COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 010366
Authorizing and approving
the issuance of Taxable Leasehold Revenue Bonds (Kemper Garage Project), Series
2001 in the principal amount not to exceed $15,000,000.00, to provide funds to
finance certain project costs; authorizing the conveyance of certain real
property in connection with the project; directing the City Clerk to record the
deed; and approving certain other documents and authorizing the City to take
certain other actions in connection with the issuance of said Bonds.
WHEREAS, the City
of Kansas City, Missouri, a constitutional charter city and municipal
corporation of the State of Missouri (the "City") does now find and
determine that it is desirable for the improvement of the economic welfare and
development of the City, and its people, and that it is within its authority
and for a public purpose, that the City request the Planned Industrial Expansion Authority of Kansas City, Missouri (the
Authority) to issue bonds for the purpose of financing the hereinafter
described project; and
WHEREAS, the
Authority is authorized and empowered under the provisions of the Planned
Industrial Expansion Act, Sections 100.300 to 100.620, inclusive of the
Missouri Revised Statutes, as amended (the Act), to purchase, construct,
extend and improve certain projects (as defined in the Act) for the purposes
set forth in the Act and to issue revenue bonds for the purpose of providing
funds to pay the costs of such projects, and to lease or sell such projects to
others upon such terms and conditions as the Authority shall deem advisable;
and
WHEREAS, the
Authority and the City have approved the Central Industrial District
Development Plan pursuant to the Act; and
WHEREAS, the City
has requested that the Authority (i) approve a project to be located in Kansas
City in Jackson County, Missouri, consisting of the acquisition, construction
and equipping of a multi-story parking garage located in the vicinity of 16th
and Gennessee, (the Project), (ii) issue its taxable leasehold revenue bonds
in a principal amount not to exceed $15,000,000.00 to provide funds to pay the
costs of the Project, and (iii) lease the Project to the City, all in
accordance with and pursuant to the Act; and
WHEREAS, the
Authority has agreed to finance the costs of purchasing, constructing and
equipping the Project by the issuance of its taxable leasehold revenue bonds in
one or more series under the Act in a principal amount not to exceed
$15,000,000.00 (the Bonds), said Bonds to be payable solely out of payments,
revenues and receipts derived by the Authority pursuant to a lease agreement
for the Project with the City and other parking revenues generated from the
Project; and
WHEREAS, the
Council finds and determines that it is necessary and desirable in connection
with the issuance of the Bonds that the City take certain other actions and
approve the execution of certain other documents as herein provided including
the conveyance of certain real property to the Authority for use in the
Project; NOW, THEREFORE,
BE IT ORDAINED BY
THE COUNCIL OF KANSAS CITY:
Section 1. The
City is hereby authorized to enter into the following documents, in
substantially the forms presented to and reviewed by the City Council at this
meeting (copies of which documents shall be filed in the records of the City),
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 thereof:
(a) Lease
Agreement (the "Lease Agreement"), between the Authority and the
City, dated as of the date set forth therein, under which the Authority will
make the proceeds from the sale of the Bonds available to the City for the
purposes herein described in consideration of payments which, subject to annual
appropriation by the City, will be sufficient to pay the principal of,
redemption premium, if any, and interest on the Bonds as set forth in the Lease
Agreement.
(b) Continuing
Disclosure Agreement of the City related to the disclosure requirements of Rule
15c2-12 of the Securities and Exchange Commission.
Section 2. The
Preliminary Official Statement in substantially the form presented to and
reviewed by the City Council at this meeting (copies of which shall be filed in
the records of the City), and the final Official Statement, in substantially
the form of the Preliminary Official Statement with such changes and additions
thereto as are necessary to conform to and describe the transaction, and the
public distribution of the same are hereby approved for use in connection with
the sale of the Bonds. For the purpose of enabling the purchaser of the Bonds
to comply with the requirements of Rule 15c2-12(b)(1) of the Securities and
Exchange Commission, the City deems the information relating to the City and
the Project contained in the Preliminary Official Statement to be final as of
its date, except for the omission of such information as is permitted by Rule
15c2-12(b)(1), and the appropriate officers of the City are hereby authorized,
if requested, to provide the purchaser a letter or certification to such effect
and to take such other actions or execute such other documents as such officers
in their reasonable judgment deem necessary to enable the purchaser to comply
with the requirements of such Rule.
