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Legislation #: 900823 Introduction Date: 12/20/1990
Type: Resolution Effective Date: 1/10/1990
Sponsor: None
Title: Approving development of financing for the construction of an office and parking structure for Truman Medical Center Charitable Foundation through the issuance of tax-exempt revenue bonds by KCMAC in an approximate principal amount of $7,300,000.00 and authorizing certain other actions pursuant thereto.

Legislation History
DateMinutesDescription
12/19/1990

Prepare to Introduce

12/20/1990

Referred Finance Committee

12/26/1990

Hold On Agenda

1/2/1991

Be Adopted

1/3/1991

Assigned to Third Read Calendar

1/10/1991

Adopted


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RESOLUTION NO. 900823

 

Approving development of financing for the construction of an office and parking structure for Truman Medical Center Charitable Foundation through the issuance of tax-exempt revenue bonds by KCMAC in an approximate principal amount of $7,300,000.00 and authorizing certain other actions pursuant thereto.

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WHEREAS, the Truman Medical Center Charitable Foundation has developed a plan to construct an office and parking structure at 24th and Kenwood with preliminary cost estimates at $7.3 million; and

 

WHEREAS, it is the desire and intent of the City Council to approve and support the construction of such facility; and

 

WHEREAS, the City has determined it most beneficial to utilize the Kansas City Municipal Assistance Corporation (KCMAC) for the funding of such project through the issuance of tax-exempt revenue bonds on behalf of the Truman Medical Center Charitable Foundation; and

 

WHEREAS, it is the desire and intent of the City Council to authorize KCMAC to proceed with those actions necessary to provide for such financing through the issuance of tax-exempt revenue bonds; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Council does hereby express its intention to provide for the financing of the construction of an office and parking structure at 24th and Kenwood for the Truman Medical Center Charitable Foundation, and directs that funding therefor be effected pursuant to an arrangement with KCMAC whereby KCMAC will issue its tax-exempt revenue bonds in an approximate principal sum of $7,300,000.00 to provide funds to pay the cost of such acquisition and improvements.

 

Section 2. That the City Council states that such acquisition and improvement are for the benefit of the public health, safety and welfare and constitute a public purpose.

 

Section 3. That the City Council does hereby express its intention to enter into certain leases and subleases in connection with the project for the purpose of operating the facility and providing the revenue necessary to pay the debt service on the bonds.

 

Section 4. That the City Council does hereby authorize and direct that the financing arrangements referred to in this resolution and the negotiation of the financial terms and other provisions of such arrangements be developed by the Director of Finance for presentation to and approval by KCMAC and the City Council.