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Legislation #: 010425 Introduction Date: 3/15/2001
Type: Resolution Effective Date: 3/22/2001
Sponsor: COUNCILMEMBER FORD
Title: Stating the Council´s intent to enter into a cooperative agreement with Prospect North, L.L.C. regarding funding for certain public improvements for the project; and declaring the City´s intent regarding reimbursement for certain expenditures.

Legislation History
DateMinutesDescription
3/21/2001

Immediate Adoption

3/15/2001

Referred Finance and Audit Committee

3/22/2001

Adopted


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RESOLUTION NO. 010425

 

Stating the Councils intent to enter into a cooperative agreement with Prospect North, L.L.C. regarding funding for certain public improvements for the project; and declaring the Citys intent regarding reimbursement for certain expenditures.

 

WHEREAS, the Council has adopted Resolution No. 000312, which set forth the Citys intent to assist in financing public improvements to be constructed in connection with the Prospect North Tax Increment Financing Plan; and

 

WHEREAS, at the time that the Kansas City Municipal Assistance Corporation issues leasehold revenue bonds for this project, the City intends to enter into a cooperative agreement regarding the sources of funds to pay for certain public improvements for the project; and

 

WHEREAS, expenditures for this project may be incurred prior to the issuance of the bonds; and

 

WHEREAS, it is necessary for the City to declare its intention to reimburse itself for such expenditures with bond proceeds prior to the issuance of the bonds; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council hereby states its intent to enter into a cooperative agreement with Prospect North, L.L.C. regarding funding for certain public improvements for projects within the Prospect North Tax Increment Financing Plan at the time that Kansas City Municipal Assistance Corporation issues leasehold revenue bonds for the project.

 

Section 2. That the City declares its intent to reimburse itself for certain expenditures made prior to or on and after the date of this resolution with respect to the public improvements for the Prospect North Tax Increment Financing Plan with the proceeds of Leasehold Revenue Bonds issued by the Kansas City Municipal Assistance Corporation. The amount of bonds expected to be issued for these projects is approximately $18,000,000.00

 

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