COMMITTEE
SUBSTITUTE FOR RESOLUTION NO. 031250
Directing the City Manager to
analyze and develop a plan for financing for the issuance of one or more series
of revenue bonds in an approximate principal amount not to exceed
$14,500,000.00 for the construction of a grocery-anchored retail and office facilities
project for the Swope Community Builders; stating the Councils intention to
consider the appropriation of 100% of the EATs generated by the project;
declaring the City's official intent to reimburse from bond proceeds and
authorizing certain other actions pursuant thereto.
WHEREAS, on March 11,
1999, the Council passed Ordinance No. 990251 (the Ordinance), which accepted
the recommendations of the Tax Increment Financing Commission of Kansas City
(the Commission) as to and approved the Brush Creek Corridor Tax Increment
Financing Plan (the Redevelopment Plan") and designated an area described
therein (the Redevelopment Area) as a blighted area to be redeveloped in a
series of phases (the Project); and
WHEREAS, the
Redevelopment Plan contemplates the transformation of approximately 21 acres of
unimproved land into a development consisting of 162,000 square feet of retail
and office space, anchored by a 55,000 square foot grocery store (Shopping
Center Project); and
WHEREAS, the estimated
redevelopment costs of the Shopping Center Project will be $27,500,000.00 for
property acquisition, site development, design and construction, and the
Shopping Center Project is anticipated to create over 400 jobs; and
WHEREAS, the Council
supports the development of the Brush Creek Corridor as proposed in the
Redevelopment Plan; and
WHEREAS, it is the
desire and intent of the Council to authorize City staff to proceed with those
actions necessary to proceed with the development of financing; NOW, THEREFORE,
BE IT RESOLVED BY THE
COUNCIL OF KANSAS CITY:
Section 1. That the
Council expresses its intention to provide for the financing of the Shopping
Center Project of the Brush Creek Corridor Tax Increment Financing Plan through
the issuance of revenue bonds by a public agency in an approximate principal
amount not to exceed $14,500,000.00 to provide funds to pay the costs of the
Project.
Section 2. That the
Council states that the Project is for the benefit of the public and
constitutes a public purpose.
Section 3. That the
City declares its intent to reimburse itself for certain expenditures made
within 60 days prior to or on and after the date of this resolution with
respect to the Project with the proceeds of bonds expected to be issued for the
Project. The maximum principal amount of bonds expected to be issued for the
Project is not to exceed $20,000,000.00. This constitutes a declaration of
official intent under Treasury Regulation 1-150-2.
Section 4. That the
Council hereby expresses its intention to consider appropriating 100% of the
economic activity taxes available to the City as defined in Section 99.845.3,
RSMo, generated by Project Areas B and C of the Brush Creek Corridor Tax Increment
Financing Plan.
Section 5. That the
Council authorizes and directs the City Manager to analyze and devleop a plan
for 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 for presentation to and approval by the
Council.
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