ORDINANCE NO. 260889
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Sponsor: Mayor Quinton Lucas
Authorizing the issuance of revenue bonds by the Missouri Development Finance Board in one or more series to finance not to exceed $560,000,000.00 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 $642,063,135.00 for the purpose of providing the City’s contribution to the Project; designating requisitioning authority; 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.
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WHEREAS, the City Council remains committed to retaining the Kansas City Royals in Kansas City and is committed to continuing good faith negotiations with the Kansas City Royals, as previously stated in Committee Substitute for Ordinance No. 260339, As Amended, Resolution No. 230656, and Ordinance No. 260032; and
WHEREAS, the City and the Kansas City Royals have negotiated a comprehensive lease agreement as well as comprehensive development and funding agreements for the Project; and
WHEREAS, Committee Substitute for Ordinance No. 260704 authorized the City Manager to execute a lease, development agreement, community impact partnership agreement, and funding agreement, and their ancillary agreements (...
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