement for Project Financing dated April 1, 1996, as amended by the First Amendment to Amended and Restated Cooperative Agreement dated September 5, 2007 (the Amended and Restated Cooperative Agreement, as amended, shall hereinafter be referred to as the Cooperative Agreement), special assessments levied against the Property pursuant to the 13th and Wyandotte NID were to be used to pay a portion of the debt service on the Bonds; and

 

WHEREAS, the Bonds will be redeemed on April 15, 2008, and the Cooperative Agreement provides that the 13th and Wyandotte NID shall be dissolved and terminated upon redemption of the Bonds; and

WHEREAS, the owner of all real property within the NID requested that the City terminate the 13th and Wyandotte NID, pursuant to a petition filed with the Clerk on March 24, 2008; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the 13th and Wyandotte, Project Number 1995-1, Neighborhood Improvement District shall terminate upon redemption of the Bonds.

 

Section 2. All assessments collected as of the date of termination shall be applied as provided in Section 3 of the Cooperative Agreement

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney