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Legislation #: 090494 Introduction Date: 6/4/2009
Type: Ordinance Effective Date: 6/28/2009
Sponsor: None
Title: Estimating revenue and appropriating $2,000,000.00 in MTFC loan proceeds in FY 2009-10; and designating requisitioning authority.

Legislation History
DateMinutesDescription
6/4/2009 Filed by the Clerk's office
6/4/2009 Referred to Transportation and Infrastructure Committee
6/11/2009 Do Pass
6/11/2009 Assigned to Third Read Calendar
6/18/2009 Passed

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090494.pdf Authenticated 84K AUTHENTICATED
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090494 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090494
Fact_Sheet_-_Paseo_Bridge_2nd_Draw(1).xls Fact Sheet 32K Fact Sheet
Cap_Proj_Fiscal_Note_Paseo_Bridge(1).xls Fiscal Note 38K Fiscal Note

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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