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ORDINANCE NO. 090122
Authorizing an application to the
Missouri Development Finance Board for the preliminary authorization of state
tax credits in the amount not to exceed $4,375,000.00 to support the Oxford on the Blue Development; 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
$4,375,000.00 from the Missouri Development Finance Board for financing
for the Oxford on the Blue Development.
Section 2. That the City Manager is authorized to execute a tax credit
agreement with the Missouri Development Finance Board (MDFB) for the issuance
of tax credits by the MDFB in the amount of $4,375,000.00.
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.
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Approved as to form and legality:
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Heather A. Brown
Assistant City Attorney