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Legislation #: 051010 Introduction Date: 8/18/2005
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Expressing City Council support for the development of financing in an amount not to exceed $9,000,000 for the purpose of reconstructing the Music Hall at Municipal Auditorium; directing the City Manager to develop a financing plan that allows the City to construct the necessary improvements in a timely manner; declaring a minimum 25% participation requirement by the private sector; declaring the project constitutes a public purpose; and declaring the City’s intent to reimburse itself for certain expenditures related to this project.

Legislation History
DateMinutesDescription
8/17/2005 Filed by the Clerk's office
8/18/2005 Referred to Finance Committee
8/24/2005 Immediate Adoption
8/25/2005 Adopted

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RESOLUTION NO. 051010

 

Expressing City Council support for the development of financing in an amount not to exceed $9,000,000 for the purpose of reconstructing the Music Hall at Municipal Auditorium; directing the City Manager to develop a financing plan that allows the City to construct the necessary improvements in a timely manner; declaring a minimum 25% participation requirement by the private sector; declaring the project constitutes a public purpose; and declaring the Citys intent to reimburse itself for certain expenditures related to this project.

WHEREAS, at the current time the Music Hall located in Kansas Citys historic Municipal Auditorium is the only facility in the downtown area capable of hosting Broadway musicals and other signature events; and

WHEREAS, the Music Hall is in need of renovation and modernization to continue to attract these national touring shows, by deepening the stage, providing upgrading seating and other amenities; and

WHEREAS, reconstruction of the Music Hall needs to take place in a coordinated and expedited fashion to insure that the upcoming season is not impacted and that future touring productions can be signed; and

WHEREAS, significant private resources have already been raised to contribute to the necessary renovations, and the City is desirous of leveraging additional resources for this important project; and

WHEREAS, the City is considering the use of several possible resources to pay for this upgrade including new user fees, auditorium plaza garage revenues, private contributions, general obligation bond proceeds, and the capital improvements sales tax; NOW THEREFORE

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Council hereby expresses its intent to develop a financing plan in an amount not exceed $9.0 million to construct the necessary improvements to the Music Hall at Municipal Auditorium.

Section 2. That the City Council hereby directs the City Manager to develop a financing plan to accomplish this objective and report back to the City Council a financing mechanism and a construction schedule that will allow these improvements to be completed in a timely manner.

Section 3. That the Council states that private contributions for the Music Hall renovation project need to be at least 25% of the total project costs or a minimum of $2.5 million.

Section 4. That the Council further states that such Project is for the benefit of the public and constitutes a public purpose.

Section 5. That the Council expects to incur certain expenditures in connection with the Project made within sixty (60) days prior to or on and after the date of this Resolution with respect to the proceeds of the bonds and intends to reimburse itself for all or a portion of such expenditures, to the extent permitted by law. A maximum principal amount of bonds expected to be issued for the Project is $9,000,000.00. This Resolution constitutes a declaration of official intent under Treasury Regulation Section 1.1050.

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