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Legislation #: 070445 Introduction Date: 4/12/2007
Type: Ordinance Effective Date: none
Sponsor: None
Title: Establishing the East Village and JE Dunn/11th _ Locust Garage, Series 2007 Project Fund; estimating revenues in the amount of $19,200,000.00 in the JE Dunn/11th _ Locust Garage, Series 2007 Project Fund and appropriating the same; estimating revenues in the amount of $12,000,000.00 in the East Village Property Acquisition and Development, Series 2007 Project Fund and appropriating the same; designating requisitioning authority; authorizing the City to reimburse itself with proceeds of bonds; and recognizing an emergency.

Legislation History
DateMinutesDescription
4/11/2007 Filed by the Clerk's office
4/12/2007 Referred to Finance and Audit Committee
4/18/2007 Advance and Do Pass, Debate
4/19/2007 Passed

View Attachments
FileTypeSizeDescription
070445.pdf Authenticated 140K Authenticated
Budget Fiscal Note JED.xls Advertise Notice 32K Fiscal Note
EV_JED Fact Sheet.xls Advertise Notice 53K Fact Sheet

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ORDINANCE NO. 070445

 

Establishing the East Village and JE Dunn/11th & Locust Garage, Series 2007 Project Fund; estimating revenues in the amount of $19,200,000.00 in the JE Dunn/11th & Locust Garage, Series 2007 Project Fund and appropriating the same; estimating revenues in the amount of $12,000,000.00 in the East Village Property Acquisition and Development, Series 2007 Project Fund and appropriating the same; designating requisitioning authority; authorizing the City to reimburse itself with proceeds of bonds; and recognizing an emergency.

 

WHEREAS, on May 4, 2006, the Council passed Ordinance No. 060455, which accepted the recommendation of the Tax Increment Financing Commission of Kansas City, Missouri, as to the East Village Tax Increment Financing Plan (the Plan), approved the East Village Tax Increment Financing Plan and designated the area described in the Plan as a redevelopment area; and

 

WHEREAS, the Tax Increment Financing Commission determined that this redevelopment project qualifies for public financing under RSMo 99.800; and

 

WHEREAS, the State of Missouri has pledged State Supplemental TIF in support of the redevelopment project; and

 

WHEREAS, the City has entered into an MOU with JE Dunn to acquire multiple sites on blocks within the Plan; and

 

WHEREAS, the City and JE Dunn have agreed to construct the garage on Block 81 of the Plan with 500 spaces dedicated to JE Dunn and 200 spaces dedicated to the City for public use; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Fund No. 3455, East Village and JE Dunn/11th & Locust Garage, Series 2007 Project Fund is hereby established in the records of the City of Kansas City, Missouri.

 

Section 2. That the revenue in the following account of Fund No. 3455, JE Dunn/11th & Locust Garage, Series 2007 Project Fund is hereby estimated in the following amount:

 

AL-3455-120000-590000 Proceeds from sale of bonds $31,200,000.00

 

Section 3. That the sum of $19,200,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3455, to the following account:

 

AL-3455-648042-B Development CD2 $19,200,000.00

 

Section 4. That the sum of $12,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of Fund No. 3455, to the following account:

 

AL-3455-648042-E Development CD2 $12,000,000.00

 

Section 5. That the Director of City Development is hereby designated as requisitioning authority for Account Nos. Al-3455-648042.

 

Section 6. That the Director of Finance is hereby authorized to close project accounts upon project completion and return the unspent portion of the appropriation to the Fund Balance from which it came.

 

Section 7. That the City declares its intent to reimburse itself for certain expenditures made within six (6) months prior to or on and after the date of this ordinance with respect to the Village and JE Dunn/11th & Locust Garage and East Village Property Acquisition and Development with the proceeds of bonds expected to be issued by the City or through one of its statutory agencies. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

 

Section 8. That this ordinance is recognized as an emergency measure within the provisions of Section 503 of the City Charter in that it appropriates money, and shall take effect in accordance with that section.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney