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Legislation #: 011774 Introduction Date: 12/20/2001
Type: Ordinance Effective Date: 12/30/2001
Sponsor: COUNCILMEMBER NASH
Title: Authorizing the execution and delivery of a Cooperative Agreement among the City, the Tax Increment Financing Commission of Kansas City, Missouri, and the Country Club Plaza of Kansas City, Missouri Transportation Development District.

Legislation History
DateMinutesDescription
12/20/2001

Waive Charter Requirements City Council

12/20/2001

Passed


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01-011774.PDF Other 2493K Authenticated and addl documents

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ORDINANCE NO. 011774

 

Authorizing the execution and delivery of a Cooperative Agreement among the City, the Tax Increment Financing Commission of Kansas City, Missouri, and the Country Club Plaza of Kansas City, Missouri Transportation Development District.

 

WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Act, Section 99.100 RSMo (1988), et seq., as amended (the "Act"), on April 17, 1997, the City Council of Kansas City, Missouri, by Ordinance No. 970374, approved the Country Club Plaza Tax Increment Financing Plan (the "Plan"); and

 

WHEREAS, the Plan includes nine projects, five of which are located within a transportation development district, hereinafter defined. Those projects are known under the Redevelopment Plan as the Seville (Building & Garage) Project, the 47th & Penn Redevelopment Project, the Saks Block (Building and Garage) Project, the Halls Block (Building & Parking) Project, and the Central Parking Project; and

 

WHEREAS, the Council on April 17, 1997, by Ordinance 970374, approved the Redevelopment Plan and found the area within the boundaries of the Redevelopment Plan (the Redevelopment Area) to be a Conservation Area, as defined in Section 99.805(3) of the TIF Act; and

 

WHEREAS, the Redeveloper and the Commission entered into that certain agreement, dated October 22, 1997, governing the implementation of the Plan (the Development Agreement); and

 

WHEREAS, pursuant to the Transportation Department District Act, Sections 238.200 to 238.275 RSMo., as amended (the TDD Act), on July 12, 2001, the Circuit Court of Jackson County, Missouri, entered a Final Order and Judgment certifying the creation of the Country Club Plaza Transportation Development District (the District) which includes certain property within the Redevelopment Plan Area; and

 

WHEREAS, pursuant to the TDD Act, on August 10, 2001, the qualified voters of the District approved the imposition of a district-wide sales tax at a rate of percent on all retail sales made in the District which are subject to taxation pursuant to the provisions of Section 144.010 to 144.525, RSMo., as amended, with certain exceptions listed in the TDD Act, for a period of 20 years to be used for the purpose of paying the cost of the formation and operation of the District and the financing, acquisition, design and construction of a parking garage located to the southeast of the intersection at 47th Street and Pennsylvania Avenue in Kansas City, Jackson County, Missouri (the Project); and

 

WHEREAS, the District has determined that it is in the best interest of the District to issue $13,000,000 aggregate principal amount of Transportation Revenue Bonds, Series 2001 (the Series 2001 Bonds) to finance costs related to the Project, fund debt service, fund capitalized interest and pay costs related to the issuance of the Series 2001 Bonds; and

 

WHEREAS, the District and Commerce Bank, N.A. (the Trustee) entered into a Trust Indenture (the Trust Indenture) for the purpose of issuing and servicing the Series 2001 Bonds; and

 

WHEREAS, the Commission has agreed to remit certain TDD EATS, which are generated from the TDD Sales Tax, to the Trustee, for the benefit of the District and the City must perform certain functions in connection with the remittance of the TDD EATS to the Trustee; and

 

WHEREAS, it is hereby found and determined that it is necessary and advisable and in the best interest of the City at this time to authorize the execution and delivery of the Cooperation Agreement (as hereinafter defined); NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Authorization and Approval of Cooperative Agreement. The Cooperative Agreement (the "Cooperative Agreement"), among the City, The Tax Increment Financing Commission of Kansas City, Missouri and Country Club Plaza of Kansas City, Missouri Transportation Development District, is hereby approved in substantially the form attached to this Ordinance (a copy of which documents shall be filed in the records of the City), and the City is hereby authorized to execute and deliver the Cooperative Agreement with such changes therein as shall be approved by the officials of the City executing the Cooperative Agreement, such officials signatures thereon being conclusive evidence of their approval.

 

Section 2. Execution of Cooperative Agreement. The Mayor, City Manager, Director of Finance or the Director of Planning are hereby authorized and directed to execute and deliver the Cooperative Agreement and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance for and on behalf of and as the act and deed of the City. The City Clerk is hereby authorized and directed to attest to the Cooperative Agreement and to such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance.

 

Section 3. Further Authority. The City shall, and the officials, agents and employees of the City 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 Resolution, and to carry out, comply with and perform the duties of the City with respect to the Cooperation Agreement and the transactions contemplated thereby.

 

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Approved as to form and legality:

 

 

 

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Assistant City Attorney