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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 240499
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Sponsor: Mayor Pro Tem Ryana Parks-Shaw and Mayor Quinton Lucas
COMMITTEE SUBSTITUTE
Authorizing the City Manager to enter into a Tax Redirection Agreement with Starlight Theater Association of Kansas City, Inc., and its affiliates and assigns ("Association"), for the City to contribute certain revenues from City taxes generated by the Starlight Improvement Project to be credited against the Bridge Loan Repayment as set forth in a separate Funding Agreement between the City and Association until the Loan is paid off.
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WHEREAS, Association has proposed improvements to the existing Starlight Theater on the southeast corner of Swope Parkway and 63rd Street (the "Starlight Improvement Project"); and
WHEREAS, the Starlight Improvement Project will include, but is not limited to, development of a new accessible venue entrance, construction of a light bridge and partial canopy and additional food, beverage, and restroom facilities; and
WHEREAS, the Association and the City believe that utilizing a portion of the City's net new revenues generated by the Starlight Improvement Project for such project costs, future maintenance and/or operating costs of the Association will advance multiple primarily public purposes including, but not limited to, (i) increasing employment, (ii) increasing the tax based for all affected taxing jurisdictions, and (iii) furthers City's policy of encouraging economic stability and growth; and
WHEREAS, the City therefore desires to encourage the Starlight Improvement Project for the purpose of realizing these public benefits by entering into a tax redirection agreement to contribute certain revenues from City taxes generated by the Starlight Improvement Project in an amount needed to cause the Starlight Improvement Project to be undertaken ("Tax Redirection Agreement"); and
WHEREAS, the tax contributions contemplated by this Tax Redirection ...
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