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Legislation #: 160006 Introduction Date: 1/7/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER JUSTUS AND COUNCILMEMBER SHIELDS
Title: Authorizing the City Manager to enter into a funding agreement with the Planned Industrial Expansion Authority of Kansas City, Missouri in the amount of $840,000.00 for blight remediation in the Armour-Gillham PIEA Planning Area.

Legislation History
DateMinutesDescription
1/4/2016 Filed by the Clerk's office
1/7/2016 Referred to Planning, Zoning & Economic Development Committee
1/13/2016 Advance and Do Pass, Debate
1/14/2016 Passed

View Attachments
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160006.pdf Authenticated 91K Authenticated
160006 Fact Sheet.pdf Fact Sheet 20K Fact Sheet

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ORDINANCE NO. 160006

 

Authorizing the City Manager to enter into a funding agreement with the Planned Industrial Expansion Authority of Kansas City, Missouri in the amount of $840,000.00 for blight remediation in the Armour-Gillham PIEA Planning Area.

 

WHEREAS, the 100 West Armour Redevelopment Project (the “Project”) is a multi-family housing development within the Armour-Gillham PIEA Planning Area; and

 

WHEREAS, it is anticipated that the Planned Industrial Expansion Authority of Kansas City, Missouri (the “PIEA”) will approve a development proposal for the Project such that construction will commence in early 2016, significantly contributing to blight remediation in the Armour-Gillham PIEA Planning Area; and

 

WHEREAS, the City wishes to support construction of the Project in the amount of $840,000.00, and has identified an appropriate funding mechanism, such funding to be available in Fiscal Years 2019-22; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby authorized to execute a funding agreement with the Planned Industrial Expansion Authority of Kansas City, Missouri for blight remediation in the Armour-Gillham PIEA Planning Area in the amount of $840,000.00 from funds to be appropriated from the Industrial Development Authority of the City of Kansas City, Missouri - Uptown Theater and Midtown Redevelopment Projects Midtown Business Interruption Fund (the “Fund”).

 

Section 2. That the total allocation shall be paid in $200,000.00 installments for two (2) consecutive fiscal years beginning in Fiscal Year 2019, one (1) $340,000.00 installment in fiscal year 2021, and one (1) $100,000.00 installment in fiscal year 2022. Each installment shall be subject to the following conditions: (1) an annual appropriation by the City; (2) availability of funds within the Fund; (3) disbursement of funds in accordance with existing annual procedures, “no-dark” provisions for Costco, Sun Fresh and Home Depot, and a minimum of one year’s average annual debt service in reserve; and (4) negotiation and execution of a Funding Agreement between the City and the PIEA for the use of the funds, which use shall be consistent with the purposes reflected in this Ordinance. If at the end of the fourth consecutive fiscal year, beginning in Fiscal Year 2022, the City Council shall have appropriated less than $840,000.00 and the conditions set forth herein shall have otherwise been satisfied, the balance remaining unpaid shall be subject to a four percent (4%) annual interest rate until paid in full.

 


Section 3. That the City Manager is authorized to execute the funding agreement in substantially the form attached to this Ordinance with such changes and clarifications as are determined necessary by the City Manager.

 

_______________________________________

 

Approved as to form and legality:

 

 

______________________________

Brian T. Rabineau

Assistant City Attorney