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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