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Legislation #: 080174 Introduction Date: 2/14/2008
Type: Ordinance Effective Date: 3/2/2008
Sponsor: COUNCILMEMBER GOTTSTEIN
Title: Authorizing and approving certain documents and actions in connection with the issuance of Tax Increment Refunding and Improvement Revenue Bonds (Valencia Place Redevelopment Project) Series 2008, by the Industrial Development Authority of the City of Kansas City, Missouri, in an aggregate principal amount not to exceed $27,000,000.00 to provide funds to refund one prior series of bonds issued by the Tax Increment Financing Commission of Kansas City, Missouri and to fund a redevelopment project in the City and to finance or refinance certain redevelopment project costs.

Legislation History
DateMinutesDescription
2/14/2008 Filed by the Clerk's office
2/14/2008 Referred to Finance and Audit Committee
2/20/2008 Advance and Do Pass, Debate
2/21/2008 Passed

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ORDINANCE NO. 080174

 

Authorizing and approving certain documents and actions in connection with the issuance of Tax Increment Refunding and Improvement Revenue Bonds (Valencia Place Redevelopment Project) Series 2008, by the Industrial Development Authority of the City of Kansas City, Missouri, in an aggregate principal amount not to exceed $27,000,000.00 to provide funds to refund one prior series of bonds issued by the Tax Increment Financing Commission of Kansas City, Missouri and to fund a redevelopment project in the City and to finance or refinance certain redevelopment project costs.

 

WHEREAS, the City of Kansas City, Missouri (the City), by Ordinance No. 970374 passed by the City Council on April 17, 1997, approved the Country Club Plaza Tax Increment Financing Plan, as amended (collectively, the Redevelopment Plan) pursuant to the Real Property Tax Increment Financing Allocation Redevelopment Act, Sections 99.800 to 99.865, inclusive of the Revised Statutes of Missouri, as amended (the TIF Act); and

 

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the Commission) previously issued its Infrastructure Facilities Revenue Bonds (47th & Penn Redevelopment Project) Series 1998 in the original aggregate principal amount of $24,700,000.00 (the Series 1998 Bonds) to finance and refinance that certain redevelopment project known as Project 3 authorized by the Redevelopment Plan (the Project); and

 

WHEREAS, Highwoods Realty Trust Limited Partnership, a North Carolina limited partnership (the Developer) has requested that the City, the Commission and the Industrial Development Authority of the City of Kansas City, Missouri (the Authority) assist in the refunding of the outstanding principal amount of the Series 1998 Bonds, the financing and refinancing of certain unreimbursed redevelopment project costs for Project 3 pursuant to the Redevelopment Plan, funding a debt service reserve fund and paying costs of issuance through the issuance of the Authoritys Tax Increment Refunding and Improvement Revenue Bonds (Valencia Place Redevelopment Project) Series 2008, in a principal amount not to exceed $27,000,000.00 (the Series 2008 Bonds); and

 

WHEREAS, the City further finds and determines that it is necessary and desirable in connection with the issuance of the Series 2008 Bonds that the City execute and deliver certain documents and that the City take certain other actions as herein provided; NOW THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Authorization and Approval of Documents. The following documents are hereby approved in substantially the form presented to the City at this meeting (copies of which documents shall be filed in the records of the City), and the City is hereby authorized to execute and deliver each of such documents (the City Documents) with such changes therein as shall be approved by the officers of the City executing such documents, such officers signatures thereon being conclusive evidence of their approval and the Citys approval thereof:

 

(a) Financing Agreement dated as of the date set forth therein (the Financing Agreement) among the Authority, the City, and Commission;

 

(b)               Tax Compliance Agreement dated as of the date set forth therein among the Authority, the City, the Commission and Commerce Bank, N.A., as Trustee under the indenture authorizing the issuance of the Bonds.

 

Section 2. Execution of City Documents. The Mayor, City Manager, Director of City Development, Director of Finance or City Treasurer is hereby authorized and directed to execute and deliver the City Documents for and on behalf of and as the act and deed of the City. The City Clerk or Deputy City Clerk is hereby authorized and directed to attest to the Bonds by manual or facsimile signature, to the City Documents and to such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance. The Mayor, City Manager, Director of City Development, Director of Finance or City Treasurer is hereby authorized to deem final the information concerning the City contained in the Preliminary Official Statement to be prepared with respect to the Bonds for purposes of SEC Rule 15c2-12, as amended.

 

Section 3. Further Authority. The City shall, and the officers, agents and employees of the City are hereby authorized and directed to, take such further action, and execute such other documents, certificates and instruments, including, without limitation, any credit enhancement or security documents, or closing certificates, as may be necessary or desirable to carry out and comply with the intent of this Ordinance, and to carry out, comply with and perform the duties of the City with respect to the Bonds and the City Documents.

 

Section 4. Governing Law. This Ordinance shall be governed exclusively by and construed in accordance with the applicable laws of the State of Missouri.

 

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Approved as to form and legality:

 

 

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Heather A. Brown

Assistant City Attorney