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Legislation #: 050608 Introduction Date: 5/19/2005
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Authorizing the City Manager to execute a project development and cooperative agreement and real estate purchase contract, in connection with the Performing Arts Center Project.

Legislation History
DateMinutesDescription
5/19/2005 Filed by the Clerk's office
5/19/2005 Passed

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ORDINANCE NO. 050608

 

Authorizing the City Manager to execute a project development and cooperative agreement and real estate purchase contract, in connection with the Performing Arts Center Project.

 

WHEREAS, the City supports the efforts of Metropolitan Kansas City Performing Arts Center (MKCPAC), and the Muriel McBrien Kauffman Foundation to develop, construct and operate a Performing Arts Center (the Project) at one of two locations in downtown Kansas City now being considered for the Project, as indicated by the adoption of Resolution No. 021452 and Resolution No. 030372; and

 

WHEREAS, the original plan for the Project (the "Original Plan") identifies the Project as being located on a portion of the real property, owned by PAC Holdings, Inc. (PAC) to the south of 16th Street, between Broadway and Wyandotte Streets (the Bartle Site); and

 

WHEREAS, an alternative location for the Project (Alternative Plan) has been proposed within the block bounded by 11th Street, Central, 10th Street and Wyandotte where the Lyric Theatre is currently located (the Lyric Site). Under the Alternative Plan, the Project would include the renovation of the Lyric Theatre and the construction of a symphony hall; and

 

WHEREAS, MKCPAC will conduct a feasibility study to determine the suitability of the Lyric Site and the Alternative Plan for the Project; and

 

WHEREAS, the City, MKCPAC and the PAC. desire to enter into a project development and cooperative agreement to describe the obligations of the parties in the event regardless of whether the Original or the Alternative Plan is adopted and to set forth the terms of acquisition of the certain property owned by PAC by the City (the PAC Property); NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is authorized to execute a project development and cooperative agreement with Metropolitan Kansas City Performing Arts Center, and PAC Holdings, Inc, which (1) reiterates the Councils commitment to financing for the Original Plan in an amount up to $62,000,000.00; (2) sets forth the Councils commitment to financing for the Alternative Plan in an amount up to $38,500,000.00, consisting of $25,000,000.00 for the project, $13,500,000.00 for the acquisition of PAC Property by the City, and the assumption of a covenant running with the PAC Property to construct certain parking improvements and (3) sets forth the MKCPACs commitment to cause the Project (with a minimum budget of $150,000,000.00) to be constructed and operated in Kansas City, Missouri, to clear blight and to construct certain public improvements in connection with the Project. The agreement is subject to the adoption by MKCPAC of either the Original Plan or the Alternative Plan within 2 months following the expiration of the 6 month after the date of the agreement or the completion of the feasibility study, whichever is earlier. The agreement is approved in substantial form as that on file in the City Managers office, with such changes as deemed necessary or appropriate by the City Manager.

 

Section 2. That the City Manager is authorized to execute a real estate purchase contract with PAC Holdings, Inc. under which it agrees to the sale of the PAC Property to the City for a consideration of $13,500,000.00. The contract is approved in substantial form as that on file in the City Managers office, with such changes as deemed necessary or appropriate by the City Manager.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Wanda Gunter

Acting Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney