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Last Published: 4/8/2009 1:44:56 PM
KANSAS CITY COUNCIL RECORD
 
Upon Roll Call the following members were present:
Present:5 - DEB HERMANN, JAN MARCASON, SHARON SANDERS BROOKS, BETH GOTTSTEIN, RUSS JOHNSON
 

090116
(Sub.)
Approving the issuance by the City of Kansas City, Missouri, of its special obligation refunding bonds in several series to refund certain bonds previously issued to finance the 909 Walnut Parking Facility Project, President Hotel Redevelopment Project and Chouteau I-35 Project; approving and authorizing certain documents and actions relating to the issuance of the Bonds; and declaring an emergency.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS AS A COMMITTEE SUBSTITUTE, DEBATE"
According to Randy Landes, City Treasurer, the city has to refinance bonds that had previously been issued. The problem arose when the bond agency lost its credit rating. The city was forced to look elsewhere for a bond holder. JPMorgan has agreed to underwrite the bonds but the city has to pay bank rates instead of bond rates. Looking at the city's portfolio these were the least expensive to refinance under the terms set out by JPMorgan.
Ayes: 5 - Hermann, Marcason, Sanders Brooks, Gottstein, Johnson
Nays: 0

090118
Providing for a substitute of a Syncora Guarantee Inc. surety bond policy issued to meet the debt service reserve requirement of the Land Clearance for Redevelopment Authority of Kansas City, Missouri Improvement and Refunding Bonds, Series 2005E; estimating and appropriating bond proceeds in the amount of $3,385,000.00 in the STIF 12th and Wyandotte Fund; designating requisitioning authorities; authorizing the Director of Finance to close project accounts upon completion; and recognizing an emergency.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS, DEBATE"
According to Randy Landes, City Treasurer, this is another bonding agency that was downgraded. The city opted to use cash proceeds from future bond sales to pay the debt service due on this project. JP Morgan has agreed to take over as the bond securer for this project.
Ayes: 5 - Hermann, Marcason, Sanders Brooks, Gottstein, Johnson
Nays: 0

090122
Authorizing an application to the Missouri Development Finance Board for the preliminary authorization of state tax credits in the amount not to exceed $4,375,000.00 to support the Oxford on the Blue Development; and authorizing the City Manager to execute a tax credit agreement with the Missouri Development Finance Board in connection with the tax credits.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS, DEBATE"
Bob Langenkamp, City Planning and Development, testified before the committee on the request for authorization to move the MO-Dot and City of KCMO maintenance and salt storage facility to a different location. He also wanted to see a change in the zoning for the area. The project in question would mirror Corporate Woods (Overland Park, Ks.) but it would be on a smaller scale. The area would be turned into a residential/medical research environment. Most of the money for land acquisition has been donated. Councilmembers from the 5th & 6th Districts have pledged money from their district PIAC funds. Jim Bower, attorney for the developer also testified before the committee. Whitney Kerr, for the developer, also testified about the concept of the project and the impact it would have on the area. Councilman John Sharp also testified on behalf of the project.
Ayes: 5 - Hermann, Marcason, Sanders Brooks, Gottstein, Johnson
Nays: 0

090123
(Sub.)
Approving the restructuring and reissuance of certain bonds previously issued by The Industrial Development Authority of the City of Kansas City, Missouri to finance the Kansas City Downtown Redevelopment District Project and the entering into of one or more agreements by such Authority relating to such bonds; approving and authorizing certain documents and actions relating to the restructuring and reissuance of such bonds; amending Committee Substitute for Ordinance No. 080636 to conform to the current transaction; and declaring an emergency.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS AS SECOND COMMITTEE SUBSTITUTE, DEBATE"
This is still another project that was affected by the downgrade of the bond holder for the KC Live project. JP Morgan will take over as bond securer to the project. The project currently is about to default on a debt service payment. Staff has found funds to pay the debt service prior to JPMorgan taking over. There was a lengthy discussion on the process being used to finance the debt service payment for this project. Councilman Johnson strongly opposed using Capital Improvement funds for repayment of the payment and suggested looking for alternative payment sources.
Ayes: 4 - Hermann, Marcason, Sanders Brooks, Gottstein
Nays: 1 - Johnson

090129
(Sub.)
Amending Chapter 2 of the Code of Ordinances of Kansas City, Article XIV “Budgetary and Financial Policies” by enacting new divisions and enacting sections which codify the Investment Policy, Contingent Appropriation Policy, Debt Policy, and Costs of Public Financing Policy for the City and renumbering Section 2-1950, Non-recurring Revenue Policy, as Section 2-1970.


FINANCE AND AUDIT COMMITTEE recommends "HOLD ON AGENDA (2/25/2009)"
This item was held one week.

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.


FINANCE AND AUDIT COMMITTEE recommends "HOLD ON AGENDA (2/25/2009)"
This item was held one week.

090087
Authorizing the issuance, sale and delivery of not to exceed $75,000,000.00 Sanitary Sewer System Revenue Bonds, Series 2009A of the City of Kansas City, Missouri, for the purpose of extending and improving the City’s Sanitary Sewer System, prescribing the form and details of said Bonds and the covenants and agreements made by the City to facilitate and protect the payment thereof; providing for the collection, segregation and application of the revenues of the sanitary sewer portion of the City’s sewerage system for the purpose of paying the cost of operation and maintenance of the sanitary sewer portion of the City’s sewerage system, paying the principal of and interest on said Bonds, and providing reasonable and adequate reserve funds; and prescribing other matters relating thereto.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS, DEBATE"
Randy Landes, City Treasurer, Jeff Yates, CFO for the City of Kansas City, MO. and Jim Mellem, Deputy Director of Water Services, talked about the bond sales for ordinances nos. 090087, 090099 and 090105. Bond proceeds had been used to jump start some of these projects. Ordinance No. 090087 was new project but the others had money allocated for work through bond sales. The remainder of the money would be used to pay bond debt. Shawn Hennessy, Water Services, talked about the billing system the water department used to collect on Waste water, Stormwater and Sewers. There was a short discussion on the system currently being used.
Ayes: 5 - Hermann, Marcason, Sanders Brooks, Gottstein, Johnson
Nays: 0

090099
Authorizing and directing the issuance, sale and delivery of not to exceed $220,000,000.00 principal amount of Water Refunding and Improvement Revenue Bonds, Series 2009A, of the City of Kansas City, Missouri, prescribing the form and details of such revenue bonds; authorizing certain actions and documents and prescribing other matters relating thereto; repealing Committee Substitute for Ordinance No. 080278; and amending the Master Bond Ordinance; and recognizing an emergency.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS, DEBATE"
This item was discussed under Ordinance No. 090087.
Ayes: 5 - Hermann, Marcason, Sanders Brooks, Gottstein, Johnson
Nays: 0

090105
Authorizing the issuance of not to exceed $35,000,000.00 principal amount of Subordinate Water Revenue Bonds, Series 2008A, of the City of Kansas City, Missouri, prescribing the form and details of such revenue bonds; authorizing certain actions and documents and prescribing other matters relating thereto; and repealing Committee Substitute for Ordinance No. 080279 and Committee Substitute for Ordinance No. 080893 upon the issuance of the Series 2009A Bonds; and recognizing an emergency.


FINANCE AND AUDIT COMMITTEE recommends "ADVANCE AND DO PASS, DEBATE"
This item was discussed under Ordinance No. 090087.
Ayes: 5 - Hermann, Marcason, Sanders Brooks, Gottstein, Johnson
Nays: 0

090058
(Sub.)
RESOLUTION - Directing the City Manager to maintain the hiring freeze and other existing cost containment measures, limit certain discretionary expenditures, present recommendations to remediate the potential shortfall following the third quarter analysis and immediately begin the reduction in force proposed in the submitted budget.


FINANCE AND AUDIT COMMITTEE recommends "HOLD ON AGENDA (2/25/2009)"
This iem was held one week.
 
 There will be a discussion of Credit Ratings. Randy Landes, City Treasurer and Jeff Yates, CFO, discussed the impact of credit ratings on City finances. Mr. Landes gave an update on Bond Rating Surveillance . There was also an update on the 2007 & 2008 CAFR reports. The Monthly Financial Report for December, 2008 will be presented. This item was held one week. There will be a continuation of the presentation by the Finance Department and Budget Office regarding the state of the budget to date, including Departmental Detail. This item was held one week. There may be general discussion(s) on current Finance and Audit Committee issues. Pursuant to the following subsections of Section 610.021 of the Revised Statutes of Missouri, there may be a closed session to discuss: (1) legal matters, litigation, or privileged communications with attorneys, pursuant to subsection 1; (2) real estate, pursuant to subsection 2; (3) personnel, pursuant to subsection 3 and 13; and/or (4) sealed bids or proposals, pursuant to subsection 12.