ORDINANCE NO. 090494
Estimating revenue and
appropriating $2,000,000.00 in MTFC loan proceeds in FY 2009-10; and
designating requisitioning authority.
WHEREAS,
Ordinance No. 071128 authorized a direct loan agreement with the Missouri
Transportation Finance Commission and the Missouri Highways and Transportation
Commission to provide for a loan to the City in the total amount of
$10,000,000.00 for the construction of a single point urban interchange in
conjunction with the kcICON project; and
WHEREAS, the City Council stated its intent to allocate all new
revenues generated from a Commercial Improvement District or Transportation
Development District overlay over the current Isle of Capri casino site, and all
land rent revenues generated above $3 million per year that is received from
the current Isle of Capri casino operation towards project debt service and
therefore reduce the funds needed from the Capital Improvement Sales Tax to
fully repay this loan; and
WHEREAS, the
first $2 million draw was authorized by Ordinance No. 071128, with four more
draws to occur in subsequent years; and
WHEREAS, the
second $2 million draw was authorized by Ordinance No. 081063; and
WHEREAS, the
necessary transaction required in this ordinance is that the City receives $2
million from the Missouri Transportation Finance Commission and passes $2
million to the Missouri Department of Transportation; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the revenue in the following account of the Capital Improvements Fund is hereby
estimated in the following amount:
10-3090-890001-590201 Proceeds
from MTFC Loan $2,000,000.00
Section 2. That the
sum of $2,000,000.00 is hereby appropriated from the Unappropriated Fund
Balance of the Capital Improvements Fund to the following account in the
Capital Improvements Fund:
10-3090-898017-F Paseo Bridge Interchange $2,000,000.00
Section 3. That
the Director of Public Works is hereby designated as requisitioning authority
for Account No. 10-3090-898017.
_______________________________________________
I hereby certify that there is a balance, otherwise
unencumbered, to the credit of the appropriation to which the foregoing
expenditure is to be charged, and a cash balance, otherwise unencumbered, in
the treasury, to the credit of the fund from which payment is to be made, each
sufficient to meet the obligation hereby incurred.
______________________________
Jeffrey A. Yates
Director of Finance
Approved as to form and legality:
______________________________
Brian Rabineau
Assistant City Attorney