ORDINANCE NO. 030356

Authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board and the Kansas City Public Library for the issuance of tax credits and the acceptance of private contributions for the Kansas City Public Library Garage construction project located at the northwest corner of 10th Street and Baltimore, Kansas City, Missouri.

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Manager is authorized to execute a tax credit agreement with the Missouri Development Finance Board (MDFB) and the Kansas City Public Library for the issuance of tax credits by the MDFB in an amount not to exceed $3,400,000.00 and the acceptance of private contributions in the maximum aggregate amount of $6,800,000.00 for the Kansas City Public Library Garage construction project located at the northwest corner of W. 10th Street and Baltimore, Kansas City, Missouri. The agreement is approved in substantial form as the attachment to this ordinance.

Section 2. 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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Assistant City Attorney