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ORDINANCE NO. 041434
Authorizing
the City Manager to execute the Tax Credit Agreement with the Missouri
Development Finance Board and the EDC Loan Corporation for provision of funds
for capital improvements at the KCI Overhaul Base; a Base Use Agreement with
EDC Loan Corporation, an Assumption Agreement with the Missouri Development
Finance Board and other documents necessary to effectuate these agreements.
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the City Manager is hereby authorized to execute a Tax Credit
Agreement with the Missouri Development Finance Board (MDFB) and the EDC Loan
Corporation in general compliance with Exhibit A, attached hereto and
incorporated herein containing the following provisions:
A.
A fifty-year lease by the City to EDC Loan Corporation of the Kansas City International Airport (KCI) Overhaul Base, assignment of the lease to MDFB and
subsequent assignment of the lease to the City;
B.
Provision by MDFB to the City of approximately $25 million or the present value
thereof in Tax Credit proceeds for capital improvement at the Overhaul Base.
Section 2. That the City Manager is hereby authorized to execute all
documents reasonable and necessary to effectuate the Tax Credit Agreement
including, but not limited to, a Base Lease Agreement between the City and EDC
Loan Corporation and an Assumption Agreement between the City and MDFB.
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Approved
as to form and legality:
___________________________________
Dorothy
L. Campbell
Assistant City Attorney