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Legislation #: 031391 Introduction Date: 12/18/2003
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER COOPER AND COUNCILMEMBER FAIRFIELD
Title: Directing the City Manager to analyze and develop a plan of financing for the issuance of revenue bonds in an approximate principal amount not to exceed $8,000,000.00 for the construction of a public parking garage in conjunction with the World Headquarters Project of HOK Sport Venue in the River Market area by Opus Northwest, L.L.C.; stating the Council intention to consider the appropriation of 100% of the EATS generated by the project; declaring the City´s official intent to reimburse from bond proceeds and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
12/18/2003

Prepare to Introduce

12/18/2003

Referred Planning, Zoning & Economic Development Committee

1/7/2004

Referred Finance Committee

1/14/2004

Immediate Adoption as a Committee Substitute

1/15/2004

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 031391

 

Directing the City Manager to analyze and develop a plan of financing for the issuance of revenue bonds in an approximate principal amount not to exceed $8,000,000.00 for the construction of a public parking garage in conjunction with the World Headquarters Project of HOK Sport Venue in the River Market area by Opus Northwest, L.L.C.; stating the Councils intention to consider the appropriation of 100% of the EATS generated by the project; declaring the City's official intent to reimburse from bond proceeds and authorizing certain other actions pursuant thereto.

 

WHEREAS, HOK Sport Venue (HOK) is recognized as one of the Worlds leading sport venue design firms; and

 

WHEREAS, HOK is currently headquartered in the garment district in downtown Kansas City; and

 

WHEREAS, HOK must move from its current location due to the expiration of its lease and size considerations; and

 

WHEREAS, Opus Northwest, L.L.C. (Northwest) has approached the City with a plan to locate HOK in a new building to be built at 300 Wyandotte in the River Market area ("Project"); and

 

WHEREAS, public parking is needed in the River Market area; and

 

WHEREAS, Opus has presented to the City a plan which would accomplish the construction of the needed public parking ("Parking Garage") in the River Market area and at the same time construct a new building for the World Headquarters of HOK; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Council expresses its intention to provide for the financing of the Parking Garage in conjunction with the World Headquarters Project of HOK Sport Venue of Opus Northwest, L.L.C., in the River Market area through the issuance of revenue bonds by the Planned Industrial Expansion Authority of Kansas City (PIEA) in an approximate principal amount not to exceed $8,000,000.00 to provide funds to pay the costs of the Parking Garage.

 

Section 2. That the Council finds and determines that the Parking Garage is for the benefit of the public and constitutes a public purpose.

 

Section 3. That the City declares its intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this resolution with respect to the Parking Garage with the proceeds of bonds expected to be issued for the Parking Garage. The maximum principal amount of bonds expected to be issued for the Parking Garage is not to exceed $8,000,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.


Section 4. That the Council hereby expresses its intention to consider appropriating 100% of the economic activity taxes as defined in Section 99.845.3, RSMo, generated by the Project and available to the City.

 

Section 5. That the Council authorizes and directs the City Manager to analyze and develop a plan for the financing arrangements referred to in this resolution and the negotiation of the financial terms and other provisions of such arrangements be developed by the Director of Finance for presentation to and approval by the Council.

 

Section 6. That the Council expresses its intention to provide a construction fund for a 380-400 space public garage at 300 Wyandotte. The sources of funding of the construction fund will be approximately $500,000.00 in general obligation bond proceeds and $7,150,000.00 in PIEA bond proceeds, secured an annual appropriate pledge of the City, on the following conditions:

 

1. PIEA will own the Parking Garage;

 

2. The Parking Garage will be open to the public;

 

3. The land is furnished free of charge to PIEA for the Parking Garage;

 

4.. Leases for at least 300 of the parking spaces in the garage are executed by HOK and neighboring property owners in a form which will not cause the interest on the bonds to be taxable for federal income tax purposes; and

 

5. Opus will agree to a special assessment to be placed on the Project above the Parking Garage in the amount of $125,000.00 annually for the first ten years to secure the Citys annual appropriation pledge on the PIEA bonds..

 

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