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Legislation #: 030322 Introduction Date: 3/13/2003
Type: Resolution Effective Date: 4/24/2003
Sponsor: None
Title: Authorizing the development of a financing by the Port Authority of Kansas City providing for the issuance of one or more series of its revenue bonds in an approximate principal amount or initial accreted value not to exceed $20,000,000.00 to purchase land owned by the Kansas City, Missouri Aviation Department.

Legislation History
DateMinutesDescription
3/13/2003

Prepare to Introduce

3/13/2003

Referred Planning, Zoning & Economic Development Committee

3/19/2003

Referred Finance and Audit Committee

3/26/2003

Hold for Substitute

4/23/2003

Immediate Adoption as a Committee Substitute

4/24/2003

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 030322

 

Authorizing the development of a financing by the Port Authority of Kansas City providing for the issuance of one or more series of its revenue bonds in an approximate principal amount or initial accreted value not to exceed $20,000,000.00 to purchase land owned by the Kansas City, Missouri Aviation Department.

 

WHEREAS, the City desires to proceed with the redevelopment of the former Richards Gebaur (R-G) Airport facility as an economic development project in conjunction with the KC Southern multi-modal facility; and

 

WHEREAS, the Aviation Department desires to sell certain parcels of property located at R-G in conformance with the laws, policies and requirements of the Federal Aviation Authority (FAA) and other federal agencies as part of the closing of the former airport facility; and

 

WHEREAS, the Port Authority of Kansas City (Authority) desires to acquire and consolidate the referenced property at R-G in order to facilitate the redevelopment of the area; and

 

WHEREAS, the City has passed Resolution No. 021453 directing the City Manager and the Authority to develop an appropriate financing method for the acquisition of certain parcels of property on the R-G facility from the City, held by the Aviation Department, and directing the City Manager to report to the Council on the economic, legal and regulatory feasibility of establishing an appropriate financing method; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council authorizes the development of financing by the Authority in order to purchase land (Project) from the Aviation Department through revenue bonds of the Authority in an approximate principal amount or initial accreted value not to exceed $20,000,000.00.

 

Section 2. That such purchase of land at R-G must comply with the Memorandum of Agreement dated March 20, 2002, between the City and FAA which imposes conditions and requirements on the disposition of R-G property, including the payment of fair market value for the land supported by at least one independent appraisal report, and determined acceptable by the FAA.

 

Section 3. That the Council states that such Project is for the benefit of the public and constitutes a public purpose.

 

Section 4. The City expects to incur certain expenditures in connection with the Project made within 60 days prior to or on and after the date of this resolution with proceeds of the bonds and intends to reimburse itself for all or a portion of such expenditures, to the extent permitted by law. The maximum principal amount or initial accreted value of Bonds expected to be issued for the Project is $20,000,000.00. This resolution constitutes a declaration of official intent under Treasury Regulation Section 1.150.


Section 5. That the Council authorizes and directs that the financing arrangements referred to in this resolution and the negotiation of the financial terms and other provisions of such arrangements be developed by the Director of Finance.

 

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