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Legislation #: 041434 Introduction Date: 12/16/2004
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FAIRFIELD AND COUNCILMEMBER SKAGGS
Title: 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.

Legislation History
DateMinutesDescription
12/16/2004 Filed by the Clerk's office
12/16/2004 Passed

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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.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Dorothy L. Campbell

Assistant City Attorney