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Legislation #: 110404 Introduction Date: 5/19/2011
Type: Ordinance Effective Date: 6/12/2011
Sponsor: COUNCILMEMBER TAYLOR AND COUNCILMEMBER SHARP
Title: Authorizing the City Manager to execute a Development Agreement with Applebee’s International Inc., that authorizes the issuance of Chapter 100 bonds in connection with an economic development effort.

Legislation History
DateMinutesDescription
5/19/2011 Filed by the Clerk's office
5/19/2011 Referred to Finance, Governance & Ethics Committee
5/25/2011 Hold On Agenda (6/1/2011)
6/1/2011 Advance and Do Pass as a Committee Substitute, Debate
6/2/2011 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110404

 

Authorizing the City Manager to execute a Development Agreement with Applebee’s International Inc., that authorizes the issuance of Chapter 100 bonds in connection with an economic development effort.

 

WHEREAS, the City has had conversations with Applebee’s, a corporation that is desirous of relocating and bringing approximately 340 new jobs to Kansas City, Missouri; and

 

WHEREAS, Chapter 100 bonds are required, as part of an overall incentive package being developed cooperatively with the State of Missouri, to make the relocation financially desirable to Applebee’s; and

 

WHEREAS, the Chapter 100 bonds and any accompanying tax abatement and sales tax exemption would necessarily be contingent on the City approving a Chapter 100 Plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby authorized to execute a Development Agreement with Applebee’s International Inc., that authorizes the issuance of Chapter 100 bonds upon the City Council’s subsequent approval of a Chapter 100 Plan, with said agreement approved in substantial form as that on file in the City Attorney’s Office.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Cecilia Abbott

Assistant City Attorney