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Legislation #: 090122 Introduction Date: 2/12/2009
Type: Ordinance Effective Date: 3/1/2009
Sponsor: COUNCILMEMBERS SHARP, CIRCO, RILEY AND JOLLY
Title: 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.

Legislation History
DateMinutesDescription
2/11/2009 Filed by the Clerk's office
2/12/2009 Referred to Finance and Audit Committee
2/18/2009 Advance and Do Pass, Debate
2/19/2009 Passed

View Attachments
FileTypeSizeDescription
090122.pdf Authenticated 48K authenticated
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090122 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090122
MDFB Fact Sheet Oxford.xls Fact Sheet 51K Fact Sheet
Ordinance Oxford.doc Request for Ordinance 26K Ordinance Language

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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.

 

___________________________________________

 

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney