SECOND COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 940596, AS AMENDED

Expressing the intent of the City Council to provide assistance in financing of approximately $3,000,000.00 in parking facilities and public improvements in the 3700 Block of Broadway, Midtown Kansas City, related to development of the Uptown Theatre and the Missouri Housing Development Commission project.

WHEREAS, the economic development of the Midtown area on Broadway, specifically the Uptown Theatre, and the retention of the jobs provided by the Missouri Housing Development Commission plus the creation of new jobs are vital components of Kansas City's overall economic development; and

WHEREAS, the issuance of approximately $3,000,000.00 of bonds with a debt service period of twenty-five (25) years would cost approximately $240,000.00 per year to be supported by developer revenues of U.G.A., a limited liability company (U.G.A.), the developer of the Uptown Theatre Renewal Project and $570,000.00 of Public Improvement Advisory Committee Funding paid as $95,000.00 per year for six years from the Second District allocation with total City funding contingent on developer revenues, which said funds will only be used as a last source of revenue; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Council hereby expresses its intent to provide an annual appropriation guarantee for approximately $3,000,000.00 in bond financing for a parking facility and public improvements in the 3700 Block of Broadway, Midtown, Kansas City, related to the development of the Uptown Theatre and the Missouri Housing Development Commission project.

Section 2. That in order to exercise this intent, the City Manager is directed to negotiate a Cooperative Agreement with Land Clearance for Redevelopment Authority for Council approval, which will include a requirement for independent verification of developer revenue and expense estimates prior to City participation in the bond financing.

Section 3. That this Resolution is expressly contingent on U.G.A. getting a written commitment from Missouri Housing Development Commission to lease a new building to be constructed by U.G.A. at 3756 Broadway, Kansas City, Missouri.

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