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Legislation #: 970225 Introduction Date: 3/6/1997
Type: Ordinance Effective Date: 3/30/1997
Sponsor: COUNCILMEMBER ZCLEAVER(OLD)
Title: Estimating revenue in the amount of $500,000.00 in Account No. 97-100-064-8135; appropriating said sum to the River Market Loan Program account of the General Fund; designating requisitioning authority; authorizing execution of a Cooperative Agreement in the amount of $500,000.00 with the Economic Development Corporation for the River Market Loan Program; and directing the City Clerk to record certain documents with the appropriate offices.

Legislation History
DateMinutesDescription
3/6/1997

Prepare to Introduce

3/6/1997

Referred Planning, Zoning & Economic Development Committee

3/12/1997

Do Pass

3/13/1997

Assigned to Third Read Calendar

3/20/1997

Passed


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ORDINANCE NO. 970225

 

Estimating revenue in the amount of $500,000.00 in Account No. 97-100-064-8135; appropriating said sum to the River Market Loan Program account of the General Fund; designating requisitioning authority; authorizing execution of a Cooperative Agreement in the amount of $500,000.00 with the Economic Development Corporation for the River Market Loan Program; and directing the City Clerk to record certain documents with the appropriate offices.

 

WHEREAS, the Port Authority of Kansas City, Missouri (the "Port Authority") has executed a Development Agreement with the Hilton Hotel Corporation ("Hilton") for the development of a gaming facility on property owned by the City, leased to the Port Authority, and subleased to Hilton; and

 

WHEREAS, the Port Authority, with the approval of the City Council, negotiated certain terms and conditions within the Development Agreement, including a contribution to the City for a River Market Loan Program; and

 

WHEREAS, the River Market Loan Program is intended to encourage new and existing businesses, particularly Minority and Women's Business Enterprises (MBE/WBE), in the River Market area and is capitalized by a $500,000.00 contribution from Hilton; and

 

WHEREAS, the Economic Development Corporation has been established to administer a variety of business loan programs and has sufficient staff resources to incorporate the River Market Loan Program into its portfolio; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That revenue in the following amount is hereby estimated in the following account of the General Fund:

 

97-100-064-8135 Contribution for River Market Loan Program $500,000.00

 

Section 2. That the sum of $500,000.00 is hereby appropriated from the Unappropriated Fund Balance of the General Fund to the following account in the General Fund:

 

97-100-064-2122 River Market Loan Program $500,000.00

 

Section 3. That the Director of the Department of City Development is hereby designated as requisitioning authority for Account No. 97-100-064-2122.

 

Section 4. That the Director of the Department of City Development is hereby authorized to execute a Cooperative Agreement with the Economic Development Corporation, in the amount of $500,000.00, for the River Market Loan Program from funds herein appropriated to Account No. 97-100-064-2122, River Market Loan Program. A copy of said Cooperative Agreement, in substantial form, is attached hereto and is hereby approved.

 

Section 5. That the City Clerk is hereby directed to file copies of this ordinance, together with a copy of the Cooperative Agreement in the Office of the Secretary of State of Missouri and in the Office of the Recorder of Deeds of Jackson County, Missouri.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Director of Finance

 

 

Approved as to form and legality:

 

 

 

___________________________________

Assistant City Attorney