Section 3. The
Citys Director of Finance or other officer of the City at any time charged
with the responsibility of formulating budget proposals shall include in the
budget proposals submitted to the City Council, in each fiscal year in which
the Lease Agreement shall be in effect, an appropriation for all payments
required under the Lease Agreement for the ensuing fiscal year; it being the
intention of the City that the decision to appropriate or not to appropriate
under the Lease Agreement shall be made solely by the City Council and not by
any other official of the City. The City intends to budget or appropriate
funds to make Rental Payments (as defined in the Lease Agreement) and to pay
the Rental Payments in accordance with the Lease Agreement from all legally
available revenue sources. The City reasonably believes that legally available
funds in an amount sufficient to make all Rental Payments during each fiscal
year can be obtained. The City further intends to do all things lawfully
within its power to obtain and maintain funds from all legally available
revenue sources from which the Rental Payments may be made, including making
provision for such Rental Payments to the extent necessary in each proposed
annual budget submitted for approval in accordance with applicable procedures
of the City and to exhaust all available reviews and appeals in the event such
portion of the budget is not approved. The Citys Director of Finance is
directed to do all things lawfully within his power to obtain and maintain
funds from all legally available revenue sources from which the Rental Payments
may be paid, including making provision for such Rental Payments to the extent
necessary in each proposed annual budget submitted for approval or by
supplemental appropriation in accordance with applicable procedures of the City
and to exhaust all available reviews and appeals in the event such portion of
the budget or supplemental appropriation is not approved. Notwithstanding the
foregoing, the decision to budget and appropriate funds is to be made in
accordance with the Citys normal procedures for such decisions.
Section 4. The
Director of Finance is hereby authorized and directed to execute and deliver
the City Documents on behalf of the City. The Director of Finance is hereby
authorized and directed to execute and deliver such other documents,
certificates and instruments as may be necessary or desirable to carry out and
comply with the intent of this Ordinance for and on behalf of and as the act
and deed of the City. The City Clerk is hereby authorized and directed to
attest to each of said documents and to record the same as appropriate, and to
execute or attest to such other documents, certificates and instruments as may
be necessary or desirable to carry out and comply with the intent of this
Ordinance.
Section 5. That
the Director of Finance is authorized to execute a deed conveying the following
described property to the Authority:
All of
Lots 1 through 30, inclusive, in Block 4; all of Lots 13 through 20, inclusive,
and a part of Lots 12 and 21 in Block 5; together with all portions of vacated
alleys and streets abutting all of the above mentioned lots all in Skiles and
Westerns Addition, a subdivision of land in being of a part of Lot 2 in the
Southwest Quarter of Fractional Section 6, Township 49 North, Range 33 West of
the Fifth Principal Meridian; and also a portion of the Northwest Quarter of
Fractional Section 7, Township 49 North, Range 33 West of the Fifth Principal
Meridian all in Kansas City, Jackson County, Missouri according to an official
plat of said land filed in the District Land Office in St. Louis, Missouri,
dated July 31, 1862, being more particularly described as follows:
NOTE:
Bearings stated in the following description are oriented to Grid North,
Missouri State Plane Coordinate System, West Zone, North American Datum 1983.
Commencing
at the Southwest corner of said Fractional Section 6, said point being on the
Kansas/Missouri State Line; thence South 87E2622 East
60.05 feet, along the common line between said Fractional Sections 6 and 7, to
a point on the west line of said proposed Lot 3 and the point of beginning of
the tract herein described; thence North 00E1741 East
577.57 feet, along the west line of said proposed Lot 3, being 60.0 feet from
and parallel with the west line of said Fractional Section 6 and said State
Line, to the northwest corner of said proposed Lot 3; thence South 87E5819 East 217.52 feet, along the north line of said proposed Lot 3 to
the northeast corner of proposed Lot 3; thence South 01E5146 West 609.18 feet, along the east line of proposed Lot 3, to a
corner of proposed Lot 3 and a point 30.0 feet south of the common line between
Northwest Quarter of Fractions Section 7 and the Southwest Quarter of
Fractional Section 6; thence South 87E2622 East
45.06 feet, along the boundary of proposed Lot 3 being 30.0 feet from and
parallel with the common line between said Fractional Sections 6 and 7, to a
corner of proposed Lot 3 being a point on the westerly line of a tract of land
conveyed by Warranty Deed recorded under Document No. 244814 in Book K-558 at
page 1508; thence South 02E3336 West 39.97 feet,
along the westerly line of said tract, to a point on the northerly right-of-way
line of American Royal Drive, as now established, and the most southeasterly
corner of proposed Lot 3; thence South 79E4138 West 0.47
feet, along said northerly right-of-way line and the southerly line of proposed
Lot 3, to the beginning of a curve concave to the southeast having a radius of
377.03 feet; thence southerly 201.33 feet, along said northerly right-of-way
line, said southerly line of proposed Lot 3 and said curve to the left, tangent
with the last described course, having a chord distance of 198.94 feet and a
chord bearing of South 64E2347 West; thence North 87E2622 West 64.80 feet, along a line parallel with said common line
between said Fractional Sections 6 and 7 to the southwest corner of said
proposed lot 3; thence North 00E1716 East 164.10 feet,
along a line 60.0 feet from and parallel with the west line of said Fractional
Section 7 and the Kansas/Missouri State Line, to the point of beginning of the
tract herein described, containing 149,779 square feet or 3.4384 acres, more or
less,
And excluding the following
described lands:
All of
Lots 1 through 30, inclusive, in Block 4; all of Lots 13 through 20, inclusive,
and a part of Lots 12 and 21 in Block 5; together with all portions of vacated
alleys and streets abutting all of the above mentioned lots all in Skiles and
Westerns Addition, a subdivision of land in being of a part of Lot 2 in the
Southwest Quarter of Fractional Section 6, Township 49 North, Range 33 West of
the Fifth Principal Meridian; and also a portion of the Northwest Quarter of
Fractional Section 7, Township 49 North, Range 33 West of the Fifth Principal
Meridian all in Kansas City, Jackson County, Missouri according to an official
plat of said land filed in the District Land Office in St. Louis, Missouri,
dated July 31, 1862, being more particularly described as follows:
NOTE:
Bearings stated in the following description are oriented to Grid North,
Missouri State Plane Coordinate System, West Zone, North American Datum 1983.
Beginning
at the Southwest corner of said Fractional Section 6, said point being on the
Kansas/Missouri State Line; thence North 00E1741 East
257.95 feet, along the west line of said Fractional Section 6 and said State
Line, to the southwest corner of the north 2 acres of proposed Lot 3, Butler
World Headquarters and proposed State Line Road right-of-way; thence South 87E5819 East 268.81 feet, along the south line of said north 2 acres of
proposed Lot 3, to the southeast corner of said 2 acres and a point on the east
line of proposed Lot 3; thence South 01E5146 West
290.26 feet, along the east line of proposed Lot 3, to a corner of proposed Lot
3; thence North 87E2622 West 260.95 feet, along a line 30.0 feet from
and parallel with the common line between said Fractional Sections 6 and 7, to
a point on the west line of the said Fractional Section 7 and the
Kansas/Missouri State Line; thence North 00E1716 East
30.02 feet, along the west line of said Fractional Section 7, to the point of
beginning of the tract herein described, containing 76,556 square feet or
1.7575 acres, more or less.
Subject
to all easements and restrictions of record.
And also excluding the
following described lands:
All of
Lots 1 through 30, inclusive, in Block 4; all of Lots 13 through 20, inclusive,
and a part of Lots 12 and 21 in Block 5; together with all portions of vacated
alleys and streets abutting all of the above mentioned lots all in Skiles and
Westerns Addition, a subdivision of land in being of a part of Lot 2 in the
Southwest Quarter of Fractional Section 6, Township 49 North, Range 33 West of
the Fifth Principal Meridian all in Kansas City, Jackson County, Missouri
according to an official plat of said land filed in the District Land Office in
St. Louis, Missouri, dated July 31, 1862, being more particularly described as
follows:
NOTE:
Bearings stated in the following description are oriented to Grid North,
Missouri State Plane Coordinate System, West Zone, North American Datum 1983.
Commencing
at the Southwest corner of said Fractional Section 6, said point being on the
Kansas/Missouri State Line; thence North 00E1741 East
257.95 feet, along the west line of said Fractional Section 6 and said State
Line to the point of beginning of the tract herein described; thence North 00E1741 East 319.06 feet, continuing along the west line of said Fractional
Section 6 and the Kansas/Missouri State Line; thence South 87E5819 East 277.54 feet, along the north line of proposed Lot 3, Butler
World Headquarters, and its westerly prolongation, to the northeast corner of
proposed Lot 3; thence South 01E5146 West 318.91 feet,
along the east line of proposed Lot 3; thence North 87E5819 West 268.81 feet to the point of beginning of the tract herein
described, containing 87,120 square feet or 2.0000 acres, more or less.
Subject
to all easements and restrictions of record.
and the City Clerk is
authorized and directed to record the deed with the appropriate County
official.
Section 6. 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 any required agreements or
documentation, as may be necessary or desirable to carry out and comply with
the intent of this Ordinance and to comply with and perform the duties of the
City with respect to the City Documents.
Section 7. This
Ordinance shall take effect and be in full force ten days after its adoption by
the City Council of the City.
________________________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney