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Legislation #: 110297 Introduction Date: 4/14/2011
Type: Ordinance Effective Date: 5/8/2011
Sponsor: None
Title: Authorizing the execution of a First Amendment to the Funding and Acquisition Agreement between the City, the Tax Increment Financing Commission of Kansas City, Missouri, the Planned Industrial Expansion Authority of Kansas City, Missouri, East Village, LLC, and Swope Community Builders to reflect a change in lease payments due the City from Swope Community Builders; and authorizing the execution of a First Amendment to the Lease Agreement with Swope Community Builders for Block 66 and a portion of Block 65.

Legislation History
DateMinutesDescription
4/14/2011 Filed by the Clerk's office
4/14/2011 Referred to Planning and Zoning Committee
4/20/2011 Do Pass
4/21/2011 Assigned to Third Read Calendar
4/28/2011 Passed

View Attachments
FileTypeSizeDescription
110297.pdf Authenticated 43K AUTHENTICATED
SCB Lease Amendment Fact Sheet.xlsx Fact Sheet 48K Fact Sheet

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ORDINANCE NO. 110297

 

Authorizing the execution of a First Amendment to the Funding and Acquisition Agreement between the City, the Tax Increment Financing Commission of Kansas City, Missouri, the Planned Industrial Expansion Authority of Kansas City, Missouri, East Village, LLC, and Swope Community Builders to reflect a change in lease payments due the City from Swope Community Builders; and authorizing the execution of a First Amendment to the Lease Agreement with Swope Community Builders for Block 66 and a portion of Block 65.

 

WHEREAS, Ordinance No. 100588, passed July 29, 2010, authorized execution of a Funding and Acquisition Agreement among the City, the Tax Increment Financing Commission of Kansas City, Missouri, the Planned Industrial Expansion Authority of Kansas City, Missouri, East Village, LLC, and Swope Community Builders (“Agreement”), with said Agreement entered into as of August 25, 2010; and

 

WHEREAS, under one of the provisions in the Agreement, the City would lease to Swope Community Builders (“SCB”) the properties located on Block 66 and a portion of Block 65 formerly owned by J.E. Dunn Construction Company, Inc. (“JE Dunn”), said lease subsequently executed by the parties with a lease commencement date of September 30, 2010 (“Lease”); and

 

WHEREAS, the rent due the City from SCB under the Lease is the amount of interest payable by the City to JE Dunn under a note City issued to JE Dunn which has now been replaced with a new note issued by City to Bank of America; and

 

WHEREAS, an amendment to the Agreement and to the Lease is now required to incorporate the changes in the interest payments under the new note; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is authorized to execute a First Amendment to the Funding and Acquisition Agreement between the City, the Tax Increment Financing Commission of Kansas City, Missouri, the Planned Industrial Expansion Authority of Kansas City, Missouri, East Village, LLC, and Swope Community Builders to reflect a change in the amount of lease payments due the City from Swope Community Builders. The amendment is on file, in substantial form, in the office of the City Manager.

 

Section 2. That the City Manager is authorized to execute a first amendment to the Lease Agreement with Swope Community Builders for Block 66 and a portion of


Block 65 to reflect a change in the amount of lease payments due the City from Swope Community Builders. The amendment is on file, in substantial form, in the office of the City Manager.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Cecilia Abbott

Assistant City Attorney