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Legislation #: 990277 Introduction Date: 3/4/1999
Type: Resolution Effective Date: 3/18/1999
Sponsor: None
Title: Providing the Director of Finance authorization to accept the proposal of Carlyle Capital Markets, Inc. to refinance a current lease on the Parks and Recreation Building ("Real Estate") under an existing Real Estate Master Lease Purchase Agreement and authorizing the Director of Finance to proceed with the development of financing in the approximate principal amount not to exceed $1,600,000 to refinance the Real Estate lease.

Legislation History
DateMinutesDescription
3/4/1999

Prepare to Introduce

3/4/1999

Referred Finance & Administration Committee

3/10/1999

Be Adopted

3/11/1999

Assigned to Third Read Calendar

3/18/1999

Adopted


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RESOLUTION NO. 990277

 

Providing the Director of Finance authorization to accept the proposal of Carlyle Capital Markets, Inc. to refinance a current lease on the Parks and Recreation Building (Real Estate) under an existing Real Estate Master Lease Purchase Agreement and authorizing the Director of Finance to proceed with the development of financing in the approximate principal amount not to exceed $1,600,000 to refinance the Real Estate lease.

 

WHEREAS, in August 29, 1997, the City entered into an equipment lease purchase agreement with G.E. Capital Public Finance, Inc. in the principal amount of $1,800,000 to acquire the former Burns and McDonnell Building for the Parks and Recreation Department Administrative Facility; and

 

WHEREAS, under the equipment lease purchase agreement the City granted its security interest in various City vehicles as additional collateral to G.E. Capital Public Finance, Inc.; and

 

WHEREAS, the City hereby finds and determines that in order for the City to efficiently sell or trade those vehicles in the future without encumbrances, it is in the best interest of the City to release G.E. Capital Public Finance, Inc. security interest on those vehicles by exercising its option to prepay the lease equal to the current outstanding principal amount; and

 

WHEREAS, current market conditions are such that the potential for interest cost savings may be realized through the refinancing of the lease; and

 

WHEREAS, the prepayment amount will be financed by a draw upon a Real Estate Master Lease Purchase Agreement with Carlyle Capital Markets, Inc., the payment of which will be made by annual appropriation in the departmental budget over a period of eight years and four months; and

 

WHEREAS, the City will enter into a Warranty Deed to grant fee simple title to Carlyle Capital Markets, Inc. to that certain parcel of Real Estate; NOW THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is authorized to proceed with the development of financing to refinance the Parks and Recreation Department Building lease through a draw upon the Real Estate Master Lease Purchase Agreement with Carlyle Capital Markets, Inc. in the principal amount not to exceed $1,600,000.

 

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