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Legislation #: 980929 Introduction Date: 7/23/1998
Type: Resolution Effective Date: 8/13/1998
Sponsor: COUNCILMEMBER ASJES
Title: Adopting a policy for the use of Chapter 100 revenue bonds; and directing the City Manager to study certain impacts of this policy and to report to Council.

Legislation History
DateMinutesDescription
7/29/1998

Hold On Agenda

7/23/1998

Referred Planning, Zoning & Economic Development Committee

8/12/1998

Immediate Adoption as a Committee Substitute

8/13/1998

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 980929

 

Adopting a policy for the use of Chapter 100 revenue bonds; and directing the City Manager to study certain impacts of this policy and to report to Council.

 

WHEREAS, the City is authorized to issue revenue bonds for industrial development projects pursuant to Chapter 100, RSMO; and

 

WHEREAS, although the City has issued Chapter 100 revenue bonds for 3 projects in the past, no comprehensive policy on the use of these bonds has been developed; and

 

WHEREAS, the Business Retention Committee Task Force of the Economic Development Corporation of Kansas City has developed a proposed policy suggesting how Chapter 100 bonds should be used in the future; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council adopts the policy as set forth on the attachment to this ordinance for use of Chapter 100 revenue bonds as an economic development tool for the City of Kansas City.

 

Section 2. That the City Manager is hereby directed to study the impacts of the requirement of payments in lieu of taxes upon hold harmless school districts versus foundation formula school districts and to recommend any changes to this policy based upon the further study of the impacts. The City Manager is directed to report back to Council within 90 days of the adoption of this Resolution and to solicit input from the Chapter 100 Incentive Committee Member Task Force.

 

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