RESOLUTION NO. 050924

Expressing Council support for the development of a financing plan in an amount not to exceed $10,000,000.00 for the purpose of constructing and reconstructing Shoal Creek Parkway, Searcy Creek Parkway, and Pleasant Valley Road and all related infrastructure for the purpose of facilitating the construction of the Kansas City Police Academy; directing the City Manager to develop a financing plan that allows the City to construct the necessary improvements to coincide with academy construction; declaring the project constitutes a public purpose; and declaring the Citys intent to reimburse itself for certain expenditures related to this project from the Shoal Creek Tax Increment Financing district in the amount of $4,700,000.00.

WHEREAS, in April 2002, voters approved a quarter-cent sales tax for public safety facility improvements to build a new Police Academy and police station; and

WHEREAS, to accomplish those important projects it is necessary to supplement those resources with other City resources to build the required public infrastructure; and

WHEREAS, construction of the new Kansas City Police Academy has been authorized with work to start in the very near future; and

WHEREAS, a large portion of the construction of the roadway can be paid by tax increment financing revenues generated from the Shoal Creek Tax Increment Financing district which will help reduce the overall total cost to the City; 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 to exceed $10 million to construct the necessary road improvements and other necessary infrastructure for the construction and reconstruction of Shoal Creek Parkway, Searcy Creek Parkway, and Pleasant Valley Road to accommodate the opening of the new Kansas City Police Academy.

Section 2. That the City Council hereby directs the City Manager to develop the proposed financing plan to accomplish this objective and report back to the City Council a financing mechanism and a construction schedule that will allow the infrastructure to be completed in time for the opening of the new Police Academy.

Section 3. That the Council states that such Project is for the benefit of the public and constitutes a public purpose.

Section 4. 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 $10,000,000.00. This Resolution constitutes a declaration of official intent under Treasury Regulation Section 1.1050.

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