RESOLUTION NO. 030371
Authorizing the development of
financing to provide for the issuance of one or more series of revenue bonds in
an approximate principal amount not to exceed $10,000,000.00 for the
construction of a public parking garage for the 909 Walnut Redevelopment
Project.
WHEREAS, on
____________, 2003, the Council passed Committee Substitute for Ordinance No.
030212 approving the 353 development plan submitted by the 909 Redevelopment
Corporation; and
WHEREAS, on
___________, 2003, the Council passed Committee Substitute for Ordinance No.
030256, authorizing the Third Amendment to the Tower Properties Tax Increment
Financing Plan, which extended the boundaries of the Redevelopment Area for
Project H (909 and 927 Walnut properties) (the 909 Redevelopment Project); and
WHEREAS, on
___________, 2003, the Council passed Committee Substitute for Ordinance No.
030257 amending the area of Project H, which includes a multi-use residential
project and parking facility; and
WHEREAS, on
___________, 2003, the Council adopted Resolution No. 030338, expressing the
intent of the Council to approve super TIF financing for the construction of
public parking facilities developed in support of the 909 Walnut Redevelopment
Project; NOW, THEREFORE,
BE IT RESOLVED BY THE
COUNCIL OF KANSAS CITY:
Section 1. That the
Council authorizes the development of financing for the public parking garage
in support of the 909 Walnut Redevelopment Project, through revenue bonds of a
public agency in an approximate principal amount not to exceed $10,000,000.00.
Section 2. That the
Council states that the 909 Walnut Redevelopment Project is for the benefit of
the public and constitutes a public purpose.
Section 3. The City
expects to incur certain expenditures in connection with the Project made
within 60 days prior to or on and after the date of this resolution with proceeds
of the bonds and intends to reimburse itself for all or a portion of such
expenditures, to the extent permitted by law. The maximum principal amount of
Bonds expected to be issued for the Project is $10,000,000.00. This resolution
constitutes a declaration of official intent under Treasury Regulation Section
1.150.
Section 4. That the
Council authorizes and directs that the financing arrangements referred to in
this resolution and the negotiation of the financial terms and other provisions
of such arrangements be developed by the Director of Finance.
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