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Legislation #: 160163 Introduction Date: 3/3/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER JUSTUS
Title: Taking certain actions and approving various economic development incentives in relation to the redevelopment by Delta Quad Holdings, LLC of the vacant structure and related facilities formerly occupied by the Federal Reserve Bank of Kansas City at 925 Grand Boulevard, including accepting the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri as to the findings related to the Grand Reserve Tax Increment Financing Plan; approving the Grand Reserve Tax Increment Financing Plan; approving and designating Redevelopment Project Area 1 as a Redevelopment Project and adopting tax increment financing therefor; approving additional financial assistance for the Redevelopment Project and authorizing the City Manager to enter into a Sales Tax Contribution Agreement in furtherance of such purpose; approving an Industrial Development Plan for the purpose of the renovation, construction, furnishing and equipping of a service facility which provides interstate commerce; authorizing and approving various agreements for the purpose of setting forth covenants, agreements and obligations of the parties; authorizing the issuance of taxable industrial revenue bonds in a maximum aggregate principal amount not to exceed $135,000,000; authorizing and approving certain other documents and actions in connection with the issuance of said bonds; authorizing the construction of certain public streetscape in the public right of way; recognizing this ordinance as having an accelerated effective date; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
3/3/2016 Filed by the Clerk's office
3/3/2016 Referred to Planning, Zoning & Economic Development Committee
3/16/2016 Hold On Agenda (5/4/2016)
5/4/2016 Hold On Agenda (5/11/2016)
5/11/2016 Advance and Do Pass as a Committee Substitute, Debate
5/12/2016 Passed as Substituted

View Attachments
FileTypeSizeDescription
160163 Staff Presentation.pdf Other 459K Staff Presentation
160163 But For Presentation.pdf Other 524K But-For & Cost Benefit Analysis
160163 Conservation Area Study.ppt Other 2809K Conservation Area Study
160163 Public Testimony.pdf Other 104K Public Testimony
160163 Historic KC Testimony.pdf Other 43K Historic KC Public Testimony
160163.pdf Authenticated 710K Authenticated
160163 Revised TIF Plan.pdf Plan 7870K Revised TIF Plan
160163 Project Summary.pdf Other 142K Project Summary
160163 Agreement.pdf Agreement 234K Agreement
160163 Ch. 100 Fact Sheet.pdf Fact Sheet 213K Ch. 100 Fast Sheet
160163 Fact Sheet.pdf Fact Sheet 23K Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 160163

 

Taking certain actions and approving various economic development incentives in relation to the redevelopment by Delta Quad Holdings, LLC of the vacant structure and related facilities formerly occupied by the Federal Reserve Bank of Kansas City at 925 Grand Boulevard, including accepting the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri as to the findings related to the Grand Reserve Tax Increment Financing Plan; approving the Grand Reserve Tax Increment Financing Plan; approving and designating Redevelopment Project Area 1 as a Redevelopment Project and adopting tax increment financing therefor; approving additional financial assistance for the Redevelopment Project and authorizing the City Manager to enter into a Sales Tax Contribution Agreement in furtherance of such purpose; approving an Industrial Development Plan for the purpose of the renovation, construction, furnishing and equipping of a service facility which provides interstate commerce; authorizing and approving various agreements for the purpose of setting forth covenants, agreements and obligations of the parties; authorizing the issuance of taxable industrial revenue bonds in a maximum aggregate principal amount not to exceed $135,000,000; authorizing and approving certain other documents and actions in connection with the issuance of said bonds; authorizing the construction of certain public streetscape in the public right of way; recognizing this ordinance as having an accelerated effective date; and directing the City Clerk to transmit copies of this ordinance.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, RSMo, as amended (the “TIF Act”), the City Council of Kansas City, Missouri (the “City Council”) created the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and

 

WHEREAS, the Grand Reserve Tax Increment Financing Plan (the “Original Redevelopment Plan”) is a comprehensive program intended to reduce, prevent or eliminate blight, conserve and redevelop substandard property and enhance the tax base within the redevelopment area (the “Redevelopment Area”) through the implementation of a project (the “Redevelopment Project”) and other improvements, and the adoption of tax increment financing; and

