ORDINANCE NO. TMP-6967
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Sponsor: City Manager's Office
Accepting the recommendations of the Central City Economic Development Tax Board for additional funding in the amount of $1,495,000.00 for the Jazz District III and Lineage Distribution projects; reducing an existing appropriation by $1,495,000.00; appropriating $1,495,000.00 from the Unappropriated Fund Balance; and authorizing the Manager of Procurement Services to execute the necessary documents to amend the funding agreements and expend up to $1,495,000.00 from funds appropriated in the Central City Economic Development Tax Fund.
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WHEREAS, Section 67.1305 of the Revised Statutes of Missouri authorizes the City to impose a retail sales tax not to exceed one-half of one percent if the imposition of such a retail sales tax is submitted to, then approved by, majority of the votes cast; and
WHEREAS, on April 4, 2017, pursuant to authority granted by Section 67.1304, RSMo, a majority of Kansas City, Missouri voters approved a new 1/8 of one percent retail sales tax for funding economic development projects within the area bounded by 9th Street on the north, Greogory Boulevard on the south, Paseo Boulevard on the west and Indiana Avenue on the east; and
WHEREAS, the developers of the Jazz District III and Lineage Distribution projects requested a public contribution and the Central City Economic Development Sales Tax Board recommends that funding be approved; and
WHEREAS, prior ordinances awarded CCED funds for the Jazz District III and Lineage Distribution projects; and
WHEREAS, the developers subsequently identified a need for additional funding due to increases in construction labor and construction costs; and
WHEREAS, the projects serve a predominantly public municipal purpose because, without limitation, completion of the projects (i) enhances the tax base of the Project Site; (ii) retains and generated jobs (iii) promotes economic development in the area of the City in which...
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