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Legislation #: 951382 Introduction Date: 10/5/1995
Type: Resolution Effective Date: 10/29/1995
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
10/6/1995

Referred Finance & Administration Committee

10/5/1995

Referred Finance & Administration Committee

10/11/1995

Be Adopted

10/12/1995

Assigned to Third Read Calendar

10/19/1995

Adopted


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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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