ORDINANCE NO. 120631

Authorizing the Director of City Development to execute a Development Agreement with Country Club Bank that authorizes the issuance of Chapter 100 bonds in connection with an economic development effort.

WHEREAS, Country Club Bank has proposed an industrial development project that would include the purchase, construction, extension and improvement of an office industry, the development of its headquarters, and the purchase of new equipment, all to be located in Kansas City, Missouri; and

  WHEREAS, the project proposed by Country Club Bank would establish its economic presence in the City and the creation of new jobs in the City; and

WHEREAS, Chapter 100 bonds are required, as part of an overall incentive package being developed cooperatively with the State of Missouri, to make the project financially viable; and

WHEREAS, issuance of Chapter 100 bonds will be contingent on the City approving a Chapter 100 Plan; NOW, THEREFORE,

  BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of City Development is hereby authorized to execute a Development Agreement with Country Club Bank that authorizes the issuance of Chapter 100 bonds upon the City Council’s subsequent approval of a Chapter 100 Plan, with said agreement approved in substantial form as that on file in the City Development Department.

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Approved as to form and legality:

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Brian T. Rabineau

Assistant City Attorney