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Legislation #: 030371 Introduction Date: 3/20/2003
Type: Resolution Effective Date: 3/27/2003
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
3/20/2003

Referred Finance and Audit Committee

3/26/2003

Immediate Adoption

3/27/2003

Adopted


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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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