WHEREAS, the Original Redevelopment Plan was proposed to the Commission; and

WHEREAS, the Commission has been duly constituted and its members appointed; and, after all proper notice was given or waived, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts with respect to the Original Redevelopment Plan, closed said public hearing, and adopted its Resolution (the “Resolution”) recommending to the City Council the acceptance of certain findings related to the Original Redevelopment Plan, the approval of the Original Redevelopment Plan and the designation of the Redevelopment Area and the redevelopment project area for the Redevelopment Project described therein (“Redevelopment Project Area 1”); and

WHEREAS, subsequent to the Commission’s adoption of the Resolution, certain amendments were made to the Original Redevelopment Plan that do not enlarge the exterior boundaries of the Redevelopment Area, and do not substantially affect the general land uses established in the Original Redevelopment Plan or substantially change the nature of the Redevelopment Project, and notice of such amendments was duly given as required by the TIF Act; and

WHEREAS, the Original Redevelopment Plan, as so amended (the “Redevelopment Plan”) provides for (A) the historic rehabilitation and adaptive reuse of the approximately 301,533 square foot, 21-story former Federal Reserve Bank of Kansas City building located at 925 Grand Boulevard into an all-suite approximately 301 room hotel that will include restaurants, meeting and event facilities within Redevelopment Project Area 1 (the “Tower Hotel”), and (B) the redevelopment of a four-story Annex Building into a 24-room boutique hotel and coffee house (the “Boutique Hotel”), along with an approximately 86,443 square foot data center (the “Data Center”) and the rehabilitation of the existing adjacent 150-stall parking garage (the “Garage”) within the Redevelopment Area but not within Redevelopment Project Area 1, and (C) the construction of certain public improvements in the right-of-way and otherwise on or constituting public property (the “Project Improvements”); and

  WHEREAS, the Commission and Delta Quad Holdings, LLC (the “Redeveloper”) will enter into an agreement (the “Redevelopment Agreement”), which shall provide, inter alia, for the implementation of the Project Improvements and for the reimbursement of certain redevelopment project costs related to the Redevelopment Project, as identified by the Redevelopment Plan, that have been incurred by the Redeveloper and certified, pursuant to the Redevelopment Agreement, by the Commission (the “Certified Costs”); and

WHEREAS, based on an independent professional analysis of the anticipated financial return on the amount of private investment necessary to perform the Project Improvements, and in order to eliminate blight, foster the preservation of an historic structure, and promote development that facilitates growth of tourism and redevelopment of an historically challenging redevelopment site within the eastern side of the City’s downtown, the City is willing to provide additional assistance so that the Project Improvements, which would otherwise not be realized, to the detriment of the public interest, may proceed; and

WHEREAS, the City is authorized pursuant to the provisions of Article VI, Section 27(b) of the Missouri Constitution, as amended, and Sections 100.010 to 100.200, inclusive, of the Revised Statutes of Missouri, as amended, and the City of Kansas City Charter (collectively, the “Chapter 100 Act”), to issue its revenue bonds for carrying out a project or projects under the Chapter 100 Act, such revenue bonds to be paid solely from revenue received from such project, and to enter into a lease of certain real and personal property associated with the Project Improvements to be financed with the proceeds of such revenue bonds with any person, firm or corporation; and

WHEREAS, the City has heretofore prepared and approved plans for the industrial development of the City and desires to approve an Industrial Development Plan (the “Chapter 100 Plan”) for the purpose of carrying out the Project Improvements as a development project under the Chapter 100 Act (the “Chapter 100 Project”) for the Redeveloper; and

WHEREAS, the City intends to issue its Taxable Industrial Revenue Bonds (Grand Reserve Project) (the “Chapter 100 Bonds”) in one or more series for the purpose of furthering the Chapter 100 Project located in the Redevelopment Area; and

WHEREAS, notice of the Chapter 100 Project was given to the taxing jurisdictions in accordance with Section 100.059.1 of the Revised Statutes of Missouri; and

