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Legislation #: 160479 Introduction Date: 6/16/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER LOAR
Title: Authorizing and approving a Financing Agreement between the Zona Rosa Community Improvement District, the Industrial Development Authority of Platte County, and the City regarding Phase II of the Zona Rosa project; and authorizing the City to take certain other actions in connection with the Financing Agreement.

Legislation History
DateMinutesDescription
6/16/2016 Filed by the Clerk's office
6/16/2016 Referred to Planning, Zoning & Economic Development Committee
6/22/2016 Advance and Do Pass, Debate
6/23/2016 Passed

View Attachments
FileTypeSizeDescription
160479.pdf Authenticated 131K Authenticated
Copy of Copy of fact sheet 6-21-16 v1 (use this version).pdf Fact Sheet 102K Fact Sheet

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ORDINANCE NO. 160479

 

Authorizing and approving a Financing Agreement between the Zona Rosa Community Improvement District, the Industrial Development Authority of Platte County, and the City regarding Phase II of the Zona Rosa project; and authorizing the City to take certain other actions in connection with the Financing Agreement.

 

WHEREAS, the Zona Rosa Community Improvement District (the “District”) has requested that The Industrial Development Authority of the County of Platte County, Missouri (the “Authority”) issue a series of revenue bonds for the purpose of refinancing the cost of constructing, and equipping certain transportation projects located in Platte County, Missouri, by refunding the Authority’s $6,145,000.00 outstanding Transportation Revenue Bonds (Zona Rosa Phase II Project) Series 2007 (the “Refunded Bonds”); and

 

WHEREAS, the Refunded Bonds were issued for the purpose of providing funds to pay the costs of certain public streets and other public improvements in the public right-of-way within and in the vicinity of the Zona Rosa Phase II project and any necessary reserves and costs of issuance of the Refunded Bonds pursuant to a Trust Indenture between the Authority and UMB Bank, N.A. (the “Trustee”); and

 

WHEREAS, in order to set forth the terms of their respective rights, duties and obligations, the City intends to enter into a Financing Agreement among the Authority, the City and the District (the “Financing Agreement”) which sets forth their roles and responsibilities in connection with the annual appropriation of the City’s 1% capital improvement sales tax imposed pursuant to Section 94.510, RSMo, and any subsequent renewals of such tax as long as the bonds are outstanding to be generated in Zona Rosa Phase II (“Phase II Capital Improvement Sales Tax”) to be used to pay debt service on the bonds; and

WHEREAS, the City Council of the City finds and determines that it is necessary and desirable in connection with the issuance of the Bonds that the City take certain other actions and approve the execution of certain other documents as herein provided; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Authorization and Approval of Financing Agreement. The City Council hereby approves the Financing Agreement dated as of the date set forth therein (the “Financing Agreement”), among the Authority, the City and the District in substantially the form presented to the City Council.

 

Section 2. Annual Appropriation. The City’s Director of Finance or other officer of the City at any time charged with the responsibility of formulating budget proposals shall include in the budget proposals submitted to the City Council, in each Fiscal Year in which the Financing Agreement shall be in effect, an appropriation of the Phase II Capital Improvement Sales Tax for the ensuing Fiscal Year; it being the intention of the City that the decision to appropriate or not to appropriate the Phase II Capital Improvement Sales Tax under the Financing Agreement shall be made solely by the City Council and not by any other official of the City. The City intends to budget or appropriate funds to pay the Phase II Capital Improvement Sales Tax in accordance with the Financing Agreement. Notwithstanding the foregoing, the decision to budget and appropriate the Phase II Capital Improvement Sales Tax is to be made in accordance with the City’s normal procedures for such decisions.

Section 3. Execution of Documents. The Director of Finance is hereby authorized to execute and deliver the Financing Agreement on behalf of the City. The Director of Finance is hereby authorized to execute and deliver 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 is hereby authorized to attest to each of said documents and to execute or attest to such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance.

 

Section 4. Further Authority. The City shall, and the officers, agents and employees of the City are hereby authorized to take such further action, and execute such other documents, certificates and instruments, including any required agreements or documentation, as may be necessary or desirable to carry out and comply with the intent of this Ordinance and to comply with and perform the duties of the City with respect to the Financing Agreement.

 

____________________________________

 

Approved as to form and legality:

 

 

__________________________________

Brian T. Rabineau

Assistant City Attorney