SECOND COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 000846

Approving a plan for industrial development for the purpose of acquiring, improving and constructing facilities and leasing such facilities in the City for Bayer Corporation.

WHEREAS, the City, a constitutional charter city and municipal corporation of the State of Missouri (the City) is authorized pursuant to the provisions of Article VI, Section 27 of the Missouri Constitution, as amended, and Sections 100.010 to 100.200, inclusive, of the Revised Statutes of Missouri, as amended, and the City (collectively, the Act), to issue its revenue bonds for the carrying out of a project under the Act, such revenue bonds to be paid solely from revenue received from such project, and to enter into a lease of the facilities financed with the proceeds of such revenue bonds with any person, firm or corporation; and

WHEREAS, Bayer Corporation has requested that the City approve a Chapter 100 plan for an industrial development project in the City, consisting of purchasing, improving and constructing facilities (the Facility) which the City will lease to Bayer Corporation (Bayer) under a lease with an option to purchase (the Project); and

WHEREAS, the City has adopted Committee Substitute for Ordinance No. 000047 expressing its interest in issuing Chapter 100 bonds (the Bonds) for the purpose of carrying out an industrial development project for Bayer Corporation; and

WHEREAS, the Council has heretofore and does hereby find and determine that it is desirable for the economic development of the City and within the public purposes of the Act that the Council approve a Chapter 100 plan as proposed by Bayer Corporation; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council hereby finds and determines that the Project will promote the economic well-being and industrial development of Kansas City, Missouri, and the issuance of the Citys industrial revenue bonds to pay the costs of the Project will be in furtherance of the public purposes set forth in the Act. The Council hereby approves the following plan for an industrial development project:

a) Construction of new facilities, acquisition of equipment and other related personal property in the City of Kansas City, Missouri, at 8400 Hawthorn Road;

b) A total estimated cost of $200,000,000.00;

c) The Project will be funded from proceeds of the sale of approximately $200,000,000.00 maximum principal amount of Taxable Industrial Revenue Bonds (Bayer Corporation Project) to be issued by the City; and

d) The Project will be leased to Bayer by the City in accordance with the terms of the Lease for a term ending no later than December 31, 2021, and Bayer will have the option to purchase the Project at the termination of the Lease.

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Approved as to form and legality:

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Assistant City Attorney