IN THE COUNTY LEGISLATURE OF JACKSON COUNTY, MISSOURI
Title
A RESOLUTION authorizing the County Executive to execute Tax Credit Agreements with the Missouri Development Finance Board, the Jackson County Sports Complex Authority, and the Kansas City Chiefs Football Club, Inc., and Kansas City Royals Baseball Corporation concerning improvements to Arrowhead and Kauffman Stadiums at the Harry S Truman Sports Complex.
Intro
RESOLUTION #16035, October 2, 2006
INTRODUCED BY Henry C. Rizzo, 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, in connection with the issuance of these credits, the Authority, Board, and teams have negotiated the attached Tax Credit Agreements which set out the rights and obligations of the parties to these transactions; and,
WHEREAS, the execution of these Tax Credit Agreements 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 Tax Credit Agreements with the Missouri Development Finance Board, Jackson County Sports Complex Authority, and the Kansas City Chiefs Football Club, Inc., and Kansas City Royals Baseball Corporation.
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 #16035 of October 2, 2006 was duly passed on ____________________________, 2006 by the Jackson County Legislature. The votes thereon were as follows:
Yeas _________________ Nays ___________
Abstaining ___________ Absent ____________
______________________ ________________________________
Date Mary Jo Spino, Clerk of Legislature