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.
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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.
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Director of Finance
Approved as to form and
legality:
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Assistant City Attorney