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Legislation #: 951443 Introduction Date: 10/19/1995
Type: Ordinance Effective Date: 11/12/1995
Sponsor: COUNCILMEMBER ZCLEAVER(OLD) AND COUNCILMEMBER ROBINSON
Title: Authorizing the City of Kansas City, Missouri, to enter into a contract for the acquisition, demolition and site preparation for the Ilus W. Davis Park; to lease the park from the Missouri Development Finance Board pursuant to a Lease Purchase Agreement; authorizing and approving certain documents in connection with said contract and lease; and authorizing certain other actions in connection with the execution and delivery of said contract and lease.

Legislation History
DateMinutesDescription
10/19/1995

Prepare to Introduce

10/19/1995

Referred Planning, Zoning & Economic Development Committee

10/25/1995

Hold On Agenda

11/1/1995

Advance and Do Pass as a Committee Substitute

11/2/1995

Passed as Substituted


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ORDINANCE NO. 951443

 

Authorizing the City of Kansas City, Missouri, to enter into a contract for the acquisition, demolition and site preparation for the Ilus W. Davis Park; to lease the park from the Missouri Development Finance Board pursuant to a Lease Purchase Agreement; authorizing and approving certain documents in connection with said contract and lease; and authorizing certain other actions in connection with the execution and delivery of said contract and lease.

 

WHEREAS, the City of Kansas City, Missouri (the "City"), is authorized pursuant to its Charter (the "Charter") to contract and cooperate with any private person, firm, association, corporation or foundation for the planning, development, construction, acquisition, or operation of any public improvement or facility; and

 

WHEREAS, the Missouri Development Finance Board (the "Board"), is a body corporate and politic duly organized and existing under Sections 100.250 to 100.297 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), to finance the costs of "projects" (as defined in the Act); and

 

WHEREAS, the City Council finds and determines that it is necessary and desirable for the City to: (i) enter into a contract to provide for the acquisition, demolition and site preparation of the Ilus W. Davis Park (the "Improvements") and to provide for the transfer to the Board of certain real estate located within the geographic limits of the City a portion of which is currently owned and the remainder of which is expected to be purchased by the City (the "Project Site", said Improvements and Project Site being collectively referred to as the "Project"), and (ii) to lease the Project from the Board pursuant to the hereinafter described Lease Purchase Agreement; and

 

WHEREAS, in order to more efficiently provide for the acquisition, demolition and site preparation necessary for the completion of the Project, the City deems it desirable to participate in the formation of the Ilus W. Davis Park Development Company, a Missouri not-for-profit corporation (the "Corporation"); and

 

WHEREAS, the City Council further finds and determines that it is necessary and desirable that the City: (i) enter into a Park Acquisition, Demolition and Site Preparation Agreement (the "Park Agreement") among the Board, the City, the Corporation and Mark Twain Bank, as trustee (the "Trustee") in order to provide for the site acquisition of that portion of the Project Site which is not owned by the City and in order to provide for the site preparation of, and demolition of structures existing on, the Project Site, and (ii) enter into a Lease Purchase Agreement (the "Lease") with the City under which the Board will lease the Project to the City and make the proceeds of its limited obligation revenue bonds (the "Bonds") available to the City in consideration of rental payments by the City which are to be sufficient, during the Lease Term (as defined in the Lease), to pay the principal of, redemption premium, if any, and interest on the Bonds as the same become due; and

 

WHEREAS, the City Council further finds and determines that it is necessary and desirable in connection with the lease and development of the Project that the City enter into certain documents, and that the City take certain other actions and approve the execution of certain other documents as herein provided; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That capitalized terms not defined elsewhere in this ordinance shall have the meanings set forth in the Lease and the Trust Indenture described in the Lease.

 

Section 2. That the City is hereby authorized to enter into the following documents, in substantially the forms presented to the City Council at this meeting (copies of which documents are on file in the records of the City), with such changes therein as shall be approved by the officers of the City executing such documents, such officers' signatures thereon being conclusive evidence of their approval thereof:

 

(a) Park Acquisition, Demolition and Site Preparation Agreement (the "Park Agreement") among the Board, the City, the Corporation and the Trustee, pursuant

to which the City will contract for the acquisition of the portion of the Project Site

not currently owned by it and for the site preparation of, and the demolition of the

existing structures on the Project Site upon the terms and conditions as set forth in

said Park Agreement.