WHEREAS, the City Council has heretofore and does hereby find and determine that it is desirable for the economic development of the City and within the public purposes of the Chapter 100 Act that the City Council approve the Chapter 100 Plan as proposed by the Redeveloper; and that the City issue the Chapter 100 Bonds, as more fully described in the Indenture and in the Lease, as hereinafter defined and authorized, proceeds of which shall be used for the purchase of certain real property and personal property associated with the Chapter 100 Project and which shall be located in the Redevelopment Area and leased by the City to the Redeveloper, with an option to purchase; and

WHEREAS, for a Chapter 100 bond issuance, the City Council has previously established a policy (Ordinance No. 041033) for the review and approval of these projects, one component of which suggests a maximum bond term of 10 years and another of which suggests payments-in-lieu-of-taxes (PILOTS) at a level of no less than 50% of the amount the property would have paid if it had been fully taxed, to the affected taxing jurisdictions during the term of the Chapter 100 Bonds; and

WHEREAS, the City Council wishes in this instance to waive its Chapter 100 policy based upon the independent professional analysis of the anticipated financial return on the amount of private investment necessary to perform the Project Improvements and the eventual net benefits to taxing jurisdictions from the implementation of the Chapter 100 Project; and

WHEREAS, the principal amount of the taxable Chapter 100 Bonds will be issued over a period of time not to exceed ten years, commensurate with the City’s incremental acquisition of the property comprising the Chapter 100 Project, and such property will be leased by the City to the Redeveloper for a period of not to exceed twenty years for the real property, ten years for the personal property associated with the Tower Hotel and five years for the personal property associated with the Boutique Hotel, the Data Center and the Garage, in each of such three cases commencing in the year of the first advance for such respective property (subject to earlier termination as provided in the Lease); and

WHEREAS, the Tower Hotel, the Boutique Hotel, the Data Center and the Garage will be owned by the City during the term of the Lease; and

WHEREAS, the Redevelopment Agreement, the Sales Tax Contribution Agreement and/or the Lease will obligate the Redeveloper to construct the Project Improvements, which Project Improvements include modifications and improvements to the public sidewalks and the installation of planters, streetlights and other streetscape to be located in the public right of way and owned by the City in accordance with a design approved by the Department of Public Works and/or other departments of the City having authority with respect thereto (the “Public Streetscape Improvements”); NOW, THEREFORE,

BE IT ORDAINED BY THE CITY COUNCIL OF KANSAS CITY:

Section 1. That the recommendation of the Commission concerning the findings related to the Redevelopment Plan as set forth in the Resolution is hereby accepted and the Redevelopment Plan is hereby approved and adopted.

Section 2. That the following described area is hereby designated a Redevelopment Area:

All of Lots 103,104, 105, 106, 107, 108, 111, 112,113, 114, 115, 116, 117 and 118, Swopes Addition to the City of Kansas City, now Kansas City, a subdivision in Kansas City, Jackson County, Missouri; together with that part of the vacated North-South alley lying East and adjacent to Lots 103 through 106, inclusive, and West and adjacent to Lots 114 through 118, inclusive.

Section 3. That in accordance with the recommendations of the Commission as set forth in the Resolution, the City Council hereby finds that:

(a)       The Redevelopment Area is a conservation area as described in the Conservation Study; 

(b)       The Redevelopment Area has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the tax increment financing and the Redevelopment Plan is accompanied by an affidavit of the Redeveloper;  

(c)       The Redevelopment Plan conforms to FOCUS, the comprehensive plan for the development of the City as a whole, and the Greater Downtown Area Plan;

(d)      The area selected for the Redevelopment Project includes only those parcels of real property and improvements thereon which will be directly and substantially benefited by the Redevelopment Project improvements;

(e)      The estimated dates of completion of the respective Redevelopment Project and retirement of obligations, if any, issued pursuant to the TIF Act to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan and such estimated dates are not more than 23 years from the effective adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area;

(f)       A plan has been developed for relocation assistance for businesses and residences; 

(g)       A cost-benefit analysis showing the economic impact of the Redevelopment Plan on each taxing district at least partially within the boundaries of the Redevelopment Area if the Project Improvements are built pursuant to the Redevelopment Plan or are not built, and evidence that the proposed Project Improvements are financially feasible has been prepared; and

(h)      The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment.

