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Legislation #: 030332 Introduction Date: 3/13/2003
Type: Resolution Effective Date: 3/13/2003
Sponsor: COUNCILMEMBER DANAHER
Title: Restating the City Council intent with regard to financing certain public infrastructure improvements generally located in the area of N.W. Barry Road, west of Interstate 29 in Platte County, Kansas City, Missouri.

Legislation History
DateMinutesDescription
3/13/2003

Prepare to Introduce

3/13/2003

Adopted


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RESOLUTION NO. 030332

 

Restating the City Councils intent with regard to financing certain public infrastructure improvements generally located in the area of N.W. Barry Road, west of Interstate 29 in Platte County, Kansas City, Missouri.

 

WHEREAS, the City Council adopted Committee Substitute for Resolution No. 001556 (the Resolution) authorizing the sale of bonds in one or more series to pay $12,410,000.00 of construction costs for certain public improvements generally located in the area of N.W. Barry Road, west of Interstate 29; and

 

WHEREAS, the City Council passed Committee Substitute for Ordinance No. 011193, which authorized the Kansas City Municipal Assistance Corporation to issue a total of $20,745,000.00 of its tax-exempt and taxable leasehold revenue bonds, which included a total of $5,315,000.00 to pay for a portion of the costs needed to build the public improvements identified in the Resolution (First Series Bonds); and

 

WHEREAS, it is now necessary to issue a second series of bonds required to complete the public improvements anticipated in the Resolution (Second Series Bonds); and

 

WHEREAS, due to modifications needed for safety and public benefits the cost of the remaining public improvements to be constructed per the Resolution, and to be funded by the Second Series Bonds, has increased by approximately $1,986,022.00 since approval of the Resolution; and

 

WHEREAS, the Council agreed to make annual appropriations from sales taxes for the repayment of a portion of the First and Second Series Bonds (collectively the Bonds) and the I-29/ Barry Road/N. Congress/M-152 Transportation Development District (the District) pledged its revenues to be applied to the repayment of a portion of the Bonds, described in the Intergovernmental Cooperative Agreement, (Agreement) approved as Ordinance No. 011273, September 13, 2001, and any amendments thereto; and

 

WHEREAS, expenditures for these projects may be incurred prior to the issuance of bonds and pay-as-you-go funds may be used for construction of these projects in anticipation of being reimbursed from the Second Series Bonds; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Council authorizes the sale of the Second Series Bonds, based on construction cost for the following improvements, generally described as:

 

Public Improvements Amount

 

Construction of Barry Road (Stoddard to Conant) $2,990,000.00

Construction of N. Congress Avenue (Barry Rd. to M-152) 1,983,500.00

Construction of Congress Interchange 4,112,522.00

Design of North Congress and Congress Interchange 600,000.00

Total Construction Cost $9,596,022.00

Less funds from First Series Bonds applied (410,000.00)

 

Net Total Construction Costs for Second Series Bonds $9,186,022.00

 

Section 2. That the estimated cost of $9,596,022.00 for these projects represents an increase, due to safety and public benefit modifications, of $2,396,022.00, above the cost for these same projects as approved in November 2000 by the Resolution.

Section 3. That the $2,396,022.00 of additional costs for the Second Series Bonds will be reduced by application of $410,000.00 available from the First Series Bonds, for the construction, right of way, design, and utilities of 86th Street & Rush Creek Pkwy. (86th Street Project), which now will be constructed and paid for by the District. Therefore, the net amount of the additional project costs above the cost for these same projects as approved in the Resolution will be approximately $1,986,022.00, and the total net amount of project costs to be funded by the Second Series Bonds will be approximately $9,186,022.00.

 

Section 4. That the allocation between City and District for repayment of the First and Second Series Bonds plus payment of the 86th Street Project is fully described in the Agreement and any amendments thereto.

 

Section 5. That pay-as-you-go funds currently appropriated within the Citys capital improvement budget for infrastructure improvements within that part of City Council District 2 in Platte and Clay Counties may be used for the Barry Road Improvements and will be reimbursed with proceeds from the sale of the Second Series Bonds.

 

Section 6. That the total amount of construction proceeds to be available for the public improvement projects funded by the First Series Bonds (sold October 2001) and Second Series Bonds will be approximately $14,501,022.00.

 

Section 7. That the City Council intends to make annual appropriations from sales taxes to be applied to the repayment of the Bonds, through the current term of the 1% capital improvement sales tax or December 31, 2008, and thereafter from January 1, 2009, through December 31, 2020, or until the Bonds are repaid in full, as long as the 1% capital improvement sales tax is renewed.

 

Section 8. That this resolution is contingent upon the execution of any and all amendments to the Agreement between the District and the City, which may require such additional security from the District for the Second Series Bonds as the City Council may deem appropriate and the continued imposition of a sales tax within the District sufficient to repay any bonds issued by the District. Further, to the extent that the City's 1% capital improvement sales tax is not renewed any time after December 31, 2008, the District will adjust the rate of its sales tax and/or impose a special assessment or other tax in an amount sufficient to pay both a) the City's debt payments for any bonds issued pursuant to Section 1 of this resolution, until such time as the City's capital improvement sales tax is renewed; and b) any outstanding District debt obligations.

 

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