RESOLUTION NO.
030527
Authorizing the development of
financing to provide for the issuance of one or more series of revenue bonds in
an approximate principal amount not to exceed $32,769,347.00 for the
construction of a public parking garage for the Gailoyd Redevelopment Project.
WHEREAS, on March 27,
2003, the Council adopted Resolution No. 030260, adopting the recommendations
of the Tax Increment Financing Commission as to the Gailoyd Tax Increment
Financing Plan, approving the Gailoyd Tax Increment Financing Plan and designating
the redevelopment area within said plan; and
WHEREAS, on March 27,
2003, the Council adopted Resolution No. 030337, expressing the intent of the
Council to approve super TIF financing for the construction of public parking
facilities developed in support of the Gailoyd Redevelopment Project; NOW,
THEREFORE,
BE IT RESOLVED BY THE
COUNCIL OF KANSAS CITY:
Section 1. That the
Council authorizes the development of financing for the public parking garage
in support of the Gailoyd Redevelopment Project, through revenue bonds of a
public agency in an approximate principal amount not to exceed $32,769,347.00.
Section 2. That the
Council states that the Gailoyd Redevelopment Project is for the benefit of the
public and constitutes a public purpose.
Section 3. 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
of Bonds expected to be issued for the Project is $32,769,347.00. This
resolution constitutes a declaration of official intent under Treasury
Regulation Section 1.150.
Section 4. 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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