ORDINANCE NO. 260940
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Sponsor: City Manager’s Office
Approving an Amended and Restated Industrial Development Plan (the “Amended Plan”) for the purpose of facilitating the implementation of a previously approved project for the acquisition and construction of a commercial multifamily apartment complex and a related parking garage, located at 1923 Broadway Boulevard, Kansas City, Missouri, by revising the Payment in Lieu of Tax (“PILOT”) Schedule; authorizing and approving various agreements for the purpose of setting forth covenants, agreements and obligations of the City and Denali III, LLC (the “Company”); authorizing and approving certain other documents; and authorizing certain other actions in connection therewith.
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WHEREAS, the City of Kansas City, Missouri, a constitutional charter city and municipal corporation of the State of Missouri (the “City”), is authorized pursuant to the provisions of Article VI, Section 27(b) of the Missouri Constitution, as amended, and the City of Kansas City Charter to issue its revenue bonds for the purpose of paying all or a part of the cost of purchasing, constructing, extending or improving any facility to be leased or otherwise disposed of pursuant to law to private persons or corporations for manufacturing, commercial, warehousing and industrial development purposes, including the real estate, buildings, fixtures and machinery, such revenue bonds to be paid solely from revenue received from such project; and
WHEREAS, pursuant to Committee Substitute for Ordinance No. 170192 passed by the City Council on March 30, 2017 (the “Ordinance”), the City previously authorized and approved, among other things, an Industrial Development Plan (the “Original Plan”) and the issuance of the City’s Taxable Industrial Development Revenue Bonds in a maximum aggregate principal amount not to exceed $40,000,000.00, to implement a development project for the purpose of acquiring and constructing a 226-unit commercial multifam...
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