RESOLUTION NO. 990390

Expressing the intent of the City with respect to the offering of economic incentives to Redi-Cut Foods for relocation to Kansas City.

WHEREAS, the City of Kansas City has an opportunity to attract a major employer in the agribusiness industry, Redi-Cut Foods (Employer) which could locate up to 115 jobs within the City; and

WHEREAS, the Employer has agreed to locate in Kansas City, Missouri, provided that economic incentives can be offered to make Kansas City competitive with other cities in connection with the establishment of its facility here; and

WHEREAS, the City acknowledges that the location of Employer to the City will have a positive impact on and generally stimulate the economy of the City; and

WHEREAS, in order to induce Employer to locate to Kansas City and stimulate Kansas Citys economy, the Council desires to express its intent to support the location of Employer to City; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council hereby expresses its intent to offer economic incentives to the Employer to induce it to locate to Kansas City.

Section 2. That the Council hereby expresses its intent to issue pursuant to Chapter 100 R.S.Mo. industrial revenue bonds in the approximate amount of $6,000,000.00, the proceeds of which will be used to provide assistance to the Employer in establishing a vegetable processing facility in the Northland Industrial Park. The issuance of such obligations shall not constitute or create an indebtedness of the City within the meaning of any constitutional, statutory or charter debt limit or restriction. Such bonds will be retired solely from rentals paid by the Employer.

Section 3. That the Council expresses its intent to reimburse expenditures in connection with Employers establishment of its facility in the City, with the proceeds of the above-referenced bonds.

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