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Legislation #: 011749 Introduction Date: 12/13/2001
Type: Resolution Effective Date: 12/20/2001
Sponsor: None
Title: Expressing the CouncilĀ“s interest in issuing Chapter 100 Revenue Bonds in an amount not to exceed $50,000,000.00 for the purpose of purchasing a facility and equipment for data processing by Liberty Mutual Insurance Company, and reusing State Street facility located at 7901 N.W. 112th Street near K.C.I.; and directing the City Manager to negotiate a plan to accomplish the project.

Legislation History
DateMinutesDescription
12/13/2001

Prepare to Introduce

12/13/2001

Referred Finance and Audit Committee

12/19/2001

Immediate Adoption as a Committee Substitute

12/20/2001

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 011749

 

Expressing the Councils interest in issuing Chapter 100 Revenue Bonds in an amount not to exceed $50,000,000.00 for the purpose of purchasing a facility and equipment for data processing by Liberty Mutual Insurance Company, and reusing State Street facility located at 7901 N.W. 112th Street near K.C.I.; and directing the City Manager to negotiate a plan to accomplish the project.

 

WHEREAS, the City of Kansas City is authorized and empowered under Sections 100.010 through 100.200, RSMo, to issue revenue bonds for the purpose of carrying out a project for industrial development; and

 

WHEREAS, the City of Kansas City has engaged the Economic Development Corporation of Kansas City, Missouri (EDC) to assist in the marketing, attraction, retention and expansion of existing business, and to attract new businesses to Kansas City, Missouri; and

 

WHEREAS, the attraction of this aspect of Liberty Mutual Insurance Companys operations supports the continued growth of this existing business; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That, pursuant to the authority granted under Sections 100.010 through 100.200, RSMo, in the event that the Council approves the plan submitted by Liberty Mutual Insurance Company, the City hereby expresses its interest in considering the issuance of revenue bonds in an amount not to exceed $50,000,000.00 for the purpose of financing the cost of purchasing, improving and equipping the facility located at 7901 N.W. 112th Street near K.C.I.

 

Section 2. That the issuance of the bonds, if approved by the City, to finance the costs of the proposed project is in furtherance of the public purposes set forth in the laws of Missouri and the Facility will promote the welfare of the City and its inhabitants.

 

Section 3. That the Council directs the City Manager to negotiate a Chapter 100 Plan for the Liberty Mutual project, and to subsequently present said plan to the Council for review.

 

Section 4. That the Director of City Development, Director of Finance and City Attorney are authorized and directed to negotiate with the appropriate officials of Liberty Mutual Insurance Company, and in consultation with Economic Development Corporation, to prepare the necessary documents for the issuance of the bonds, the purchase of the Facility and equipment, and any other documents, for final presentation to and approval by the Council.

 

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