ORDINANCE NO. 010465

Authorizing the Director of City Development to execute a tax credit agreement with the Missouri Development Finance Board and the National Association of Basketball Coaches Foundation, Inc., for the issuance of tax credits and the acceptance of private contributions for the NABC Headquarters and Fan Event project located in Municipal Auditorium, Kansas City, Missouri.

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of City Development is authorized to execute a tax credit agreement with the Missouri Development Finance Board (MDFB) and the National Association of Basketball Coaches Foundation, Inc., for the issuance of tax credits by the MDFB in an amount not to exceed $2,000,000.00 and the acceptance of private contributions in the maximum aggregate amount of $4,000,000.00 for the NABC Headquarters and Fan Event project located in Municipal Auditorium, Kansas City, Missouri. The agreement is approved in substantial form as the attachment to this ordinance.

Section 2. That the Council finds and determines that the project will significantly benefit the City and the State; the benefits derived by the State are expected to exceed the benefits provided in the tax credit agreement; and the project would not proceed without the assistance provided by the MDFB.

_______________________________________________

Approved as to form and legality:

___________________________

Assistant City Attorney