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Legislation #: 100075 Introduction Date: 1/28/2010
Type: Ordinance Effective Date: 2/21/2010
Sponsor: None
Title: Approving and authorizing the execution of certain documents, and the taking of certain other actions in connection with $18,325,000.00 original principal amount of the Industrial Development Authority of the City of Kansas City, Missouri Taxable Leasehold Revenue Bonds (Century Towers Redevelopment Project), Series 2001.

Legislation History
DateMinutesDescription
1/26/2010 Filed by the Clerk's office
1/28/2010 Referred to Finance and Audit Committee
2/10/2010 Advance and Do Pass, Debate
2/11/2010 Passed

View Attachments
FileTypeSizeDescription
100075.pdf Authenticated 165K AUTHENTICATED
Century Towers 2 REVISED Fact Sheet.xls Fact Sheet 83K Fact Sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100075 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=100075
Authority Resolution (final).pdf Other 233K IDA Resolution
Certificate of Purchaser Renewal Rate and Adjustable Rate Interest Period v3.doc Other 81K Certficate of Purchaser Renewal Rate
Supplemental Indenture No 1 v4.doc Other 62K Supplemental Trust Indenture
Century Towers 2 Fiscal Note.xls Fiscal Note 34K Fiscal Note
Century Towers 2 Fact Sheet.xls Fact Sheet 83K Fact Sheet

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ORDINANCE NO. 100075

 

Approving and authorizing the execution of certain documents, and the taking of certain other actions in connection with $18,325,000.00 original principal amount of the Industrial Development Authority of the City of Kansas City, Missouri Taxable Leasehold Revenue Bonds (Century Towers Redevelopment Project), Series 2001.

 

WHEREAS, the City of Kansas City, Missouri, a constitutional charter city and municipal corporation of the State of Missouri (the “City”) is authorized to lease property for its municipal purposes; and

 

WHEREAS, the City Council pursuant to Ordinance No. 010095 found and determined that it is essential for the success of the rehabilitation of the University Hospital Facility (the “Project”) and that it is desirable to assist in financing a portion of the Project, through the issuance of revenue bonds; and

 

WHEREAS, the Industrial Development Authority of the City of Kansas City, Missouri (the “Authority”) is authorized under the provisions of Chapter 349 of the Revised Statutes of Missouri, as amended (the “Act”) to issue revenue bonds to pay the cost of projects, and the City requested the Authority's assistance in financing the Project, through the issuance of revenue bonds of the Authority under the Act, which bonds are payable from revenues and rental payments made by the City to the Authority; and

 

WHEREAS, the Authority is authorized under the Act and issued $18,325,000.00 principal amount of Taxable Leasehold Revenue Bonds (Century Towers Redevelopment Projects), Series 2001 (the “Bonds”), under the Trust Indenture dated as of March 1, 2001 (the “Indenture”), between the Authority and Commerce Bank, N.A., as trustee (the “Bond Trustee”), for the purpose of providing funds to (a) finance the costs of the Project, (b) fund capitalized interest on the Bonds, and (c) pay certain costs related to the issuance of the Bonds; and

 

WHEREAS, Renaissance Northeast, LLC, a Missouri limited liability company (the “Developer”) entered into a Site Lease dated as of March 1, 2001 (the “Site Lease”), under which the Developer conveyed a leasehold interest in the Project to the Authority and the Authority agreed to issue the Bonds and make a portion of the proceeds available to the Developer to renovate and equip the Project; and

 

WHEREAS, Authority and the City entered into a Lease Agreement dated as of March 1, 2001 (the “Lease”), which Lease leases the Project Site to the City; and

 

WHEREAS, the City Council further finds and determines that in connection with the foregoing it is necessary and desirable that the City enter into certain documents and agreements to amend and supplement certain documents and agreements entered in connection with the financing, copies of which amending and supplementing documents


and agreements have been presented to the City Council at this meeting and shall be filed with the records of the City, and 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. Approval of Supplemental Indenture. The form of Supplemental Trust Indenture No. 1 (the “Supplemental Indenture”), dated as of February 1, 2010, in substantially the form on file with the City Clerk, is hereby approved and the Council authorizes and approves the execution and delivery of the Supplemental Indenture by the Authority and the Bond Trustee.

 

Section 2. Authorization of Documents. The City is hereby authorized to enter into the following documents (the “City Documents”), in substantially the forms presented to and reviewed by the City at this meeting (copies of which documents shall be filed by the City Clerk in the official records of the City), with such changes therein as shall be approved by the officers of the City executing such documents, such officers’ signatures thereon being conclusive evidence of their approval thereof:

 

(a) Consent to Amendment of Trust Indenture (the “Consent”), in connection with the Supplemental Indenture supplementing and amending the Indenture; and

 

(b) Certificate of Purchaser Renewal Rate and Adjustable Rate Interest Period (the “Certificate”) between the City and Sumitomo Mitsui Banking Corporation, the current owner of the Bonds, setting forth a new Purchaser Renewal Rate and Adjustable Rate Interest Period (as such terms are defined in the Indenture) for the Bonds.

 

Section 3. Execution of City Documents. The Director of Finance or the Director of City Development is hereby authorized and directed to execute and deliver the Consent and the Certificate on behalf of the City. The Director of Finance or the Director of City Development 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, including without limitation, the execution of subsequent certificates, in substantially the form of the Certificate, for the purpose of setting forth and agreeing to subsequent Purchaser Renewal Rates and Adjustable Rate Interest Periods under the terms of the Indenture. The City Clerk is hereby authorized to execute or attest to such documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance.

 


Section 4. 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 effect the amendment of the Indenture.

 

_______________________________________________

 

Approved as to form and legality:

 

 

____________________________________

Heather A. Brown

Assistant City Attorney