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.
________________________________________________________
Approved
as to form and legality:
___________________________________
Assistant
City Attorney