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Legislation #: 010171 Introduction Date: 1/25/2001
Type: Ordinance Effective Date: 2/11/2001
Sponsor: None
Title: Approving a First Supplemental Financing Agreement in connection with the Barry Towne Improvement Project.

Legislation History
DateMinutesDescription
2/1/2001

Waive Charter Requirements City Council

1/25/2001

Prepare to Introduce

1/25/2001

Referred Planning, Zoning & Economic Development Committee

1/31/2001

Advance and Do Pass

2/1/2001

Passed


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ORDINANCE NO. 010171

 

Approving a First Supplemental Financing Agreement in connection with the Barry Towne Improvement Project.

 

WHEREAS, the City Council of Kansas City on April 30, 1998, by Committee Substitute for Ordinance No. 980472, created a neighborhood improvement district pursuant to the Neighborhood Improvement District Act, Sections 67.453 to 67.475, inclusive, of the Revised States of Missouri, as amended (the NID Act), known as the Kansas City-Barry Towne Improvement District Project for the purpose of financing the construction of the Project (the NID District); and

 

WHEREAS, the City and Barry Towne Development Company, L.L.C. (the Redeveloper) requested that the Missouri Development Finance Board (the Board) assist in the financing and refinancing of the Kansas City-Barry Towne Improvement District Project-Phase I through the issuance of the Boards Infrastructure Facilities Revenue Notes, Series 1998 (Kansas City, Missouri - Barry Towne Improvement District Project-Phase I) in the principal amount of $14,750,000.00 (the Notes), which Notes were issued on November 30, 1998 and are currently outstanding; and

 

WHEREAS, the Board, the City and the Redeveloper entered into a Financing Agreement to provide that the proceeds of the Notes were used to finance the construction of bridge improvements, street improvements and related infrastructure adjacent to the Barry Towne Project in Kansas City, Missouri (the Project); and

 

WHEREAS, the Redeveloper has requested the City approve the execution and delivery of a First Supplemental Financing Agreement as hereinafter defined extending the maturity date of the Notes and the completion date of the Project to no later than November 1, 2001; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The City is hereby authorized to enter into the First Supplemental Financing Agreement and all other necessary agreements and certificates in connection with the extension of the maturity of the Notes.

 

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 Notes and the First Supplemental Financing Agreement.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

____________________________________

Assistant City Attorney