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Legislation #: 110992 Introduction Date: 12/15/2011
Type: Ordinance Effective Date: 2/5/2012
Sponsor: None
Title: Authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board and VA West Properties, LLC, for the issuance of tax credits and the acceptance of private contributions for the purchase of the West Edge parking garage at 4840 Roanoke Parkway; authorizing execution of a parking garage purchase agreement with VA West Properties, LLC; authorizing execution of a parking garage master lease with VA West Properties, LLC.; authorizing execution of an agreement between VA West Properties, LLC, the Convention and Visitors Association, and the City concerning redirection of the CVA’s portion of the convention and tourism tax; and authorizing certain other actions in connection with these agreements.

Legislation History
DateMinutesDescription
12/15/2011 Filed by the Clerk's office
12/15/2011 Referred to PZE -FG&EC
1/25/2012 Advance and Do Pass as a Committee Substitute, Debate
1/26/2012 Passed as Substituted

View Attachments
FileTypeSizeDescription
110992.pdf Authenticated 1292K Authenticated
VA West_City Agreements_Factsheet.pdf Fact Sheet 20K Revised Fact Sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=110992 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=110992
VA West_City Agreements_Factsheet.pdf Fact Sheet 20K Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110992

 

Authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board and VA West Properties, LLC, for the issuance of tax credits and the acceptance of private contributions for the purchase of the West Edge parking garage at 4840 Roanoke Parkway; authorizing execution of a parking garage purchase agreement with VA West Properties, LLC; authorizing execution of a parking garage master lease with VA West Properties, LLC.; authorizing execution of an agreement between VA West Properties, LLC, the Convention and Visitors Association, and the City concerning redirection of the CVA’s portion of the convention and tourism tax; and authorizing certain other actions in connection with these agreements.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is authorized to execute a tax credit agreement with the Missouri Development Finance Board (MDFB) and VA West Properties, LLC, for the issuance of tax credits by the MDFB in an amount not to exceed $9,500,000.00 and the acceptance of private contributions in the maximum aggregate amount of $19,000,000.00 for the purchase of the West Edge parking garage located at 4840 Roanoke Parkway (“Project”). The agreement is approved, in substantial form, and is on file in the Office of the City Manager.

 

Section 2. 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.

 

Section 3. That the City Manager is authorized to execute a parking garage purchase agreement with VA West Properties, LLC. The agreement is approved, in substantial form, and is on file in the Office of the City Manager.

 

Section 4. That the City Manager is authorized to execute a parking garage master lease with VA West Properties, LLC. The agreement is approved, in substantial form, and is on file in the Office of the City Manager.

 

Section 5. That the City Manager is authorized to execute a tax redirection agreement with VA West Properties, LLC and the Convention and Visitors Bureau of Greater Kansas City, Inc., d/b/a Kansas City Convention & Visitors Association (“CVA”) which redirects the CVA portion of the Convention & Tourism Tax to VA West Properties. The agreement is approved, in substantial form, and is on file in the Office of the City Manager.

 


Section 6. That the City Manager is hereby authorized and directed to take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance, including the purchase of the parking garage, and the lease back with completion and purchase of the parking garage, and to carry out, comply with, and perform the duties of the City with respect to the Agreements approved herein.

 

_____________________________________________

 

Approved as to form and legality:

 

 

_____________________________

Cecilia Abbott

Assistant City Attorney