ORDINANCE NO. 120529
Authorizing the City Manager to
execute a Development Agreement with EDC Charitable Fund (“EDC”) and Lockton
Insurance Agency, Inc. (“Lockton”) that authorizes the issuance of Chapter 100
bonds in connection with an economic development effort.
WHEREAS, the
City has had conversations with the EDC and Lockton, a corporation whose world
headquarters are currently located in Kansas City, Missouri; and
WHEREAS, Lockton
has proposed to extend and improve its office industry in Kansas City,
Missouri; and
WHEREAS, the
project proposed by Lockton would ensure its continued economic presence in the
City and the retention of existing jobs and creation of new jobs in the City;
and
WHEREAS, Chapter
100 bonds are required, as part of an overall incentive package being developed
cooperatively with the State of Missouri, to make the project financially
viable; and
WHEREAS,
issuance of Chapter 100 bonds will be contingent on the City approving a
Chapter 100 Plan; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the City Manager is hereby authorized to execute a Development Agreement with
the EDC and Lockton that authorizes the issuance of Chapter 100 bonds upon the
City Council’s subsequent approval of a Chapter 100 Plan, with said agreement
approved in substantial form as that on file in the City Attorney’s Office.
_____________________________________________
Approved
as to form and legality:
_______________________________
Brian
T. Rabineau
Assistant
City Attorney