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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 260889
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Sponsor: Mayor Quinton Lucas
COMMITTEE SUBSTITUTE
Authorizing the issuance of revenue bonds by the Missouri Development Finance Board in one or more series to finance not to exceed $537,000,000.00 of costs of the design, acquisition, construction, furnishing, equipping, and operations of a new stadium, team offices, and supporting infrastructure (the “Project”) in the Washington Square Park/Crown Center area, plus funding of related bond costs, including costs of issuance, credit enhancement, capitalized interest, rebate fund and debt service reserve fund deposits, and the like; authorizing the Director of Finance to obtain a Credit Enhancement as necessary to achieve economic benefit for the bond issuance; authorizing the execution of additional agreements as necessary to comply with the directives of this ordinance; estimating and appropriating bond proceeds in the amount of $615,200,000.00 for the purpose of providing the City’s contribution to the Project; appropriating $1,000,000.00 from the Unappropriated Fund Balance of the Waterworks Fund; appropriating $6,000,000.00 from the Unappropriated Fund Balance of the Sanitary Sewer Fund; appropriating $8,000,000.00 from the Unappropriated Fund Balance of the Stormwater Fund; designating requisitioning authority; directing the City Manager to negotiate and execute an agreement with the Streetcar Authority and Kansas City Main Street Rail Transportation Development District to utilize funds to support streetcar station improvements in the Washington Square Park/Crown Center area; providing direction to the City Manager on the funding sources for the project and future debt service; authorizing the Director of Finance to close project accounts upon completion; 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...
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