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Legislation #: 120435 Introduction Date: 5/3/2012
Type: Ordinance Effective Date: 5/20/2012
Sponsor: None
Title: Authorizing an application to the Missouri Development Finance Board for the preliminary authorization of state tax credits in the amount not to exceed $5,000,000.00 to support the Beacon Hill Student Housing project; and authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board in connection with the tax credits.

Legislation History
DateMinutesDescription
5/3/2012 Filed by the Clerk's office
5/3/2012 Referred to Planning, Zoning & Economic Development Committee
5/9/2012 Advance and Do Pass, Debate
5/10/2012 Passed
5/10/2012 Councilmember Circo Move to Waive Charter Requirement

View Attachments
FileTypeSizeDescription
120435.pdf Authenticated 671K Authenticated
Beacon Hill Garage_Application_Factsheet.xls Advertise Notice 134K Fact Sheet

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ORDINANCE NO. 120435

 

 

Authorizing an application to the Missouri Development Finance Board for the preliminary authorization of state tax credits in the amount not to exceed $5,000,000.00 to support the Beacon Hill Student Housing project; and authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board in connection with the tax credits.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council authorizes an application in the amount of $5,000,000.00 to the Missouri Development Finance Board (“MDFB”)for financing of the Beacon Hill Student Housing project.

Section 2. That the Director of City Development is authorized to execute a tax credit agreement with the MDFB and Beacon Hill Student Developers, LC, for the issuance of tax credits by the MDFB in the amount of $5,000,000.00.

Section 3. 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:

 

 

________________________________

Cecilia Abbott

Assistant City Attorney