ORDINANCE NO. 250854
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Sponsor: Director of Finance Department
Appropriating $3,000,000.00 from the Unappropriated Fund Balance of the General Fund for the purpose of providing funding for improvements to Starlight Theater; and recognizing this ordinance as having an accelerated effective date.
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WHEREAS, the Starlight Theatre is managed by the Starlight Theatre Association of Kansas City, Missouri ("Association"); and
WHEREAS, the Association is undertaking the fundraising, financing, and management of capital improvements ("Starlight Theatre Project"), including improved access for Theatre patrons, the construction of a new production bridge, addition of a canopy covering 3,000 seats, and renovations of the kitchen, concession spaces, and restrooms; and
WHEREAS, the Starlight Theatre Project is estimated to increase the total direct and indirect economic output of the Theatre from $42.6 million to $50.0 million annually within the City of Kansas City upon completion of the project; and
WHEREAS, the City Council has expressed support for the Starlight Theatre Project through passage of Ordinance No. 240477, which provided a $3.5 million bridge loan to the Starlight Theatre Project to commence Phase I construction; and
WHEREAS, the passage of Ordinance No. 240499 provided an additional sales tax redirection to the Starlight Theatre Project from taxes generated by the economic activity at Starlight Theatre to assist in repayment of the bridge loan; and
WHEREAS, Ordinance No. 250439 directed the City Manager to assist with preparation of a tax credit application to the Missouri Development Finance Board ("MDFB") to assist with the planned improvements to the Starlight Theatre, where $3 million in tax credits would leverage up to $6 million in contributions for Starlight; and
WHEREAS, Section 66 of Ordinance No. 250277 directed the City Manager to submit an ordinance to the City...
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