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Legislation #: 130601 Introduction Date: 8/1/2013
Type: Ordinance Effective Date: none
Sponsor: MAYOR JAMES, JR., COUNCILMEMBERS CIRCO, TAYLOR, SHARP AND BROOKS
Title: Authorizing an application to the Missouri Development Finance Board for the preliminary authorization of state tax credits in an amount not to exceed $10,712,500.00 to support the Three Trails Redevelopment 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
7/31/2013 Filed by the Clerk's office
8/1/2013 Referred to Planning, Zoning & Economic Development Committee
8/14/2013 Advance and Do Pass, Debate
8/15/2013 Passed

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ORDINANCE NO. 130601

Authorizing an application to the Missouri Development Finance Board for the preliminary authorization of state tax credits in an amount not to exceed $10,712,500.00 to support the Three Trails Redevelopment 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 $10,712,500.00 to the Missouri Development Finance Board (“MDFB”) for financing of the Three Trails Redevelopment Project.

Section 2. That the Director of City Development is authorized to execute a tax credit agreement for the issuance of tax credits by the MDFB in the amount of $10,712,500.00.

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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Brian T. Rabineau

Assistant City Attorney