COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 220388
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Accepting the recommendation of the Central City Economic Development Tax Board for additional funding in the amount of $140,000.00, for a total not to exceed $422,354.00, for an economic development project proposed by CELT Real Estate Holdings, LLC to rehabilitate an existing structure for the Thirty-Eighth Street Studio & Business Incubator and five residential housing units within the boundaries of the Oak Park Neighborhood located at 3841 Agnes; authorizing the City Manager to enter into a Funding Agreement for that purpose.
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WHEREAS, Section 67.1305 of the Revised Statutes of Missouri authorizes the City to impose a retail sales tax not to exceed one-half of one percent if the imposition of such a retail sales tax is submitted to, and then approved by, a majority of the votes cast; and
WHEREAS, on April 4, 2017, pursuant to authority granted by Section 67.1305, RSMo, a majority of Kansas City, Missouri voters approved a new 1/8 of one percent retail sales tax for funding economic development projects within the area bounded by 9th Street on the north, Gregory Boulevard on the south, Paseo Boulevard on the west and Indiana Avenue on the east; and
WHEREAS, as part of the third round of funding, CELT Real Estate Holdings, LLC ("Developer") submitted a proposal seeking $ 282,354.00 of Central City Economic Development ("CCED") sales tax funds for a proposed project to construct commercial office space, business incubator and 5 residential housing units, to be located in the 3800 block of Agnes (the "Project Site"), all in Kansas City, Jackson County, Missouri; and
WHEREAS, the Council authorized a funding agreement with the developer for the above Project in the amount of $422,354.00 with its passage of Ordinance No. 200994 on December 17, 2020; and
WHEREAS, Developer subsequently identified a need for additional funding due to increases in ...
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