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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 230889
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Sponsor: City Manager
Authorizing execution of a contract with the Economic Development Corporation of Kansas City, Missouri in an amount not to exceed $4,400,000.00 for the purpose of providing funds for certain development and redevelopment activities; authorizing expenditure from previously appropriated funds; transferring $565,000.00 from American Rescue Plan interest earnings to the Economic Development Fund; authorizing the City Manager to contribute an additional $565,000.00 to the EDC Loan Corporation Revolving Loan Fund; designating requisitioning authority; and declaring this ordinance as having an accelerated effective date.
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WHEREAS, on behalf of the City, the Economic Development Corporation of Kansas City, Missouri ("EDC") engages in comprehensive business retention and recruitment efforts and proactive redevelopment efforts designed to attract businesses and jobs to Kansas City, to retain its existing business and employment base, and to enhance economic productivity of real property within the City; and
WHEREAS, the Mayor and Council desire that EDC support and coordinate the activities of, and provide professional staff for, all of the economic development and redevelopment agencies operating on behalf of the City; and
WHEREAS, the City and EDC acknowledge that each of the Economic Development Agencies are part of the City's overall economic development efforts and contemplate that EDC will enter into agreements, as appropriate, with each of the Economic Development Agencies specifying the level of support and services to be provided by EDC; and
WHEREAS, EDC supports the adoption and implementation of AdvanceKC, which serves as a guide for long-term economic development investments and the targeted use of incentives; and
WHEREAS, the City wishes to increase its contribution to the EDC Revolving Loan Fund fro...
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