RESOLUTION NO. 951382
Expressing the intent of the City to finance a portion of
the repayment of the $8,255,000.00 bonds to be issued by the Land Clearance for
Redevelopment Authority of Kansas City, Missouri, the proceeds of which will be
used to finance a portion of the cost of a new headquarters for Metropolitan
Ambulance Services Trust; and authorizing certain other actions in connection
therewith.
WHEREAS, the Land Clearance for Redevelopment
Authority of Kansas City, Missouri ("LCRA") is authorized and
empowered under the Land Clearance for Redevelopment Authority Law, Sections
99.300 to 99.715, RSMo, (the "LCRA Act"), to issue its revenue bonds
for any of its corporate purposes, including to provide funds to purchase,
construct and improve any "urban renewal project" (as defined in the
LCRA Act); and
WHEREAS, the Board of Commissioners of LCRA has
adopted an inducement resolution and it is anticipated that it will adopt a
resolution authorizing LCRA to issue its Land Clearance for Redevelopment
Authority of Kansas City, Missouri, Leasehold Revenue Improvement Bonds
(Metropolitan Ambulance Services Trust Facility Project) Series 1995, in the
principal amount not to exceed $8,255,000.00 (the "Bonds"), for the
purpose of aiding in the financing of an urban renewal project; and
WHEREAS, the proceeds from the Bonds will provide
funds to (i) pay a portion of the costs and expenses to acquire the property
(the "Project Site") and to construct and renovate the Facility (the
"Project"); (ii) fund the debt service fund; and (iii) pay costs of
issuance; and
WHEREAS, LCRA will lease to MAST the Project Site
and the Facility pursuant to a base lease under which MAST is required to
construct the Project, make the payments sufficient to pay the principal of and
interest on the Bonds as the same become due and to purchase the Project Site
when the Bonds are fully paid; and
WHEREAS, MAST will lease to the City the Project
Site and the Facility pursuant to the City Sublease, under which the City will
make payments to pay a portion of the principal of and interest on the Bonds as
the same become due, for any fiscal year and to the extent for which the City
has appropriated Funds to make such payments; and
WHEREAS, the City will sub-sublease the Project Site
and the Facility to MAST pursuant to an operating lease, under which MAST is
authorized to use the Project as its headquarters facility in exchange for the
nominal rent of One Dollar ($1.00) per year; NOW, THEREFORE,
BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:
Section 1. The City Council approves the Project
and determines that the City will, subject to this Resolution, finance a
portion of the Project and the repayment of the Bonds.
Section 2. The Mayor, the Director of City Planning
and Development, the Director of Finance and other City staff are authorized,
empowered and directed on behalf of and in the name of the City to proceed with
the necessary negotiations and preparation of the base lease and other legal
documents relating to the Project and the issuance of the Bonds and to take or
cause to be taken in the name of the City all such other and further actions
deemed necessary or desirable in order to effectuate the intent of this
resolution, all subject to a confirming ordinance by the City Council.
Section 3. If the Bonds are not issued for any
reason, the City will in no way be liable in damages or otherwise to any party
for failure to consummate the financing of the Project.
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