ࡱ> UT \pmphipps Ba==%8X@"1.Times New Roman1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)4/_(* #,##0.0_);_(* \(#,##0.0\);_(* "-"??_);_(@_)0+_(* #,##0_);_(* \(#,##0\);_(* "-"??_);_(@_)                + ) , *         (   (   (       !       (  (  (  !8   (   (  !8  (  (  !8 !8  (  (  (  (  (  (  (  (  !8 !  (  !8  (  (  (   (   (   (   (    (  (  (  ( !8   (  (  !8  (  (    ( $8 ! "8   (  (   (   (   ( !8  (  (   (     !8  (@  ( @  (  (  (  (@ @  (@  ( @  (  (  (  (  (  (  (  (  (  (   (  (  ( 8 ``i̜̙3f3333f3ffff333ff333f33f33BBB\`General P1_; P2_=  ;8jb($3  @@  MDGENERALOrdinance Fact SheetOrdinance Number Brief TitleApproval DeadlineReasonDetailsPositions/RecommendationsReason for LegislationSponsor Programs, Departments, or GroupsAffected Applicants / Applicant ProponentsCity DepartmentOther OpponentsGroups or IndividualsBasis of oppositionStaffRecommendationForAgainstReason AgainstBoard or CommissionBy No action taken!For, with revisions or conditions#(see details column for conditions)CouncilCommittee ActionsDo passDo pass (as amended)Committee Sub.Without RecommendationHold Do not pass(Continued on reverse side)Policy/Program ImpactPolicy or ProgramChangeNoYes Operational Impact AssessmentFinancesCost & RevenueProjections --Including IndirectCostsFinancial ImpactFund Source (s)and Appropriation Account Codes None knownx8advance refunding of LCRA Bonds Series 1995A and finance0improvements to the Municipal auditorium garage.;advance refunding of LCRA Bonds Series 1995A and to finance8To approve the issuance of LCRA bonds, Series 2005E for 7To approve the issuance of LCRA bonds, Series 2005E for#050544-Committee Sub.J K5{A/u.ccv  $)3=GFH  dMbP?_*+%D&333333?'?(?)M\\CK-INDEXSERVER\HP LaserJet 4?d,,Letter.HP LaserJet 4100 PCL 62xeP.Ca=~~ZD /PI <4! 6/;7܍Y993p tևm;qHv3#e2uD[-P+h9"0v>' 6OiDgC U^t;:K{}@a2F[ mR>tVR[z/:O?[RNyB~W:臌֪ g5g] \Ta 59 ܢ^IY Q`:JpF"Z,,?U} U} } }  } } } } } *} } } } *} } } }  @@J@@@  ?@  @ @ @ @@@C@@@@@@ @!@@@@@@@@@ ~  ;.A  ;  l  ;  C  VU &     dAdef dBcccccccccc g@geh g>[[[[[[[[[[ g?gei g?!!!!!!!!!!&gkeeg!!!!!!!!!! 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The Series 1995A Bonds financed the redevelopment of the Muehlebach Hotel and improvements to the Muncipal Auditorium. -Provide funds from the issuance of tax-exempt LCRA bonds to finance approximately $4,000,000 of improvements to the Municipal Auditorium Plaza Garage. Background -On August 10, 1995, the LCRA adopted Resolution 95-44, authorizing the issuance of $34,130,000 of lease revenue bonds for improvements to the Municipal Auditorium and redevelopment of the Muehlebach hotel. -On August 10, 1995, the City Council adopted the Committee Substitute for ordinance no. 950787 approving the issuance of $ 34,130,000 in lease revenue bonds, Series 1995A Bonds, by the LCRA. -On February 28, 1996, the LCRA adopted Resolution 96-11 authorizing the issuance of $15,110,000 of taxable lease revenue bonds for improvements to the Muncipal Auditorium and redevelopment of the Hotel at 13th and Wyandotte (later renamed the Doubletree Hotel) -On August 10, 1995, the City Council adopted the Committee Substitute for ordinance no. 960091 approving the issuance of $15,110,000 in lease revenue bonds, Series 1996 Bonds, by the LCRA. -On November 14, 2004, the LCRA adopted a resolution to assist the City in developing a financing plan for the issuance of approximately $60 million in lease revenue bonds to provide funds for refinancing the Series 1995A Bonds, the Series 1996 Bonds and to finance improvements to the Auditorium Plaza Garage. <H>X+eX5JX:`X~`!X:`   D$   @Text 9 ] $ P 8<The City has retained Gilmore and Bell, P.C. and Martinez Law Firm to be the City's co-bond counsel. The legal fees payable from the cost of issuance fund) split 75% to Gilmore and Bell and 25% to Martinez Law Firm respectively. Total estimated legal fees are approximately $15,000. Martinez Law Firm is the certified MBE firm. The Finance Department has selected Springsted Inc. and Valdes & Moreno, Inc. to serve as the City's co-financial advisors on this Series 2005 issue. The Human Relation's Department has assigned a participation goal of 20% MBE and/or WBE for this contract. Valdes and Moreno is a certified MBE firm. The cost of financial advisory services is not known at this time. <8   K L    @t  @Text 10] ' ] t P M<NWanda Gunter, Acting Director of Finance Joe Egan, Executive Director LCRA <XL:`M   @  @Text 11 @?]  4P M<NLand Clearance Redevelopment Authority Capital Improvements Management Office<+ XM   F  @Text 12H] `P :<;Finance Department Land Clearance Redevelopment Authority <X9:`:   @d @Text 13U5] dP  < None known<`   @ @Text 14k]P   F  @Text 15]P W<X1995A Refunding: TIF and Super-TIF Revenues Auditorium Garage: parking garage revenues.<3 W  @L @Text 17]L0P ?<@Dan Grandcolas Analyst II Treasury Division, Finance Department<?  @ M @Text 18] M\P $<%Randall J. Landes, City Treasurer <$  @\M @Text 19 !#]\MP   FM  @Text 20|]MP 6<7Is This Ordinance or Resolution Good for the Children?< [ 6  @M @Text 21.]MP ~<Yes. This ordinance will provide the City with the ability to reduce exposure to the debt service of the Series 1995A Bonds. Funds will also be available for improvements to the Municipal Auditorium Plaza Garage. Municipal auditorium provides a facility for events related to public health, safety, and welfare of the children of the citizens of the City of Kansas City, Missouri.< ~rr  0LN  @]`LNP <In an April 26, 2005 analysis, Springsted Inc., the City's financial advisor, estimated present value debt service savings of $2,658,951. Total debt service and annual average debt service are estimated at $43,746,725 and $3,250,611 respectively.<   >N @Text 56?|P]NP   DN  @Text 9 ?P|]N4P g 0<h -On January 13, 2005, the City Council adopted Resolution No. 050021 , authorizing developing a financing plan to provide funds to refinance certain Lease Revenue Bonds in connection with the Municipal Auditorium Project, the Muehlebach and Doubletree Hotel Projects and to finance certain improvements to the Auditorium Plaza Garage in an approximate aggregate principal amount of $60,000,000. -March 2005: In order to take advantage of the current low interest rate environment, a decision was made to proceed with refunding the Series 1995A bonds and delay the Series 1996 bonds due to plans by the management of the Doubletree Hotel to change their hotel trademark flag (to a Radisson). Part of the anticipated savings from a future refunding of the Series 1996 bonds may be directed towards improvements to the Radisson Hotel. Additionally, the fact that the oustanding principal on the Series 1995A bonds is approximately twice that of outstanding principal of the Series 1996 bonds, and the increasing interest rate environment made the prompt realization of debt service savings on the Series 1995A bonds even more critical. -On April 27, 2005, the LCRA adopted a Resolution to authorize the issuance of its improvement and refunding revenue bonds (Municipal Auditorium Garage Improvements and Muehlebach Hotel Refunding Projects) Series 2005E on behalf of the City of Kansas City, Missouri to provide funds to advance refund the LCRA's Series 1995A Bonds and to finance certain improvements to Municipal Auditorium Plaza Garage, authorizing and approving certain documents in connection with the issuance of the Bonds; and authorizing certain other actions in connection with the issuance of the bonds. Financial Impact Issuance of tax-exempt lease revenue bonds to refinance the $30.385 million in tax-exempt LCRA Series 1995A Bonds are expected to yield debt service savings. Analysis prepared by Springsted Inc., the City's financial advisor, on June 17, 2005, estimated net present value savings of the refunding of the Series 1995A bonds at $2,784,851, or approximately 9.398% of the bonds to be sold. Debt service on the tax-exempt lease revenue bonds refinancing the Series 1995A Bonds will continue to be funded by tax incremental revenues (TIF and Super-TIF) from the Muehlebach hotel project and supported by an annual appropriation pledge of the City. Debt service attributable to the Municipal Auditorium Plaza Garage improvements will be funded by net parking revenues from the Garage. The issue is a limited debt obligation to the extent of the City annual appropriation pledge supporting debt service. The City has obtained bond insurance and a debt service reserve surety from XL Capital Inc.. The City has retained Gilmore and Bell, P.C. and Martinez Law Firm to be the City's co-bond counsel. The legal fees payable from the cost of issuance fund) split 75% to Gilmore and Bell and 25% to Martinez Law Firm respectively. Total estimated legal fees are approximately $15,000. Martinez Law Firm is the certified MBE firm. The Finance Department has selected Springsted Inc. and Valdes & Moreno, Inc. to serve as the City's co-financial advisors on this Series 2005 issue. The Human Relation's Department has assigned a participation goal of 20% MBE and/or WBE for this contract. Valdes and Moreno is a certified MBE firm. The total cost of financial advisory services will be $65,000.<0XXDTX X haXg   @@  ????mo@p@q ^H۞^t 0\^ ^H۞ ^H۞u 0u 0 ^ ^ ^ 0>\F0\v 0 ^ڞd]w 0 ^ڞ#w 0ڞxSd]]v 0@`] 0 ^qq      7 Oh+'0HPdt  estanleymphippsMicrosoft Excel@[-@d*@-՜.+,0  PXp x City of KCMO GeneralP1_General!Print_Area  Worksheets Named Ranges  !"#$%&'()*+,-./0123456789:;<=>?@ABCEFGHIJKMNOPQRSRoot Entry FWorkbookSummaryInformation(DDocumentSummaryInformation8L