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Legislation #: 140621 Introduction Date: 7/31/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBERS TAYLOR, MARCASON AND WAGNER
Title: Authorizing the City Manager to execute a contract with the Downtown Council to provide funds for engaging private investment in Downtown Kansas City in conjunction with the Missouri Building Entrepreneurial Capacity program; estimating $74,000.00 in revenue; reducing various appropriations and appropriating the sum of $100,000.00; authorizing expenditures of $100,000.00; and designating requisitioning authority.

Legislation History
DateMinutesDescription
7/31/2014 Filed by the Clerk's office
7/31/2014 Referred to Finance, Governance & Ethics Committee
8/20/2014 Advance and Do Pass, Debate
8/21/2014 Passed

View Attachments
FileTypeSizeDescription
140621.pdf Authenticated 160K Authenticated
140621 Admin Approp.pdf Other 15K Admin Approp
140621 Fiscal Note.pdf Fiscal Note 14K Fiscal Note
140621 Fact Sheet.pdf Fact Sheet 270K Fact Sheet

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ORDINANCE NO. 140621

 

Authorizing the City Manager to execute a contract with the Downtown Council to provide funds for engaging private investment in Downtown Kansas City in conjunction with the Missouri Building Entrepreneurial Capacity program; estimating $74,000.00 in revenue; reducing various appropriations and appropriating the sum of $100,000.00; authorizing expenditures of $100,000.00; and designating requisitioning authority.

WHEREAS, the State of Missouri has authorized funds to be used to help fund startups through its Missouri Building Entrepreneurial Capacity program (MOBEC); and

  WHEREAS, the Missouri Technology Corporation (MTC) is the agency designated to receive and dispense such funds; and

  WHEREAS, funding through this program is being requested in order to facilitate the LaunchGrantsKC program which is a partnership of the Downtown Council and the Economic Development Corporation, as a function of LaunchKC; and

 

WHEREAS, MTC has determined that the LaunchGrantsKC program, which will attract local and national innovative entrepreneurs with ideas for products and services to drive technology-based, high-growth startups in downtown Kansas City, Missouri, is consistent with the goals of the MOBEC funding; and

  WHEREAS, matching funds are required to obtain a MOBEC grant, and the City of Kansas City Missouri agrees to spend $100,000.00 ($74,000.00 of which is being contributed by the Downtown Council) as matching funds for the $500,000.00 that the Downtown Council will receive in grant funding for the LaunchGrantsKC program; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is hereby authorized to execute, on behalf of Kansas City, a contract with the Downtown Council, which will provide matching funds for a grant through the Missouri Building Entrepreneurial Capacity program for the LauchGrantsKC program, to invest in startups financially and through personal and group opportunities with mentors, entrepreneurs, investors, legal experts, venture capitalists, investment bankers, as well as others in a variety of forums, and to officially execute, on behalf of Kansas City, Missouri, necessary documentation to administer the project through the Downtown Council. A copy of this agreement is on file in the office of the City Manager.


Section 2. That revenue in the following account of the General Fund is hereby estimated in following amount:

15-1000-100000-481491 Contribution from Downtown Council $74,000.00

Section 3. That the appropriation in the following account is reduced by the following amount:

15-1000-091611-B KC General Election $26,000.00

  Section 4. That the appropriation in the following account is increased by the following amount:

 15-1000-102070-B Launch KC Grants Program $100,000.00

  Section 5. That the City Manager is authorized to expend up to the sum of $100,000.00, from funds appropriated to Account No. 15-1000-102070, to satisfy the matching requirements of the agreement.

Section 6. That the City Manager is hereby designated requisitioning authority for Account No. 15-1000-102070.

________________________________________________

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.

 

 

____________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

____________________________________

M. Margaret Sheahan Moran

Assistant City Attorney