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Legislation #: 070336 Introduction Date: 3/15/2007
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FAIRFIELD
Title: Authorizing the City Manager to execute a Cooperative Agreement with Gailoyd Enterprises Corporation and The Tax Increment Financing Commission of Kansas City, Missouri in connection with the issuance of revenue bonds for certain public projects within the Gailoyd Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
3/16/2007 Filed by the Clerk's office
3/15/2007 Referred to Finance and Audit Committee
3/21/2007 Hold On Agenda (3/28/2007)
3/28/2007 Hold On Agenda (4/4/2007)
4/4/2007 Do Pass as a Second Committee Substitute
4/5/2007 Assigned Third Read Calendar as Substituted
4/12/2007 Councilmember Fairfield Move to Amend
4/12/2007 Passed as Substituted and Amended

View Attachments
FileTypeSizeDescription
070336.pdf Authenticated 114K Authenticated
gailoyd cash flow.xls Advertise Notice 32K cash flow chart
revised exhibits A _ B.DOC Advertise Notice 35K revised exhibits A & B
Exhibits A _ B.DOC Advertise Notice 32K Exhibits A & B
cooperative agreement.DOC Advertise Notice 274K cooperative agreement

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 070336

 

Authorizing the City Manager to execute a Cooperative Agreement with Gailoyd Enterprises Corporation and The Tax Increment Financing Commission of Kansas City, Missouri in connection with the issuance of revenue bonds for certain public projects within the Gailoyd Tax Increment Financing Plan.

 

WHEREAS, on March 27, 2003, the City Council passed Ordinance No. 030260 approving the Gailoyd Tax Increment Financing Plan (as amended, the Plan); and

 

WHEREAS, on March 27, 2003, the Council adopted Ordinance No. 030337, expressing its intent to appropriate one hundred percent of the economic activity taxes generated by the Plan and dedicate said economic activities to the reimbursement of Redevelopment Project Costs as defined in and permitted under the Plan; and

 

WHEREAS, on May 8, 2003, the Council adopted Resolution No. 030527, authorizing the development and financing for the Plan to provide for the issuance of one or more series of revenue bonds in an approximate amount not to exceed $32,769,347.00 for the construction of a 700‑space parking garage within the Redevelopment Area as defined in the Plan; and

 

WHEREAS, on December 14, 2005, by Resolution No. 12-13-05, the TIF Commission recommended that the Council approve the First Amendment to the Plan (the First Amendment which together with the Plan shall hereinafter be referred to as the Plan), which provides for the renovation of the historic Power & Light Building into Class A office space (Project 1); the construction of an approximately 700‑stall parking garage to be owned by the City (Project 2A); the construction of approximately 10,000 square feet of office space (Project 2B); the construction of a residential condominium development with approximately 200,000 square feet of residential space (Project 3); the development and construction of an approximately 210,000 square foot Class A office building with an additional parking garage containing approximately 800 stalls (Project 4) (Projects 1, 2A, 2B, 3 and 4, shall hereinafter be collectively referred to as the Projects); and the construction of all necessary appurtenances and utilities; and

WHEREAS, on January 26, 2006, the Council, by Ordinance No. 060015, approved the First Amendment to the Plan; and

 

WHEREAS, on November 16, 2006, the Council, by Ordinance No. 061266, set forth the specific terms and provisions to be incorporated into a Cooperative Agreement to be executed between the City, the Redeveloper and the TIF Commission in connection with the Plan and authorized the City Manager to negotiate such a Cooperative Agreement; and

 

WHEREAS, the Council desires to initiate the implementation of the Plan and the various Projects towards financing the specified public improvements and other authorized projects therewith by entering into a Cooperative Agreement substantially in the form as that attached hereto and incorporated herein; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is authorized to execute a Cooperative Agreement in substantially the form as that attached hereto and incorporated herein and in conformance with all of the terms set forth in Ordinance No. 061266 and to work with the Redeveloper and the TIF Commission to secure their signatures upon same.

 

Section 2. That the City Manager is authorized to negotiate and finalize all terms of the Cooperative Agreement and any other agreements necessary to complete the project.

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney