committeesub
[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 260748
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Sponsor: Mayor Quinton Lucas
COMMITTEE SUBSTITUTE
Authorizing the City Manager to execute a Development Agreement (“Development Agreement”) and other definitive agreements that reflect the terms outlined in the Agreement with the Kansas City Current its affiliates, successors, assigns, and designees (“Developer”) for the design and construction of infrastructure projects predominately in the Berkley Riverfront Park area, including the expansion of CPKC Stadium and the development of a mixed-use district, transient parking structures, and other core infrastructure (the “Project”); authorizing the City Manager to take such actions necessary to pursue a redevelopment plan for State Supplemental Tax Increment Financing, and/or a development plan, or expanded development pursuant to Missouri Downtown and Rural Economic Stimulus Act; authorizing the City Manager to enter into a one or more financing agreements for total funding not to exceed $185,000,000.00, subject to the terms outlined in the Development Agreement, including cashflow shortfall coverage guarantees from the Developer; authorizing the City Manager to execute intergovernmental cooperative agreements with the State of Missouri and related entities and city agencies; authorizing the execution of additional agreements as necessary to comply with the directives of this ordinance; appropriating $150,000.00 from the Unappropriated Fund Balance of the Development Services Fund for the purpose of conducting a third-party financial feasibility study; and recognizing this ordinance as having an accelerated effective date.
FINANCE COMMITTEE recommends “Advance and Do Pass as a Committee Substitute, Debate”
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WHEREAS, the City Council remains committed to continuing good faith negotiations with the Developer for the Project, as previously stated in Ordinance No. 260565; and
WHEREAS, the City Council has determined that the Project is a p...
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