 

(b) Lease Purchase Agreement (the "Lease") between the Board and the City, under which the Board shall lease the Project to the City upon the terms and conditions as

set forth in said Lease.

 

Section 3. That the City is hereby authorized to enter into and the Mayor, the City Manager, the City Development Director and/or the Director of Finance of the City are hereby authorized and directed to execute and deliver, for and on behalf of and as the act and deed of the City, the Park Agreement, the Lease and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance. The City Clerk is hereby authorized to attest to such documents and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance.

 

Section 4. That the obligations of the City under the Lease to make Rental Payments shall be limited, special obligations of the City payable solely from and secured as to the payment by the following sources in the following order of priority: (a) subject to annual appropriation by the City Council, four separate annual appropriations of $1,000,000.00, the first such annual appropriation being in the City's fiscal year beginning on May 1, 1996; (b) a pledge of the Payments in Lieu of Taxes deposited in the PILOTS Account of the Special Allocation Fund related to the Project; (c) subject to annual appropriation by the City Council, the Economic Activity Tax Revenues deposited in the Economic Activity Tax Account of the Special Allocation Fund related to the Project; (d) subject to annual appropriation by the City Council, Other Project Revenues; (e) moneys in the Third Reserve Fund, if any; and (f) subject to annual appropriation by the City Council, Other City Moneys derived from a transfer by the City to the Special Allocation Fund. The taxing power of the City is not pledged to the payment of Rental Payments. The City's obligations under the Lease shall not constitute a general obligation of the City, nor shall they constitute an indebtedness of the City within the meaning of any constitutional, statutory or charter provision, limitation or restriction. The City's obligations under the Lease do not constitute a pledge or encumbrance of any funds or moneys of the City, other than amounts on deposit in the Special Allocation Fund and in the funds and accounts held by the Trustee.

 

Section 5. That the City hereby approves the Trust Indenture between the Board and the Trustee, pursuant to which the Bonds shall be issued and the Board shall pledge and assign the rents, revenues and receipts received pursuant to the Lease for the benefit of and security of the registered owners of the Bonds upon the terms and conditions as set forth in said Indenture, in substantially the form presented to the City Council at this meeting (copies of which documents are on file with the records of the City).

 

Section 6. That the officers, agents and employees of the City, including the City Development Director and/or the Director of Parks and Recreation, shall be, and they hereby are, authorized and directed to execute all documents and take such actions as they may deem necessary or advisable in order to organize the Corporation, carry out and perform the purposes of the Park Agreement and carry out and perform the purposes of this ordinance.

 

Section 7. That the officers, agents and employees of the City, including the Mayor, the City Manager, the City Development Director and/or the Director of Finance and the City Clerk, shall be, and they hereby are, authorized and directed to execute all documents and take such actions as they may deem necessary or advisable in order to carry out and perform the purposes of this ordinance, and to carry out, comply with and perform the duties of the City with respect to the Park Agreement and the Lease, to make alterations, changes or additions in the foregoing agreements, statements, instruments and other documents herein approved, authorized and confirmed which they may approve, and the execution or taking of such action shall be conclusive evidence of such necessary or advisability. The City hereby approves the issuance and sale by the Board of its Limited Obligation Leasehold Revenue Bonds (Kansas City, Missouri, Ilus W. Davis Park Project) Series 1995, in the aggregate principal amount of not to exceed $8,900,000.00 (the "Bonds"), for the purpose of providing a portion of the funds necessary to finance the costs to acquire, improve and construct the Project. The Bonds shall be in such forms, shall be subject to redemption prior to maturity, shall have such other terms and provisions, and shall be issued, executed and delivered in such manner subject to such other provisions, covenants and agreements, as set forth in the Indenture.

 

__________________________________________________

 

Approved as to form and legality:

 

 

_________________________________

City Attorney