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Legislation #: 050179 Introduction Date: 2/17/2005
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER COOPER
Title: Authorizing the Director of Finance to execute a financing agreement and a tax compliance agreement in connection with the 108th Cookingham Public Improvement Project.

Legislation History
DateMinutesDescription
2/16/2005 Filed by the Clerk's office
2/17/2005 Referred to Finance Committee
3/2/2005 Advance and Do Pass, Debate
3/3/2005 Passed

View Attachments
FileTypeSizeDescription
050179.pdf Authenticated 78K Authenticated
108Cook_Agrt_Factsht.xls Fact Sheet 35K fact sheet

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ORDINANCE NO. 050179

 

Authorizing the Director of Finance to execute a financing agreement and a tax compliance agreement in connection with the 108th Cookingham Public Improvement Project.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

WHEREAS, the Council of Kansas City on April 19, 2001, by Ordinance No. 010535 created the 108th Cookingham Neighborhood Improvement District, also known as the 108th and Cookingham Neighborhood Improvement District (the NID District) pursuant to the Neighborhood Improvement District Act, Sections 67.453 to 67.475, inclusive, of the Revised States of Missouri, as amended (the NID Act), for the purpose of financing the construction of sewer, water, electric, street and other public infrastructure improvements known as the 108th Cookingham Public Improvement Project, also known as the 108th Cookingham Neighborhood Improvement Project or the 108th and Cookingham Public Improvement Project (the Project) adjacent to a commercial and residential development in Kansas City, Missouri; and

 

WHEREAS, the City and Sunflower Development, L.L.C. (the Developer) have requested that the Missouri Development Finance Board (the Board) assist in the financing and refinancing of the Project through the issuance of the Boards Infrastructure Facilities Revenue Bonds, Series 2005 (Kansas City, Missouri 108th Cookingham Public Improvement Project) in a maximum principal amount of $2,250,000.00 (the Bonds); and

 

WHEREAS, the Board, the City and the Developer will enter into a Financing Agreement and a Tax Compliance Agreement to provide that the proceeds of the Bonds are used to finance and refinance the Project; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is hereby authorized to enter into the Financing Agreement and the Tax Compliance Agreement and all other necessary agreements and certificates in connection with the issuance and sale of the Bonds.

 

Section 2. That the City and its officers, agents and employees are 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 Resolution, and to carry out, comply with and perform the duties of the City with respect to the Bonds and the Financing Agreement.

 


Section 3. That this ordinance shall be in full force and effect ten (10) days from and after its passage by the City Council.

 

__________________________________________________

 

Approved as to form and legality:

 

 

_______________________________

Heather A. Brown

Assistant City Attorney