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Legislation #: 030372 Introduction Date: 3/20/2003
Type: Resolution Effective Date: 4/3/2003
Sponsor: None
Title: Authorizing the development of financing providing for the issuance of one or more series of revenue bonds in an approximate principal amount not to exceed $62,000,000.00; authorizing certain other actions pursuant thereto; and declaring the City´s intent to provide, if necessary to market the bonds, its annual appropriation pledge as credit enhancement for such bonds issued for the construction of public parking garages for the Performing Arts District.

Legislation History
DateMinutesDescription
3/20/2003

Referred Finance and Audit Committee

3/26/2003

Hold On Agenda

4/2/2003

Immediate Adoption as a Committee Substitute

4/3/2003

Adopted as Substituted


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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 030372

 

Authorizing the development of financing providing for the issuance of one or more series of revenue bonds in an approximate principal amount not to exceed $62,000,000.00; authorizing certain other actions pursuant thereto; and declaring the City's intent to provide, if necessary to market the bonds, its annual appropriation pledge as credit enhancement for such bonds issued for the construction of public parking garages for the Performing Arts District.

 

WHEREAS, the Council passed Resolution No. 021452 expressing its support for the location of the Metropolitan Kansas City Performing Arts Center, expressing the intent to finance necessary land acquisition for the expansion of H. Roe Bartle Hall, and the construction of the public parking for the Performing Arts District (the Project), and directed the City Manager to develop a public financing plan for these improvements; and

 

WHEREAS, the Council passed Ordinance No. 030079 approving the Performing Arts District Tax Increment Financing Plan; and

 

WHEREAS, the Council adopted Resolution No. 030274 expressing the intent of the Council to approve super TIF Financing and to support debt issued for the construction of the Project developed in support of the Performing Arts District; and

 

WHEREAS, the public financing plan is being implemented through TIF and Super-TIF, and the City has applied for state supplemental TIF from the State of Missouri; and

 

WHEREAS, the overall project will require the commitment by the state of Missouri of substantial contribution tax credits for the purpose of generating private contributions in the amounts necessary to finance the development of the Performing Arts Center; and

 

WHEREAS, Missouri's provision of economic development incentives to assist with the development of the Project is crucial to the financial feasibility of the Project; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council authorizes the development of a financing package for the Project that includes the issuance of revenue bonds by the City or a separate political subdivision of the state of Missouri, including as a possibility the Performing Arts Community Improvement District or other public agency, or combination thereof, in an approximate principal amount not to exceed $62,000,000.00.

 

Section 2. That the Council has provided for TIF and super TIF revenues by virtue of its approval of Resolution No. 030274. The Council has directed the City Manager to apply for state supplemental TIF and other state economic development enhancements to help with the debt service on the bonds. The Council hereby requests that representatives of the Performing Arts Center partner with representatives of the City and its Economic Development Corporation for the purpose of enhancing the package of public monies available for the Project by seeking Missouri state economic development incentives and incentives from the United States Government, that might include, for example, Brownfield Tax Credits and Transportation Development Tax Credits.

 

Section 3. That the Council hereby recognizes the Performing Arts Center and the Project as key projects for Kansas City, deserving prime City economic incentives, and that the Council, as evidence of the Projects urgent and vital importance to the revitalization of downtown Kansas City, which is a Council priority in economic development, hereby expresses its support therefor and hereby directs the City Manager to provide, if necessary to market the bonds, the City's annual appropriation as credit enhancement for all of the bonds to be issued and sold to pay the costs of the


Project. The Council hereby requests that the State recognize the City's significant financial commitment to the Performing Arts Center and requests that the Governor and the Legislature provide reciprocal financial support recognizing the world class nature and over all impact of the Project and the Performing Arts Center upon the entire State of Missouri. Specifically, the Council requests that the Governor insure that the State issue Contribution Tax Credits to make possible the raising of over $300,000,000.00 for the Project and the Performing Arts Center.

 

Section 4. That the Council states that such Project is for the benefit of the public and constitutes a public purpose.

 

Section 5. That the Council expects to incur certain expenditures in connection with the Project made within sixty (60) days prior to or on and after the date of this Resolution with respect to the proceeds of the bonds and intends to reimburse itself, or, where appropriate, the Performing Arts Community Improvement District for all or a portion of such expenditures, to the extent permitted by law. A maximum principal amount of bonds expected to be issued for the Project is $62,000,000.00. This Resolution constitutes a declaration of official intent under Treasury Regulation Section 1.1050.

 

Section 6. That the Council authorizes and directs that the financing arrangements referred to in this Resolution and the negotiation of financial terms and other provisions of such arrangements be developed by the Director of Finance in conjunction with the Performing Arts Community Improvement District for presentation to and approval by the Council.

 

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