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Legislation #: 130934 Introduction Date: 12/5/2013
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER CIRCO
Title: Amending Ordinance No. 130601 as passed on August 15, 2013, by repealing and reenacting Sections 1 and 2 thereof for the purpose of revising the maximum amount of tax credits that the City will request from the Missouri Development Finance Board for financing of the Three Trails Redevelopment Project.

Legislation History
DateMinutesDescription
12/2/2013 Filed by the Clerk's office
12/5/2013 Referred to Planning, Zoning & Economic Development Committee
12/11/2013 Advance and Do Pass, Debate
12/12/2013 Passed

View Attachments
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130934.pdf Authenticated 85K Authenticated
Fact_Sheet 130934.pdf Fact Sheet 20K Fact Sheet 130934

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ORDINANCE NO. 130934

 

Amending Ordinance No. 130601 as passed on August 15, 2013, by repealing and reenacting Sections 1 and 2 thereof for the purpose of revising the maximum amount of tax credits that the City will request from the Missouri Development Finance Board for financing of the Three Trails Redevelopment Project.

 

WHEREAS, the City Council previously authorized an application in the amount of $10,712,500.00 to the Missouri Development Finance Board (“MDFB”) for financing of the Three Trails Redevelopment Project, and further authorized the Director of City Development to execute a tax credit agreement for the issuance of such credits in such amount; and

 

WHEREAS, the amount of the tax credits anticipated to be obtained may differ slightly; and

 

WHEREAS, the authorizations need to be amended as to ensure that the application and execution of the agreement are proper should the amount of the tax credits ultimately differ from that set forth in Ordinance No. 130601; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section A. That Section 1 and Section 2 of Ordinance No. 130601 as passed on August 15, 2013, are hereby repealed in their entirety and the following sections of like number and subject matter are enacted in lieu thereof, to read as follows:

 

Section 1. That the Council authorizes an application in an amount up to $10,907,500.00 to the Missouri Development Finance Board (“MDFB”) for financing of the Three Trails Redevelopment Project.

 

Section 2. That the Director of City Development is authorized to execute a tax credit agreement for the issuance of tax credits by the MDFB in an amount up to $10,907,500.00.

 

______________________________________________

 

Approved as to form and legality:

 

 

_____________________________

Brian T. Rabineau

Assistant City Attorney