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Legislation #: 150524 Introduction Date: 6/25/2015
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FORD
Title: Estimating and appropriating $55,000.00 from the Unappropriated Fund Balance of the Economic Development Fund; authorizing execution of a $55,000.00 contract amendment with the Economic Development Corporation of Kansas City, Missouri (“EDC”), for the purpose of providing funds for certain development and redevelopment activities; and recognizing this ordinance as having an accelerated effective date.

Legislation History
DateMinutesDescription
6/25/2015 Filed by the Clerk's office
6/25/2015 Referred to Planning, Zoning & Economic Development Committee
7/1/2015 Advance and Do Pass, Debate
7/2/2015 Passed

View Attachments
FileTypeSizeDescription
150524.pdf Authenticated 134K Authenticated
budget.xlsx Other 11K budget
contract.docx Contracts 18K contract

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ORDINANCE NO. 150524

 

Estimating and appropriating $55,000.00 from the Unappropriated Fund Balance of the Economic Development Fund; authorizing execution of a $55,000.00 contract amendment with the Economic Development Corporation of Kansas City, Missouri (“EDC”), for the purpose of providing funds for certain development and redevelopment activities; and recognizing this ordinance as having an accelerated effective date.

 

WHEREAS, Ordinance No. 150386 authorized execution of the FY 2015-16 contract in the amount of $1,320,000.00 and included $125,000.00 for accounting services for the period May 1, 2015 through October 31, 2015 and EDC has contracted with Cochran Head Vick & Co., P.C. (“CHV”) to provide accounting services; and

 

WHEREAS, the EDC and its board requested that the City take over TIF accounting and financial reporting; and

 

WHEREAS, after careful consideration by the City to move TIF accounting and financial reporting to the City, the City has passed Committee Substitute for Ordinance No. 140823 and the transition process moving the special allocation fund and accounting services from the EDC to the City is expected to take 12-18 months; and

 

WHEREAS, to fund EDC’s current contract with CHV through the end of the fiscal year, April 30, 2016, EDC’s budget line item for accounting services has been increased to $180,000.00; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is hereby authorized to execute a contract amendment with the Economic Development Corporation of Kansas City, Missouri, in an amount of $55,000.00 from funds as outlined below. A copy of the contract amendment, in substantial form, is attached hereto and is hereby approved.

 

Section 2. That revenue of $55,000.00 is estimated in the following account of the Economic Development Fund:

 

16-2215-12000-485380 Reimbursement from TIF Commission $55,000.00

 

Section 3. That $55,000.00 is appropriated from the Unappropriated Fund Balance of the Economic Development Fund to the following account:

 

16-2215-642000-B Economic Development Corp $55,000.00

 

_____________________________________________


I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Brian T. Rabineau

Assistant City Attorney