Printer Friendly Version
ORDINANCE NO. 120435
Authorizing an application to the
Missouri Development Finance Board for the preliminary authorization of state
tax credits in the amount not to exceed $5,000,000.00 to support the Beacon
Hill Student Housing project; and authorizing the City Manager to execute a tax
credit agreement with the Missouri Development Finance Board in connection with
the tax credits.
BE IT ORDAINED BY THE
COUNCIL OF KANSAS CITY:
Section 1. That
the Council authorizes an application in the amount of $5,000,000.00 to the
Missouri Development Finance Board (“MDFB”)for financing of the Beacon Hill
Student Housing project.
Section 2. That
the Director of City Development is authorized to execute a tax credit
agreement with the MDFB and Beacon Hill Student Developers, LC, for the issuance
of tax credits by the MDFB in the amount of $5,000,000.00.
Section 3. That
the Council finds and determines that the project will significantly benefit
the City and the State, the benefits derived by the State are expected to
exceed the benefits provided in the tax credit agreement, and the project would
not proceed without the assistance provided by the MDFB.
_______________________________________
Approved
as to form and legality:
________________________________
Cecilia
Abbott
Assistant
City Attorney