KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 081187 Introduction Date: 11/20/2008
Type: Ordinance Effective Date: 12/18/2008
Sponsor: COUNCILMEMBER RILEY AND COUNCILMEMBER CIRCO
Title: Establishing the Southtown Urban Life Development Bond Fund in the records of the City; estimating and appropriating $20,500,000.00 from the anticipated sale of bonds; authorizing the City Manager to execute certain documents and to expend $20,500,000.00 for the Southtown Urban Life Development Tax Increment Financing Plan; authorizing the Director of Finance to close out accounts at the end of the project; declaring the City's intent to reimburse itself for certain expenditures; and recognizing an emergency.

Legislation History
DateMinutesDescription
11/20/2008 Filed by the Clerk's office
11/20/2008 Referred to Finance and Audit Committee
12/3/2008 Hold On Agenda (12/10/2008)
12/10/2008 Hold On Agenda (12/17/2008)
12/17/2008 Advance and Do Pass as Second Committee Substitute, Debate
12/18/2008 Passed As Second Substitute

View Attachments
FileTypeSizeDescription
081187.pdf Authenticated 67K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081187 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081187

Printer Friendly Version

SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 081187

Establishing the Southtown Urban Life Development Bond Fund in the records of the City; estimating and appropriating $20,500,000.00 from the anticipated sale of bonds; authorizing the City Manager to execute certain documents and to expend $20,500,000.00 for the Southtown Urban Life Development Tax Increment Financing Plan; authorizing the Director of Finance to close out accounts at the end of the project; declaring the City's intent to reimburse itself for certain expenditures; and recognizing an emergency.

WHEREAS, the Council has stated its intention to issue revenue bonds in an amount sufficient to fund Phase 1 of the Southtown Urban Life Development Tax Increment Financing Plan in the amount of $20,500,000.00; and

WHEREAS, in order to begin Phase 1 of the project, the developer has requested that the City provide a portion of the funding prior to the issuance of the bonds; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the 2008 Southtown Urban Life Development Bond Fund is hereby established in the records of the City as Fund No. 3430.

Section 2. That the revenue in the following account of the 2008 Southtown Urban Life Development Bond Fund is hereby estimated in the following amount:

AL-3430-120000-590000 Proceeds from the Sale of Bonds $20,500,000.00

Section 3. That the sum of $20,500,000.00 is hereby appropriated from the Unappropriated Fund Balance of the 2008 Southtown Urban Life Development Bond Fund to the following account:

AL-3430-642023-B 63rd Street Corridor $20,500,000.00

Section 4. That the City Manager is hereby authorized to execute the Cooperative Agreement for Plan Financing, the Acquisition Funding Agreement and the First Amendment to the Cooperative Agreement among the City, the Tax Increment Financing Commission of Kansas City, Missouri (the Commission), and Citadel Plaza LLC, in substantially the forms on file in the office of the Director of Finance. The First Amendment shall contain provisions which (a) prohibit the payment (from any city source) of legal fees, costs, judgments or settlements incurred as a result of any pending or threatened litigation or claim against Citadel Plaza LLC or its affiliates or relating to the project unless payment of the judgment or settlement has the effect of obtaining, at a reasonable cost, the real property necessary for the implementation of the Southtown Urban Life Development Tax Increment Financing Plan free and clear from all liens and encumbrances; (b) prior to the advance of any city funds or the issuance of either Tranche of Bonds, require Citadel Plaza LLC to certify to the satisfaction of the City Attorney that any pending or threatened litigation or claim against Citadel Plaza LLC or its affiliates will not affect the ability of the Commission to acquire the property necessary for the implementation of the Southtown Urban Life Tax Increment Financing Plan, free and clear of all liens or encumbrances; and (c) prior to the advance of any city funds or the issuance of either Tranche of Bonds, require that Citadel Plaza LLC enter into a written agreement (the terms of which are reasonably acceptable to the City and Commission) with a party reasonably satisfactory to the City and Commission to serve as co-developer for the project.

Section 5. That the Director of City Development is hereby designated as requisitioning authority for Account No. AL-3430- 642023 and is authorized to expend $20,500,000.00 for this project.

Section 6. That upon completion of the final cost of this project, the Director of Finance is hereby authorized to return the unexpended portion of this appropriation to the Unappropriated Fund Balance from which it was derived.

Section 7. That the City declares its intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this ordinance with respect to the project with the proceeds of the bonds expected to be issued. The maximum principal amount of bonds expected to be issued for the Project is $20,500,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

Section 8. That this ordinance is recognized as an emergency measure within the provisions of Section 503 of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

________________________________________________

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.

 

 

___________________________________

Jeffrey Yates

Director of Finance

Approved as to form and legality:

___________________________________

Heather A. Brown

Assistant City Attorney