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.

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Approved as to form and legality:

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Cecilia Abbott

Assistant City Attorney