Section 4. That the Redevelopment Area is a substandard area located within the City's urban core area that will continue to deteriorate to the detriment of the public without the assistance described in this ordinance.

Section 5. That without limiting other forms of financing or obligations issued by other entities, the Commission, as may be requested by the Redeveloper, is authorized to issue obligations in one or more series of bonds secured by the Grand Reserve Account of the Special Allocation Fund to finance Redevelopment Project Costs, to pledge funds in the Special Allocation Fund for the payment of obligations issued to finance Redevelopment Project Costs identified by the Redevelopment Plan and to reimburse the Redeveloper for such costs, and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions permitted by the TIF Act as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it by the City. Any obligations issued pursuant to the TIF Act to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

Section 6. That pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds that are deposited into the Grand Reserve Account of the Special Allocation Fund to the payment of Redevelopment Project Costs as authorized by the TIF Act and authorizes the Commission to pledge such funds on its behalf. 

Section 7. That the area selected for Redevelopment Project Area 1 legally described as follows:

Those portions of Lots 103, 104, 105 and 106, Swope’s Addition to the City of Kansas, now Kansas City, Jackson County, Missouri situated above the horizontal plane generally described as the existing subflooring of the Floor 1 lobby of the building located at 925 Grand Street, Kansas City, Missouri;

together with:

 

Those portions of Lots 114, 115, 116, 117 and 118, Swope’s Addition to the City of Kansas, now Kansas City, Jackson County, Missouri, and the entire vacated North-South alley adjacent to and connecting Lots 103, 104, 105 and 106, Swope’s Addition, with said Lots 115, 116, 117 and 118, together with the east half of said vacated alley adjacent to Lot 114, all lying between two horizontal planes, the lower plane being generally described as the existing subflooring of the Floor 1 lobby of the building located at 925 Grand Street, and the upper horizontal plane being generally described as eleven (11) feet above and parallel to such lower plane.

 

is approved and designated by the Redevelopment Plan as Redevelopment Project Area 1.

Section 8. That tax increment allocation financing is hereby adopted for taxable real property in the above described area selected for Redevelopment Project Area 1. Pursuant to the TIF Act, as it may be amended from time to time and incorporated herein, after the total equalized assessed valuation of the taxable real property in Redevelopment Project Area 1 exceeds the certified total initial equalized assessed valuation of the taxable real property in Redevelopment Project Area 1, the ad valorem taxes, and payment in lieu of taxes, if any, arising from the levies upon the taxable real property in such project by taxing districts and tax rates determined in the manner provided in the TIF Act each year after the effective date of the ordinance until redevelopment project costs that constitute Certified Costs have been paid shall be divided as follows:

1. That portion of taxes levied upon each taxable lot, block, tract, or parcel of real property which is attributable to the initial equalized assessed value of each such taxable lot, block, tract or parcel of real property in the area selected for Redevelopment Project Area 1 shall be allocated to and, when collected, shall be paid by the Jackson County Collector and the City Treasurer to the respective affected taxing districts in the manner required by law in the absence of the adoption of tax increment allocation financing;

2. Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the area selected for Redevelopment Project Area 1 over and above the initial equalized assessed value of each such unit of property in the area selected for Redevelopment Project Area 1 shall be allocated to and, when collected, shall be paid to the City Treasurer who shall deposit such payments in lieu of taxes, which are necessary to the payment of Redevelopment Project Costs, into a special fund called the “Special Allocation Fund” of the City for the purpose of paying Redevelopment Project Costs and obligations incurred in the payment thereof. Any payments in lieu of taxes which are not paid within sixty (60) days of the due date shall be deemed delinquent and shall be assessed a penalty of one percent (1%) per month.

