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Legislation #: 020105 Introduction Date: 1/24/2002
Type: Ordinance Effective Date: 3/16/2002
Sponsor: None
Title: Approving a plan for industrial development for the purpose of re-using a building located at 7901 N.W. 112th Street, Kansas City, Missouri, for Liberty Mutual Insurance Company; and directing the City Clerk to file certain documents with the appropriate offices.

Legislation History
DateMinutesDescription
1/24/2002

Prepare to Introduce

1/24/2002

Referred Planning, Zoning & Economic Development Committee

1/30/2002

Hold On Agenda

2/6/2002

Hold On Agenda

3/5/2002

Advance and Do Pass as a Committee Substitute

3/6/2002

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 020105

 

Approving a plan for industrial development for the purpose of re-using a building located at 7901 N.W. 112th Street, Kansas City, Missouri, for Liberty Mutual Insurance Company; and directing the City Clerk to file certain documents with the appropriate offices.

 

WHEREAS, the City of Kansas City, Missouri, a constitutional charter city and municipal corporation of the State of Missouri (the City) is authorized pursuant to the provisions of Article VI, Section 27 of the Missouri Constitution, as amended, and Sections 100.010 to 100.200, inclusive, of the Revised Statutes of Missouri, as amended, and the city of Kansas City Charter (collectively, the Act), to issue its revenue bonds for the carrying out of a project under the Act, such revenue bonds to be paid solely from revenue received from such project, and to enter into a lease of the facilities financed with the proceeds of such revenue bonds with any person, firm or corporation; and

 

WHEREAS, Liberty Mutual Insurance Company has requested that the City approve a Chapter 100 plan for an industrial development project in the City, consisting of the acquisition of data processing equipment to be leased to Liberty Mutual Insurance Company; and

 

WHEREAS, the City has adopted Committee Substitute for Resolution No. 011749 expressing its interest in issuing Chapter 100 bonds (the Bonds) for the purpose of carrying out a development project for Liberty Mutual Insurance Company (the Project); and

 

WHEREAS, the Council has heretofore and does hereby find and determine that it is desirable for the economic development of the City and within the public purposes of the Act that the Council approve a Chapter 100 plan as proposed by Liberty Mutual Insurance Company, NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY, MISSOURI,

 

Section 1. The Council hereby finds and determines that the Project will promote the economic well-being and industrial development of Kansas City, Missouri, and the issuance of the Citys industrial revenue bonds to pay the costs of the Project will be in furtherance of the public purposes set forth in the Act. The Council hereby approves the following plan for an industrial development project:

 

(a) Acquisition of data processing equipment including computers, office equipment and other related personal property in the City of Kansas City, Missouri, at 7901 N.W. 112th Street.

 

(b) A total estimated project cost of $84 million in the first five years;

 

(c) The project will be funded from proceeds of the sale of approximately $50,000,000.00 maximum principal amount of Taxable Industrial Revenue Bonds to be issued by the City; and


 

(d) The project will be leased to Liberty Mutual Insurance Company by the City in accordance with the terms of a Lease for a term to be specified, and the Company will have the option to acquire the project at the termination of the lease.

 

__________________________________________________________________

 

Approved as to form and legality:

 

 

 

______________________________________

Assistant City Attorney