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Legislation #: 980821 Introduction Date: 7/2/1998
Type: Ordinance Effective Date: 7/26/1998
Sponsor: None
Title: Authorizing a tax credit agreement with the Missouri Development Finance Board and the Starlight Theatre Association of Kansas City, Inc., providing for the acceptance of private contributions for improvements to Starlight Theatre in the amount of $3,850,000.00; estimating revenue in the amount of $3,797,000.00; appropriating it to the project account; and designating requisitioning authority.

Legislation History
DateMinutesDescription
7/2/1998

Prepare to Introduce

7/2/1998

Referred Finance & Administration Committee

7/8/1998

Do Pass

7/9/1998

Assigned to Third Read Calendar

7/16/1998

Passed


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ORDINANCE NO. 980821

 

Authorizing a tax credit agreement with the Missouri Development Finance Board and the Starlight Theatre Association of Kansas City, Inc., providing for the acceptance of private contributions for improvements to Starlight Theatre in the amount of $3,850,000.00; estimating revenue in the amount of $3,797,000.00; appropriating it to the project account; and designating requisitioning authority.

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That, subject to the concurrence of the Board of Parks and Recreation Commissioners, the Board of Parks and Recreation Commissioners, through its President, is authorized to execute, on behalf of the City, a tax credit agreement with the Missouri Development Finance Board and the Starlight Theatre Association of Kansas City, Inc., which provides for the acceptance of private contributions for improvements to Starlight Theatre in the amount of $3,850,000.00. A copy of the agreement is approved in substantial form as that attached to this ordinance.

 

Section 2. That the revenue in the following account of the Capital Improvements Fund is estimated in the following amount:

 

99-309-070-8155 Starlight Contributions $3,797,000.00

 

Section 3. That the sum of $3,797,000.00 is appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account of the Capital Improvements Fund:

 

99-309-070-7501-T Starlight Theatre $3,797,000.00

 

Section 4. That the Director of Parks and Recreation Department is designated requisitioning authority for Account No. 99-309-070-7501-T.

 

Section 5. That the Director of Parks and Recreation Department is authorized to approve disbursements from Account No. 99-309-070-7501-T in accordance with the tax credit agreement authorized by this ordinance.

 

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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