ORDINANCE NO. 990933

Authorizing execution of a Cooperative Agreement with Farmland Industries to facilitate its retention, relocation and development of property bounded by I-29 on the west, I-435 on the north and east and N.W. Cookingham Drive on the south and directing the City Clerk to file certain documents with the appropriate offices.

WHEREAS, the City has adopted Committee Substitute for Resolution No. 981201 allowing aid for the expansion or retention of existing Kansas City businesses for the purpose of retaining or creating additional jobs in Kansas City and allowing the Council to approve the appropriation of up to 50% of the new earnings taxes and utility taxes generated by the expansion or retention of the business; and

WHEREAS, the policy for the use of certain tax revenue for business retention or expansion approved by Committee Substitute for Resolution No. 981201 limits the total annual taxes eligible for appropriation as 0.3% of total City earnings taxes and 0.08% of the total City utility taxes; and

WHEREAS, the City has adopted Committee Substitute for Resolution No. 990814, directing the City Manager to work with the Economic Development Corporation to negotiate a plan to accomplish the retention of Farmland Industries in Kansas City if the City approves the plan of Farmland Industries for the acquisition, improvement and construction of a facility located on property bounded by I-29 on the west, I-435 on the north and east and N.W. Cookingham Drive on the south (the Property); and

WHEREAS, the City Council desires to assist Farmland Industries in the relocation and expansion of their business on the Property; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of the Department of City Development is authorized to execute a Cooperative Agreement with Farmland Industries for a retention, relocation and development program in the area bounded by I-29 on the west, I-435 on the north and east and N.W. Cookingham Drive on the south from funds to be appropriated each fiscal year from certain revenues received by the City from Farmland Industries. A copy of the Cooperative Agreement, in substantial form, is attached hereto and is hereby approved.

Section 2. That the City Clerk is hereby directed to file a copy of the Cooperative Agreement, together with a copy of this ordinance, with the Office of the Secretary of State of Missouri and with the Department of Records of Jackson County, Missouri.

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Approved as to form and legality:

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Assistant City Attorney