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Legislation #: 070396 Introduction Date: 3/29/2007
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBERS COOPER, FAIRFIELD, SKAGGS, MCFADDEN-WEAVER AND EDDY
Title: Authorizing the Director of Finance to execute a financing agreement with the Industrial Development Authority of Platte County, Missouri and UMB Bank, N.A., and an Intergovernmental Agreement with Platte County, Missouri South Transportation Development District I and Platte County, Missouri South Transportation Development District II; authorizing the City Manager to take certain actions regarding the creation of a community improvement district and authorizing the City to take certain other actions, all in connection with Phase II of the Zona Rosa Project.  

Legislation History
DateMinutesDescription
3/29/2007 Filed by the Clerk's office
3/29/2007 Referred to Finance and Audit Committee
4/3/2007 Referred to Planning, Zoning & Economic Development Committee
4/4/2007 Hold On Agenda (4/11/2007)
4/11/2007 Advance and Do Pass as a Committee Substitute, Debate
4/12/2007 Councilmember Skaggs Move to Amend
4/12/2007 Passed as Substituted and Amended

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 070396, AS AMENDED

Authorizing the Director of Finance to execute a financing agreement with the Industrial Development Authority of Platte County, Missouri and UMB Bank, N.A., and an Intergovernmental Agreement with Platte County, Missouri South Transportation Development District I and Platte County, Missouri South Transportation Development District II; authorizing the City Manager to take certain actions regarding the creation of a community improvement district and authorizing the City to take certain other actions, all in connection with Phase II of the Zona Rosa Project.  

WHEREAS, the Platte County, Missouri South Transportation Development District I (District I), and the Platte County, Missouri South Transportation Development District II (District II) have requested the Industrial Development Authority of the County of Platte County, Missouri (the Authority) to issue its Transportation Revenue Bonds (Zona Rosa Retail Project) Series 2007 (the Bonds), for the purpose of providing funds to pay the costs of certain public streets and other public improvements in the public right-of-way in an estimated amount of $5,500,000.00, including without limitation the improvements to N.W. Prairie View Road between N. Congress Avenue and N.W. Barry Road and the construction of N. Dixson Avenue, N. Stoddard Avenue, N. Winter Avenue and N.W. 87th Terrace, all located north of N.W. Prairie View Road (the Public Improvements) to be constructed within and in the vicinity of the Zona Rosa Phase II project and any necessary reserves and costs of issuance of the 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 Trustee (the Financing Agreement) which sets forth their roles and responsibilities in connection with the annual appropriation of the Citys 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 among the Authority, the City and the Trustee in substantially the form presented to the City Council. 

Section 2. Approval of Official Statement. The information relating to the City contained in the Preliminary Official Statement in substantially the form presented to and reviewed by the City Council at this meeting (copies of which shall be filed in the records of the City), and information relating to the City contained in the final Official Statement, in substantially the form of the Preliminary Official Statement with such changes and additions thereto as are necessary to conform to and describe the transaction, and the distribution of the same are hereby approved for use in connection with the sale of the Bonds. 

Section 3. Annual Appropriation. The 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 Citys normal procedures for such decisions.

  Section 4.  Approval of Intergovernmental Agreement. The City Manager or his designee is hereby authorized and directed to enter into an Intergovernmental Agreement with Platte County, Missouri South Transportation Development District I and Platte County, Missouri South Transportation Development District II, and if deemed necessary with any subsequently created community improvement district, to provide for the construction of the Public Improvements in substantially the form presented to the City Council.

Section 5. Execution of Documents. The Director of Finance is hereby authorized and directed to execute and deliver the Financing Agreement on behalf of the City. The Director of Finance is hereby authorized and directed 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 and directed to attest to each of said documents and to record the same as appropriate, 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 6. Community Improvement District. The City Manager or his designee is hereby authorized and directed to cooperate with the property owners of Zona Rosa Phase II regarding the filing and processing of a petition requesting the City Council to create a community improvement district pursuant to Sections 67.1401 to 67.1571, inclusive, RSMo. for a portion of Zona Rosa Phase II for the purpose of imposing a special assessment against such property for the purpose of providing further security for the Bonds. 

 

Section 7. Terms. The following terms shall be reflected in all agreements, documents, certificates and instruments, as appropriate, approved or authorized by this ordinance:

 

a. The Bonds shall be subordinate to the portion of the Kansas City Municipal Assistance Corporation Revenue Bonds Series 2001-B-1 and Series 2003C used to fund Zona Rosa transportation improvements.

 

b. The Phase II Capital Improvement Sales Tax shall be applied to the payment of the difference between the revenues generated by the sales tax imposed by District I and II and the amount of the debt service of the Bonds. Any excess Phase II Capital Improvement Sales Tax shall be retained by the City.

 

c. District II will pay or cause to be paid all laborers and mechanics employed on construction work as a part of the Phase II Public Improvements wages in accordance with the Missouri Prevailing Wages on Public Works Act, Sections 290.210 through 290.340, R.S.Mo. 1994, as amended, and shall establish goals (or use the Citys goals) for the participation of minority and women owned enterprises in the construction of the Phase II Public Improvements.

Section 8. Further Authority. The City shall, and the officers, agents and employees of the City are hereby authorized and directed 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:

 

 

____________________________

Heather A. Brown

Assistant City Attorney