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Legislation #: 970825 Introduction Date: 6/5/1997
Type: Resolution Effective Date: 6/12/1997
Sponsor: None
Title: Accepting certain terms and conditions of financial assistance from the Missouri Development Finance Board in relation to the Uptown Theatre Redevelopment Project.

Legislation History
DateMinutesDescription
6/5/1997

Prepare to Introduce

6/5/1997

Referred Planning, Zoning & Economic Development Committee

6/11/1997

Immediate Adoption as a Committee Substitute

6/12/1997

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 970825

 

Accepting certain terms and conditions of financial assistance from the Missouri Development Finance Board in relation to the Uptown Theatre Redevelopment Project.

 

WHEREAS, in Resolution No. 970223 the City Council authorized an application to the Missouri Development Finance Board (MDFB) for the issuance of $8,500,000.00 in bonds and the allocation of $8,500,000.00 in tax credits; and

 

WHEREAS, an application was presented to the MDFB at its April 15th meeting and was approved in concept; and

 

WHEREAS, the MDFB has prepared a series of terms and conditions regarding its willingness to issue $8,500,000.00 in bonds and allocate $8,500,000.00 in tax credits for the Uptown Theatre project; and

 

WHEREAS, the Council intends to support the concept for financing of the redevelopment project as previously approved; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council accepts the terms and conditions as developed by the MDFB and as identified in the attached Exhibit A.

 

Section 2. That the Council accepts that the MDFB requires that the following project revenues be counted in the determination of "Project Income" under the MDFB terms and conditions:

 

100% of economic activity taxes

100% of payments in lieu of taxes

 

Section 3. That the Council authorizes the City Manager to proceed to develop necessary documents to bring the redevelopment and financing package, including, if possible, the recommendation that MDFB's participation coincide with the City's, back to the Council for final approval.

 

Section 4. That the Council authorizes the City Manager to allocate the revenues identified in Section 2 into appropriate accounts for debt service and reserve purposes.

 

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