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Legislation #: 110872 Introduction Date: 11/3/2011
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER CIRCO
Title: Approving and authorizing settlement of several lawsuits entitled Citadel Plaza, LLC v. City of Kansas City, Missouri, et al., Jackson County Circuit Court Case No. 1016-CV03781, First Security Bank _ Trust Co. v. Community Development Corporation of Kansas City, et al., Jackson County Circuit Court Case No. 1016-CV04926, and Weiskirch and Parks Engineers, Inc. v. Community Development Corporation of Kansas City, et al., Jackson County Circuit Court Case No. 1016-CV07486; estimating $15,000,000.00 of bond proceeds; appropriating $15,000,000.00 to the 2012 Southtown Urban Life Development Bond Fund; and recognizing an emergency.

Legislation History
DateMinutesDescription
11/3/2011 Filed by the Clerk's office
11/3/2011 Referred to Finance, Governance & Ethics Committee
11/16/2011 Advance and Do Pass as a Committee Substitute, Debate
11/17/2011 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 110872

 

Approving and authorizing settlement of several lawsuits entitled Citadel Plaza, LLC v. City of Kansas City, Missouri, et al., Jackson County Circuit Court Case No. 1016-CV03781, First Security Bank & Trust Co. v. Community Development Corporation of Kansas City, et al., Jackson County Circuit Court Case No. 1016-CV04926, and Weiskirch and Parks Engineers, Inc. v. Community Development Corporation of Kansas City, et al., Jackson County Circuit Court Case No. 1016-CV07486; estimating $15,000,000.00 of bond proceeds; appropriating $15,000,000.00 to the 2012 Southtown Urban Life Development Bond Fund; and recognizing an emergency.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the payment of the sum of $15,000,000.00 in settlement of the lawsuits styled Citadel Plaza, LLC v. City of Kansas City, Missouri, et al., Jackson County Circuit Court Case No. 1016-CV03781, First Security Bank & Trust Co. v. Community Development Corporation of Kansas City, et al., Jackson County Circuit Court Case No. 1016-CV04926, and Weiskirch and Parks Engineers, Inc. v. Community Development Corporation of Kansas City, et al., Jackson County Circuit Court Case No. 1016-CV07486, and for the acquisition of real estate and development rights for property in the vicinity of 63rd and Prospect within the Southtown Urban Life Development Tax Increment Financing Plan as recommended by the City Attorney and the City Manager, is hereby approved.

 

Section 2. That the City Attorney is hereby authorized to pay the sum of $15,000,000.00 in settlement of said claims in these lawsuits.

 

Section 3. That the 2008 Southtown Urban Life Development Bond Fund is hereby renamed 2012 Southtown Urban Life Development Bond Fund.

 

Section 4. That the revenue in the following account of the 2012 Southtown Urban Life Development Bond Fund is hereby estimated in the following amount:

 

12-3430-120000-590000 Proceeds from Sale of Bonds $15,000,000.00

 

Section 5. That the sum of $15,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the 2012 Southtown Urban Life Development Bond Fund to the following account:

 

12-3430-131520-B Current Judgments & Settlements $15,000,000.00

 

Section 6. That the City Attorney is hereby designated as requisitioning authority for Account No. 12-3430-131520.

 

Section 7. That the City declares its intent to reimburse itself for certain expenditures made within sixty (60) days prior to or on and after the date of this ordinance with respect to the proceeds of the bonds expected to be issued. The maximum principal amount of obligations expected to be financed is $15,000,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

Section 8. That this ordinance is recognized as an emergency measure within the provisions of Section 503 of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

_______________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

_______________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

_______________________________

Stephen Walsh

Assistant City Attorney