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Legislation #: 151006 Introduction Date: 12/3/2015
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the City Manager to execute an Amended and Restated Allonge to a certain Promissory Note previously issued by the City to the National Association of Basketball Coaches Foundation, Inc.

Legislation History
DateMinutesDescription
12/1/2015 Filed by the Clerk's office
12/3/2015 Referred to Finance and Governance Committee
12/9/2015 Hold On Agenda (12/16/2015)
12/16/2015 Hold On Agenda (1/6/2016)
1/6/2016 Hold On Agenda (1/20/2016)
1/27/2016 Hold On Agenda (2/17/2016)
2/17/2016 Hold Off Agenda
4/13/2016 Advance and Do Pass as a Committee Substitute, Debate
4/14/2016 Passed as Substituted

View Attachments
FileTypeSizeDescription
151006.pdf Authenticated 86K Authenticated
151006 Color Compared.pdf Compared Version 23K 151006 Sub Color Compared Version
promissory note.pdf Other 436K promissory note
CBE Power Point - April 2016 (5).pdf Other 2003K CBE Presentation
151006 fact sheet.pdf Fact Sheet 218K 151006 Fact Sheet
151006 Agreement.pdf Agreement 123K 151006 Agreement

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 151006

 

Authorizing the City Manager to execute an Amended and Restated Allonge to a certain Promissory Note previously issued by the City to the National Association of Basketball Coaches Foundation, Inc.

 

WHEREAS, Ordinance No. 070466 authorized the City Manager to execute a promissory note in the amount of $1,170,000.00 to the NABC for improvements to the College Basketball Experience and Hall of Fame (the “CBE”) located in the Sprint Center; and  

 

WHEREAS, on May 7, 2007, the City and NABC entered into a Promissory Note in the amount of $1,170,000.00 (“Promissory Note”); and

 

WHEREAS, on November 8, 2012, the City Council, by Committee Substitute for Ordinance No. 120961, authorized a restructuring of the terms of the Promissory by the execution of an Allonge to Promissory Note; and

 

WHEREAS, the National Association of Basketball Coaches Foundation, Inc. (“NABC”) and City entered in an Allonge to Promissory Note (“Original Allonge”) providing for deferment of all interest due until the end of the loan and extending the term of the note for seven years until December 31, 2024;

 

  WHEREAS, NABC desires to further restructure the terms of payment of the Promissory Note as amended by the Original Allonge; and

 

WHEREAS, further restructuring of the Promissory Note enables the NABC to make necessary and ongoing capital expenditures at the CBE that include technology upgrades, exhibit upgrades and development of new exhibits that will increase the relevance and excitement of the CBE; and

 

WHEREAS, such improvements will mutually benefit the City and the City desires to see such improvements occur; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

  Section 1. That the Director of Convention and Entertainment Facilities is hereby authorized to execute an Amended and Restated Allonge to that Promissory Note entered into on May 7, 2007, between the City and NABC, to: 

 

1.   Defer the payment due the City on December 31, 2015, and restructure the amortization schedule such that the principal is repaid by December 31, 2031.

 

2. Allow NABC to pay the total amount of deferred interest due at the end of the loan of $314,106.92 in 8 annual installments starting December 31, 2031; and 


 

3.      Extend the term of the note for 14 years ending on December 31, 2038. 

 

Section 2. That the Amended and Restated Allonge to Promissory Note is approved in a form substantially similar to the attached hereto.

 

_______________________________________________

 

Approved as to form and legality:

 

 

________________________________

Brian T. Rabineau

Assistant City Attorney