Section 9. That in addition to the payments in lieu of taxes described in subsection 2 of Section 8 above, fifty percent (50%) of the total additional revenue from taxes which are imposed by the City or taxing districts, and which are generated by economic activities within the area selected for Redevelopment Project Area 1 over the amount of such taxes generated by economic activities within such area in the calendar year prior to the passage of this ordinance, while tax increment financing remains in effect, but excluding certain taxes, fees and special assessments specifically identified by the TIF Act, other than payments in lieu of taxes, shall be allocated to, and paid by the collecting officer to the City Treasurer or other designated financial officer of the City, who shall deposit such funds, which are necessary for the payment of Redevelopment Project Costs, in a separate segregated account within the Special Allocation Fund for the purpose of paying such Redevelopment Project Costs.

Section 10. That the City Council hereby agrees to provide an additional source for payment of Certified Costs by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the TIF Act, a defined portion of certain tax revenues realized by the City and generated in the Redevelopment Area that are not otherwise captured by the TIF Act as more particularly described in the Redevelopment Plan (the “Additional City Contribution”), in an amount not to exceed $11,805,989 payable over a period not to exceed twenty-three (23) years.

Section 11. That the City Manager is authorized to enter into a Sales Tax Contribution Agreement with the Commission, Redeveloper, or such combination of parties as appropriate, for the purposes of providing for the Additional City Contribution for payment of Certified Costs. The Sales Tax Contribution Agreement is approved in substantial form to that which is attached hereto.

Section 12. That the City Council hereby finds and determines that the Chapter 100 Project will promote the economic well-being and industrial development of the City and the Chapter 100 Project will be in furtherance of the public purposes set forth in the Chapter 100 Act. The City Council hereby approves the Chapter 100 Plan for the Chapter 100 Project, which includes the following provisions:

(a) Expansion and construction of the Project Improvements, which are service facilities which provide interstate commerce and an office industry, including real property acquisition and improvements, located in the Redevelopment Area in the City of Kansas City, Missouri; and

(b) A total estimated project cost of approximately $135,000,000 to fund acquisition, construction, renovation and related building costs and acquisition and installation of furnishings, equipment and other personal property; and

(c) The costs for the real property and personal property will be funded from proceeds of the sale of up to $135,000,000 maximum principal amount of Taxable Industrial Revenue Bonds to be issued by the City and purchased by the Redeveloper or other purchaser named in the herein-defined Purchase Agreement.

Section 13. That the City is hereby authorized to enter into the following documents with respect to the financing of the Chapter 100 Project (the “City Documents”), in such form as shall be approved by the officials of the City executing such documents, such officials’ signatures thereon being conclusive evidence of their approval thereof:

(a) One or more Trust Indentures (collectively, the “Indenture”), between the City and the trustee named therein (the “Trustee”), pursuant to which the Chapter 100 Bonds shall be issued and the City shall pledge the Chapter 100 Project and assign certain of the payments, revenues and receipts received pursuant to the Lease to the Trustee for the benefit and security of the owners of the Chapter 100 Bonds upon the terms and conditions as set forth in the Indenture.

(b) One or more Lease Agreements (collectively, the “Lease”), between the City and the Redeveloper, under which the City will acquire the Chapter 100 Project and lease the Chapter 100 Project to the Redeveloper pursuant to the terms and conditions in said Lease, in consideration of rental payments by the Redeveloper which will be sufficient to pay the principal of, premium, if any, and interest on the Chapter 100 Bonds.

(c) Purchase Agreements, as defined below, under which the purchaser named therein agrees to purchase the Chapter 100 Bonds.

Section 14. That the City is hereby authorized to issue and sell its Taxable Industrial Revenue Bonds (Grand Reserve Project), in a maximum aggregate principal amount not to exceed $135,000,000, for the purpose of providing funds for certain real and personal property associated with the Chapter 100 Project. The Chapter 100 Bonds shall be issued and secured pursuant to the herein authorized Indenture and shall bear such date, shall mature at such time, shall be in such denominations, shall be in such form, shall be subject to redemption and other terms and conditions, and shall be issued in such manner, subject to such provisions, covenants and agreements, as are set forth in the Indenture.

