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Legislation #: 060175 Introduction Date: 2/9/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER EDDY
Title: Authorizing the Director of Finance to execute a purchase agreement with IB Property Holdings, LLC for the purchase of the Cherry Street Inn at 921 Cherry; appropriating $100,000.00 for the agreement; designating requisitioning authority; stating the intent of the Council to reimburse itself from bond proceeds; recognizing an emergency.

Legislation History
DateMinutesDescription
2/9/2006 Filed by the Clerk's office
2/9/2006 Passed

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ORDINANCE NO. 060175

Authorizing the Director of Finance to execute a purchase agreement with IB Property Holdings, LLC for the purchase of the Cherry Street Inn at 921 Cherry; appropriating $100,000.00 for the agreement; designating requisitioning authority; stating the intent of the Council to reimburse itself from bond proceeds; recognizing an emergency.

WHEREAS, by passage of Ordinance No. 040280, As Amended, on March 18, 2004, the Council has found the area generally bounded by 6th Street & Admiral Boulevard, Cherry Street, 11th Street, and Interstate 70 (I-70) right-of-way to be a blighted, insanitary or undeveloped industrial area in need of redevelopment and approved the East Downtown General Development Plan for the redevelopment of the area; and

WHEREAS, by passage of Ordinance No. 040706 on July 8, 2004, the Council found the area including 921 Cherry (the Property) to be blighted and approved the Third Amendment to the Civic Mall Tax Increment Financing Plan for the redevelopment of the area; and

WHEREAS, the Council has determined it necessary to purchase the Property to alleviate the blight and to begin redevelopment efforts in the area and finds that the purchase and redevelopment of the Property is a municipal and public purpose; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Director of Finance is authorized to execute a purchase agreement for the purchase of the Cherry Street Inn, 921 Cherry, Kansas City, Missouri in the amount of $2,000,000.00, subject to the appropriation of funds by the City Council for this purpose, and to take all necessary steps to effectuate this transaction, including the payment of $100,000.00 earnest money to the seller.

Section 2. That the appropriation in the Capital Improvements Fund is hereby reduced by the following amount:

06-3090-648047-B East Village $100,000.00

 

Section 3. That the sum of $100,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account in the Capital Improvements Fund:

 

06-3090-128047-B East Village $100,000.00

 

Section 4. That the Director of Finance is hereby designated as requisitioning authority for Account No. 06-3090-128047.

Section 5. That the City declares its intent to reimburse itself for certain expenditures made within 60 days prior to or on and after the date of this resolution with respect to the acquisition with the proceeds of bonds expected to be issued by the City or a statutory agency of the City. The maximum principal amount of bonds expected to be issued for the Project is not to exceed $2,200,000.00. This constitutes a declaration of official intent under Treasury Regulation 1-150-2.

Section 6. That this ordinance is an emergency measure within the meaning of Section 15 of the Charter and takes effect immediately upon passage, subject to the provisions of Section 15.

_________________________________________________

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.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney