ORDINANCE NO. 230477
title
Sponsor: Mayor Quinton Lucas
Appropriating the sum of $10,000,000.00 from the Unappropriated Fund Balance of the Convention and Sports Complex Fund for the purpose of funding the City's contribution to the South Loop Link Project ("Project"); authorizing the City Manager to execute a Funding Agreement with the Downtown Council; and designating requisitioning authority.
body
WHEREAS, the Project anticipates creation of an urban park over Interstate 670 on the south side of the downtown loop to be funded from a variety of public and private sources including a proposed contribution from the City of $10 million to match Federal and State contributions of $28.6 million each; and
WHEREAS, the food and beverage portion of the convention and tourism tax, pursuant to RSMO Section 92.336, is authorized to be used to fund capital improvements, including debt service, for convention and tourism purposes and is accounted for in the Convention and Sports Complex Fund; and
WHEREAS, cash funding of the City's contribution to the project is preferred to incurring additional interest costs related to borrowing and the receipt of additional revenues above estimates makes this possible and is not expected to impact the most recently adopted Five Year Financial Plan; NOW, THEREFORE,
Section 1. That the sum of $10,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the Convention and Sports Complex Fund to the following account:
24-5370-632018-B Special Projects - South Loop Link $10,000,000.00
Section 2. That the Director of Convention and Entertainment Facilities is designated as requisitioning authority for Account No. 24-5370-632018-B.
Section 3. That the City Manager is hereby authorized to negotiate and execute a Funding Agreement with the Downtown Council for the South Loop Link Project.
end
______________________________________________________
I hereby certi...
Click here for full text