IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION authorizing the County Executive to execute a First Amendment to the Tax Credit Agreement with the Missouri Development Finance Board, the Jackson County Sports Complex Authority, and the Kansas City Chiefs Football Club, Inc., concerning improvements to Arrowhead Stadium at the Harry S Truman Sports Complex and additional related facilities.
Intro
RESOLUTION #16801, January 20, 2009
INTRODUCED BY Scott Burnett, County Legislator
Body
WHEREAS, by Resolution 15797, dated February 21, 2006, the Legislature did authorize the County Executive to approve, on behalf of the County, new 25-year subleases for Arrowhead and Kauffman Stadiums at the County's Harry S Truman Sports Complex between the Jackson County Sports Complex Authority and the Kansas City Chiefs Football Club, Inc., and the Authority and the Kansas City Royals Baseball Corporation; and,
WHEREAS, by Ordinance 3789, dated July 10, 2006, the Legislature did authorize the issuance of $450,000,000 principal amount of special obligation bonds, the proceeds of the sale of which are to be used to partially fund stadium improvements required by the new 25-year subleases; and,
WHEREAS, a substantial portion of the remaining costs of the improvements is to come from the issuance of state tax credits made available by the Missouri Development Finance Board; and,
WHEREAS, by Resolution 16035, dated October 2, 2006, the Legislature did authorize the execution of Tax Credit Agreements with the Authority, Board and Teams, to govern the issuance of the required tax credits; and,
WHEREAS, since the initial issuance, the Chiefs have proposed an expansion of the scope of the project at Arrowhead Stadium and related facilities, so as to justify the issuance of additional tax credits; and,
WHEREAS, in connection with the issuance of these additional credits, the Authority, Board, and Chiefs have negotiated the attached First Amendment to Tax Credit Agreement which set out the rights and obligations of the parties to this transaction; and,
WHEREAS, the execution of this First Amendment to Tax Credit Agreement is in the best interest of the health, welfare, and safety of the citizens of Jackson County; now therefore,
BE IT RESOLVED by the County Legislature of Jackson County, Missouri, that the County Executive be and hereby is authorized to execute the attached First Amendment to Tax Credit Agreement with the Missouri Development Finance Board, Jackson County Sports Complex Authority, and the Kansas City Chiefs Football Club, Inc., and any and other related documents necessary to give full effect to this Resolution.
Enacted and Approved
Effective Date: This Resolution shall be effective immediately upon its passage by a majority of the Legislature.
APPROVED AS TO FORM:
______________________________ ______________________________
Chief Deputy County Counselor County Counselor
Certificate of Passage
I hereby certify that the attached resolution, Resolution #16801 of January 20, 2009 was duly passed on January 20, 2009 by the Jackson County Legislature. The votes thereon were as follows:
Yeas ________8_________ Nays _____0______
Abstaining ______0_____ Absent ______1______
______________________ ________________________________
Date Mary Jo Spino, Clerk of Legislature