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Legislation #: 030971 Introduction Date: 8/28/2003
Type: Ordinance Effective Date: 9/21/2003
Sponsor: None
Title: Reducing the appropriation in the Downtown Projects account of the G.O. Bonds Downtown/Neighborhood Series 2003F Fund and appropriating $4,000,000.00 to the Library Garage account of the G.O. Bonds Downtown/Neighborhood Series 2003F Fund, designating requisitioning authority, authorizing the Director of City Development to enter into a Cooperative Agreement with the Missouri Development Finance Board for the development of the Downtown Library Garage; and revising the Downtown Project list for the first series of bonds.

Legislation History
DateMinutesDescription
8/28/2003

Prepare to Introduce

8/28/2003

Referred Finance Committee

9/10/2003

Advance and Do Pass as a Committee Substitute

9/11/2003

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 030971

 

Reducing the appropriation in the Downtown Projects account of the G.O. Bonds Downtown/Neighborhood Series 2003F Fund and appropriating $4,000,000.00 to the Library Garage account of the G.O. Bonds Downtown/Neighborhood Series 2003F Fund, designating requisitioning authority, authorizing the Director of City Development to enter into a Cooperative Agreement with the Missouri Development Finance Board for the development of the Downtown Library Garage; and revising the Downtown Project list for the first series of bonds.

 

WHEREAS, in November of 2002 the voters of Kansas City approved the issuance of $35,000,000.00 in General Obligation Bonds for a variety of public improvements, and

 

WHEREAS, the G.O. Bond proceeds are to be split between downtown and other neighborhood projects, 45% and 55%, respectively, resulting in $15,397,000.00 in funding being available for downtown projects from the first series of bonds; and

 

WHEREAS, a public process was initiated by both the Greater Downtown Development Authority and the Public Improvements Advisory Committee to develop a list of projects which would be funded from the downtown portion of the G.O. Bond proceeds; and

 

WHEREAS, that process resulted in a proposed list of projects approved by the Council in Resolution No. 030425 and which provided $3,000,000.00 in funding for the Library District Garage and $2,000,000.00 in funding for Wyandotte-Main Streetscape which is located within the Library District; and

 

WHEREAS, federal funds in the amount of $1,000,000.00 have been secured as a funding source for the Library Garage but can only be used for streetscape purposes which results in excess funding for the Wyandotte-Main streetscape project and a funding shortfall for the Library Garage; and

 

WHEREAS, the Missouri Development Finance Board (MDFB) is providing the majority of funds for the Library Garage and will own the garage facility, and it will facilitate the timely completion of the garage for the Citys funds to be provided to the MDFB for the completion of the project; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the appropriation in the following account of the G.O. Bonds Downtown/Neighborhood Series 2003F Fund is hereby reduced by the following amount:

 

04-339-064-7250-T Downtown Projects $4,000,000.00

 


Section 2. That the sum of $4,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the G.O. Bonds Downtown/Neighborhood Series 2003F Fund to the following account in the G.O. Bonds Downtown/Neighborhood Series 2003F Fund:

 

04-339-064-7251-T Library Garage Project $4,000,000.00

 

Section 3. That the Director of City Development is hereby designated as requisitioning authority for Account No. 04-339-064-7251.

 

Section 4. That the Director of City Development is hereby authorized to execute a Cooperative Agreement with the Missouri Development Finance Board for the partial funding of the construction of the Downtown Library Garage, which agreement is hereby approved substantially in the form as attached.

 

Section 5. That the project funding list established in Resolution No. 030425 is hereby revised to reflect $4,000,000.00 for the Library Garage and $1,000,000.00 for the Wyandotte-Main Streetscape.

 

_____________________________________________

 

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.

 

 

___________________________________

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Assistant City Attorney