ORDINANCE NO. 250971
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Sponsor: Councilmember Crispin Rea
Estimating revenue in the amount of $6,945,750.00 in the Special Obligation Bond Series 2026B Projects Fund, No. 3457; and appropriating the same in Fund No. 3457; authorizing a construction contract with Infrastructure Solutions, LLC, with a total value of $5,577,711.00 for the West Bottoms Phase 1a Tranche 2 Project; designating requisitioning authorities; declaring the intent of the City to reimburse itself from the bond proceeds for certain expenditures; authorizing the Director of Finance to close project accounts upon completion; and establishing this ordinance as having an accelerated effective date.
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WHEREAS, on December 15, 2022, the City Council adopted Ordinance No. 221064, authorizing the City Manager to enter into a Predevelopment Agreement with West Bottoms - Propco Master, LLC, for the development of approximately 21.85 acres in the West Bottoms Area ("the Project"); and
WHEREAS, on March 24, 2024, the City Council adopted Ordinance No. 240256, approving the recommendations of the Tax Increment Financing Commission as to the West Bottoms Tax Increment Financing Plan, approving the City's contribution of additional EATs generated in the Plan Area, directing the Director of Finance to develop a finance plan, and authorizing the City Manager to enter into a Redevelopment Agreement with the Kansas City TIF Commission for the redevelopment of public infrastructure improvements, including, without limitation, sanitary and storm sewers, utilities, sidewalks, and any other required or desirable infrastructure (collectively the "Public Improvements") that will encourage the construction of approximately 108,000 square feet of office space, 108,300 square feet of retail space, 589 multifamily units which may include affordable units (the "Affordable Units"), and 40 hotel rooms; and
WHEREAS, Ordinance No. 240600 approved the First Amendment to the Plan which provides (1)...
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