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[COMMITTEE SUBSTITUTE FOR]ORDINANCE NO. 230477
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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 negotiate a Funding Agreement with the Downtown Council; designating requisitioning authority; directing the City Manager to report back to the council with the terms of the negotiated Funding/Cooperative Agreement for approval by the City Council; and directing the City Manager to identify $1,000,000 funds for environmental and air quality improvements.
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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 that include $28.6 million from each and State Contribution Tax Credits from the Missouri Development Finance Board; and
WHEREAS, the Council in Ordinance No. 230285 authorized the application to the Missouri Development Finance Board ("MDFB") to obtain Contribution Tax Credits for an amount not to exceed $15,000,000.00 which results in $30,000,000 in private donations crucial to the feasibility of the Project; and
WHEREAS, the City Contribution of $10,000,000.00 will also serve as the local match in the application to be filed by the City for the MDFB Contribution Tax Credits; 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...
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