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Legislation #: 060885 Introduction Date: 8/10/2006
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of City Development to execute a tax credit agreement with the Missouri Development Finance Board and the EDC Charitable Fund for the issuance of tax credits and the acceptance of private contributions for the renovation of an existing facility to create a Life Sciences Micro Incubator in Kansas City, Missouri.

Legislation History
DateMinutesDescription
8/9/2006 Filed by the Clerk's office
8/10/2006 Referred to Planning, Zoning & Economic Development Committee
8/16/2006 Advance and Do Pass, Debate
8/17/2006 Passed

View Attachments
FileTypeSizeDescription
060885.pdf Other 48K ord
Proteon_TCAgmtFactsht.xls Fact Sheet 36K Fact Sheet
Proteon_Tax Credit Agreement.doc Agreement 98K Agreement

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ORDINANCE NO. 060885

 

Authorizing the Director of City Development to execute a tax credit agreement with the Missouri Development Finance Board and the EDC Charitable Fund for the issuance of tax credits and the acceptance of private contributions for the renovation of an existing facility to create a Life Sciences Micro Incubator in Kansas City, Missouri.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is authorized to execute a tax credit agreement with the Missouri Development Finance Board (MDFB) and the EDC Charitable Fund for the issuance of tax credits by the MDFB in an amount not to exceed $175,000.00 and the acceptance of private contributions in the maximum aggregate amount of $350,000.00 for the renovation of a facility for a Life Sciences Micro Incubator in Kansas City, Missouri. The agreement is approved, in substantial form, as the attachment to this ordinance.

 

Section 2. That the Council finds and determines that the project will significantly benefit the City and the State; the benefits derived by the State are expected to exceed the benefits provided in the tax credit agreement; and the project would not proceed without the assistance provided by the MDFB.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney