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Legislation #: 140338 Introduction Date: 4/24/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER MARCASON
Title: Approving execution of an Intergovernmental Cooperation Agreement between the City of Kansas City, Missouri, and the Country Club Plaza of Kansas City, Missouri Transportation Development District for implementation of certain transportation projects.

Legislation History
DateMinutesDescription
4/23/2014 Filed by the Clerk's office
4/24/2014 Referred to Transportation & Infrastructure Committee
5/1/2014 Hold On Agenda (5/8/2014)
5/8/2014 Hold On Agenda (5/15/2014)
5/15/2014 Hold On Agenda (5/22/2014)
5/22/2014 Hold Off Agenda
1/15/2015 Release
2/2/2015 Released

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ORDINANCE NO. 140338

 

Approving execution of an Intergovernmental Cooperation Agreement between the City of Kansas City, Missouri, and the Country Club Plaza of Kansas City, Missouri Transportation Development District for implementation of certain transportation projects.

 

WHEREAS, on January 10, 2001, Highwoods Realty Limited Partnership, a North Carolina limited partnership, Saks Fifth Avenue, Inc., a Massachusetts corporation, and the Tax Increment Financing Commission of Kansas City, Missouri filed a petition with the Jackson County Circuit Court for the creation of the Country Club Plaza of Kansas City, Missouri Transportation Development District (“District”) pursuant to the Missouri Transportation Development District Act ("TDD Act"), for the property generally located within the area of Kansas City known as the Country Club Plaza; and

 

WHEREAS, on July 12, 2001, the court issued a Judgment and Order organizing a Transportation Development District ("Original Order"), which established the District as a political subdivision pursuant to and in accordance with the TDD Act; and

 

WHEREAS, the Original Order provided that the District be established for the sole purpose of funding the construction of a garage at the southeast corner of 47th and Pennsylvania (the "Saks Garage") and other projects as described in the petition, through the imposition of a sales tax (the "TDD Sales Tax") at a rate not to exceed one half of one percent (1/2%); and

 

WHEREAS, on April 1, 2002, the District issued its sales tax revenue bonds in the amount of $12,815,000.00 (“2002 Bonds”), which bond funds were used and exhausted in constructing the Saks Garage; and

 

WHEREAS, on July 24, 2013, the court entered its order (the "2013 Order") amending the Original Order and extending the TDD Sales Tax for a period of 30 years for the purpose of refunding the 2002 Bonds and funding the additional transportation projects set forth in the 2013 Order; and

 

WHEREAS, pursuant to the TDD Act, a resolution of the Board of Directors of the Industrial Development Authority of Kansas City, Missouri adopted on July 16, 2013, and the Trust Indenture dated as of September 1, 2013 between the Authority and the Trustee, the Authority issued its Sales Tax Improvement and Refunding Revenue Bonds (Country Club Plaza of Kansas City, Missouri Transportation Development District Project) Series 2013 (the “2013 Bonds”), for the purpose of providing funds, together with other available moneys, to: (a) finance costs related to the transportation projects, (b) refund the 2002 Bonds, (c) fund a debt service reserve fund and (d) pay costs of issuing the 2013 Bonds; and

 

WHEREAS, pursuant to the TDD Act, the District and the City, in its capacity as a local transportation authority, are authorized to enter into a contract regarding the funding, promotion, planning, designing, constructing, improving, maintaining, or operating the transportation projects or to assist in such activity; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby authorized to execute the Intergovernmental Cooperation Agreement between the City and the District to provide for the implementation of the transportation projects within the District and as listed in the Intergovernmental Cooperation Agreement. A copy of said Intergovernmental Cooperation Agreement, in substantial form, is on file with the Office of the City Clerk and is incorporated herein by reference.

 

__________________________________________________

 

Approved as to form and legality:

 

______________________________

Brian T. Rabineau

Assistant City Attorney