ORDINANCE NO. 090130
Approving a
Development Assistance Agreement between Citadel Plaza, LLC and Block &
Company, Inc. in connection with the Southtown Urban Life Development Tax
Increment Financing Plan; approving the form of First Amendment to Cooperative
Agreement to be executed by the City, the Tax Increment Financing Commission of
Kansas City, Missouri, and Citadel Plaza LLC,
and authorizing the City Manager to execute the First Amendment to Cooperative
Agreement in such form; and determining that
all requirements prior to the advance of City funds have been satisfied.
WHEREAS, the Council has stated its intention to issue
revenue bonds in an amount sufficient to fund Phase 1 of the Southtown Urban
Life Development Tax Increment Financing Plan in the amount of $20,500,000.00;
and
WHEREAS,
in order to begin Phase 1 of the project, the developer has requested that the
City provide a portion of the funding prior to the issuance of the bonds;
WHEREAS,
pursuant to Ordinance No. 081187, the Council appropriated funding in the
amount of $20,500,000.00 prior to the issuance of the bonds, and approved the
execution of certain documents, including a First Amendment to Cooperative
Agreement (First Amendment) to be executed by the City, the Tax Increment
Financing Commission of Kansas City, Missouri, and
Citadel Plaza LLC; and
WHEREAS,
Ordinance No. 081187 specified certain provisions to be included in the First
Amendment as requirements to be satisfied prior to the advance of City funds;
and
WHEREAS,
the First Amendment has not been executed by the City; and
WHEREAS,
the Council has now determined that all requirements to be satisfied prior to
the advance of City funds, as listed in Section 4 of Ordinance No. 081187 as
provisions to be included in the First Amendment, have now been satisfied; and
WHEREAS,
the Council desires to approve the form of First Amendment and to authorize the
City Manager to execute the First Amendment in such form; and
WHEREAS,
the Council desires to authorize the disbursement of City funds as appropriated
pursuant to Ordinance No. 081187 for use in accordance with the Cooperative
Agreement for Plan Financing, the Acquisition Funding Agreement and the First
Amendment; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section
1. That the Council hereby approves the Development Assistance Agreement
between Citadel Plaza, LLC and Block & Company, Inc. dated January 30, 2009
(Development Assistance Agreement:), in the form on
file in the office of the Director of Finance, as a Co-Developer
Agreement as required under Ordinance No. 081187 and the First Amendment, and
determines that the terms of such Development Assistance Agreement and Block &
Company as co-developer are acceptable to the City and satisfy the requirement
under the First Amendment, as required under Ordinance No. 081187, that the
City approve the terms of the agreement and the party to serve as co-developer
for the project.
Section
2. That the Council hereby approves the First Amendment in the form heretofore
signed by the Tax Increment Financing Commission of Kansas City, Missouri, and Citadel Plaza LLC, as on file in the office of the
Director of Finance, and authorizes and directs the City Manager to
execute the First Amendment.
Section
3. That the Council hereby determines that all requirements to be satisfied
prior to the advance of City funds, as listed in Section 4 of Ordinance No.
081187 as provisions to be included in the First Amendment, have now been
satisfied.
Section
4. That the Council hereby authorizes the disbursement of City funds as
appropriated pursuant to Ordinance No. 081187 for use in accordance with the
Cooperative Agreement for Plan Financing and the Acquisition Funding Agreement,
both in the forms on file in the office of the
Director of Finance, and the First Amendment.
_____________________________________________
Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant City Attorney