Section 15. That the Chapter 100 Bonds will be sold to the Redeveloper or other purchaser under the terms of one or more Bond Purchase Agreements between the City and the Redeveloper or other purchaser (collectively, the “Purchase Agreement”). The maximum aggregate principal amount of the Chapter 100 Bonds shall be $135,000,000.00; the interest rate on the Chapter 100 Bonds shall be 3.00% per annum; principal shall be payable at maturity; the maturity date shall be no later than December 31, 2037, but (i) as to the portion of the Chapter 100 Bonds that financed the acquisition and redevelopment of the real property, in the year twenty years subsequent to the transfer of real property to the City, (ii) as to the portion of the Chapter 100 Bonds that financed the acquisition of the personal property associated with the Tower Hotel, in the year that is ten years subsequent to the first advance for such personal property and (iii) as to the portion of the Chapter 100 Bonds that financed the acquisition of the personal property associated with the Boutique Hotel, the Data Center and the Garage, in the year that is five years subsequent to the first advance for such personal property; the Chapter 100 Bonds shall be purchased at 100% of the principal amount thereof; and the Chapter 100 Bonds may be redeemed at any time at a redemption price equal to the principal amount thereof plus accrued interest. The Director of Finance or the City Treasurer is each authorized to execute the Purchase Agreement for and on behalf of and as the act and deed of the City.

Section 16. That the Chapter 100 Bonds and the interest thereon shall be limited obligations of the City payable solely out of certain payments, revenues and receipts derived by the City from the Lease described herein, and such payments, revenues and receipts shall be pledged and assigned to the Trustee as security for the payment of the Chapter 100 Bonds as provided in the Indenture. The Chapter 100 Bonds and the interest thereon shall not constitute general obligations of the City or the State of Missouri. The Chapter 100 Bonds shall not constitute indebtedness within the meaning of any constitutional or statutory debt limitation or restriction, and are not payable in any manner by taxation.

Section 17. That the City is hereby authorized to establish with the Trustee pursuant to the Indenture, a special trust fund in the name of the City to be designated the “City of Kansas City, Missouri, Bond Fund – Grand Reserve Project” and the City shall cause all sums required by the Indenture to be deposited therein and shall create all accounts therein required by the Indenture.

Section 18. That the Mayor is hereby authorized to execute the Chapter 100 Bonds and to deliver the Chapter 100 Bonds to the Trustee for authentication for and on behalf of and as the act and deed of the City in the manner provided in the Indenture. The Director of Finance is hereby authorized to execute the City Documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance, for and on behalf of and as the act and deed of the City. The City Clerk or a deputy City Clerk of the City is hereby authorized to attest to and affix the seal of the City to the Chapter 100 Bonds and the City Documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance.

Section 19. That the Redevelopment Agreement, the Sales Tax Contribution Agreement and/or the Lease shall require the Redeveloper to construct the Project Improvements generally, and in particular shall require that the Public Streetscape Improvements be constructed by the Redeveloper on behalf of and for the benefit of the City, and in accordance with the requirements (as to design and otherwise) of the Department of Public Works and/or other departments of the City having authority with respect thereto.

Section 20. That the Mayor, Director of Finance and other officials, agents and employees of the City as required, are hereby authorized to take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance and to carry out, comply with and perform the duties of the City with respect to the Chapter 100 Bonds, the City Documents, and the Sales Tax Contribution Agreement.

Section 21. That this ordinance, relating to the design, repair, maintenance or construction of a public improvement, and fixing the interest rate on bonds, is recognized as an ordinance with an accelerated effective date as provided by Sections 503(a)(3)(D) and 503(a)(3)(F) of the City Charter and shall take effect in accordance with Section 503(a)(1) of the City Charter.

Section 22. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

 

___________________________________________

 

Approved as to form and legality:

 

 

______________________________

Brian T. Rabineau

Assistant City Attorney