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 negotiate...
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