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[COMMITTEE SUBSTITUTE FOR]ORDINANCE NO. 240455
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Sponsor: Councilmember Ryana Parks-Shaw
COMMITTEE SUBSTITUTE
Authorizing the City Manager to negotiate and execute a development agreement with Swope Health Services or an affiliated entity for the property located at 5900 Swope Parkway, in Kansas City, Missouri, estimating revenue from the sale of property and appropriating funds to defease outstanding bonds; appropriating $2,500,000.00 from the unappropriated fund balance of the Health Levy as a contribution toward redevelopment of the site; authorizing the Director of Finance to execute an escrow agreement and related documents; approving the selection of Kutak Rock LLP and Hardwick Law Firm as defeasance counsel for this matter; and directing the City Manager to identify additional funding sources for up to $2,500.000.00 to be utilized for the redevelopment of the site.
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WHEREAS, the City of Kansas City owns certain real property located at 5900 Swope Parkway; and
WHEREAS, by Ordinance No. 230144, the City declared the property located at 5900 Swope Parkway surplus to the City's needs; and
WHEREAS, the City issued a Request for Proposals on January 4, 2023, soliciting proposals for the purchase and redevelopment of 5900 Swope Parkway and received two proposals; and
WHEREAS, the selection committee recommended the proposal from Swope Health Village Alliance, LLC by Swope Health Services, a Missouri nonprofit corporation, for the purchase and redevelopment of 5900 Swope Parkway ("Property");
WHEREAS, a portion of the City Special Obligation Improvement and Refunding Bonds Series 2008A ("Series 2008A Bonds") used to finance improvements to the Property were issued on a tax-exempt basis and designated as 501c3 Bonds ("501c3 Bonds") which restricts use to qualified purposes under the federal tax code;
WHEREAS, the Series 2008A Bonds were refunded by the Special Obligation Refunding Bonds Series 2016C ("Series 2016C Bo...
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