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Legislation #: 160168 Introduction Date: 3/3/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FOWLER
Title: Approving a Supplemental Trust Indenture and Financing Agreement No. 1 in connection with the KCI Corridor Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
3/3/2016 Filed by the Clerk's office
3/3/2016 Referred to Planning, Zoning & Economic Development Committee
3/16/2016 Do Pass
3/17/2016 Assigned to Third Read Calendar
3/24/2016 Passed

View Attachments
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160168.pdf Authenticated 132K Authenticated
160168 Map.pdf Maps 148K Map
agreement.DOCX Agreement 38K agreement

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ORDINANCE NO. 160168

 

Approving a Supplemental Trust Indenture and Financing Agreement No. 1 in connection with the KCI Corridor Tax Increment Financing Plan.

WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Act, Section 99.100, RSMo, et seq., as amended (the “Act”), on March 11, 1999, the Council, by Ordinance No. 990256, approved the KCI Corridor Tax Increment Financing Plan, which has been subsequently amended by a series of ordinances passed by the Council (collectively, the “Plan”); and

WHEREAS, the Plan is a comprehensive program intended to improve an area that had not been subject to growth and development through private enterprise, the existence of which qualified the redevelopment area identified under the Plan as an Economic Development Area as defined in Section 99.805(5) of the Act; and

WHEREAS, the Plan identifies the area generally bound by Tiffany Springs Parkway on the North, Barry Road on the South, Interstate 29 on the West, and N.W. Skyview Avenue and the East Line of the Southwest Quarter of Section 6, Township 51, Range 33, on the East in Kansas City, Platte County, Missouri (the “Redevelopment Area”); and

WHEREAS, the Plan calls for construction of certain public improvements within and adjacent to the Redevelopment Area, (the “Public Improvements”); and

WHEREAS, the Plan further provides for the financing of certain portions of the Public Improvements solely from Economic Activity Tax Revenues (as defined within the Act) generated within the Redevelopment Area; and

WHEREAS, the Advisory Committee designated by the Plan recommended and requested that the City, the County of Platte County, Missouri (the “County”), the Commission and The Industrial Development Authority of the County of Platte County, Missouri (the “Authority”) assist in refunding the outstanding principal amount of the Authority’s Improvement and Refunding Revenue Bonds (KCI Corridor), Series 2009 in the outstanding principal amount of $17,030,000.00 (the “Series 2009 Bonds”) and refunding the Authority’s Revenue Bonds (KCI Corridor Project), Series 2012 in the aggregate outstanding principal amount of $4,000,000.00 (“Series 2012 Bonds”), financing and refinancing of the Public Improvements, funding a debt service reserve fund and paying costs of issuance through the issuance of the Improvement and Refunding Revenue Bonds Series  (KCI Corridor Project) Series 2014, in a principal amount of $34,500,000.00 (the “Series 2014 Bonds”); and

WHEREAS, pursuant to the Act and a resolution duly adopted by the Authority (the “Resolution”), the Authority issued the Series 2014 Bonds under a Trust Indenture dated as of September 1, 2014 (as originally executed, the “Original Indenture”) between the Authority and First Bank of Missouri, as Trustee, for the purpose of (a) refunding its Series 2009 Bonds and refunding the Authority’s Series 2012 Bonds, and (b) financing the transportation projects described on Exhibit D to the Indenture (the “Project”); and

WHEREAS, the City, the County, the Commission, the Authority and First Bank of Missouri, as Trustee, entered into a Financing Agreement dated as of September 1, 2014 (as originally executed the “Original Financing Agreement,”); and

WHEREAS, the Commission desires to approve a supplement to the Original Indenture to amend Exhibit D of the Original Indenture and approve a supplement to the Original Financing Agreement to amend Exhibit A of the Original Financing Agreement to clarify the improvements recommended by the Advisory Committee and contemplated by the Plan to be funded with proceeds of the Series 2014 Bonds; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The City is hereby authorized to enter into the Supplemental Trust Indenture and Financing Agreement No. 1 among Platte County, Missouri, the Tax Increment Financing Commission of Kansas City, Missouri, The Industrial Development Authority of the County of Platte County, Missouri and First Bank of Missouri and all other necessary agreements and certificates related thereto.

Section 2. The City and its officers, agents and employees are hereby authorized and directed to take such further action, and execute such other documents, certificates and instruments, as may be necessary or desirable to carry out and comply with the intent of this Ordinance, and to carry out, comply with and perform the duties of the City with respect to the Supplemental Trust Indenture and Financing Agreement.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Brian T. Rabineau

Assistant City Attorney