Jackson County Missouri - File #: 16035

• File #: 16035
• Version: 0
• Name: Tax Credit Agreements concerning improvements to both stadiums
• Type: Resolution
• Status: Passed
• File created: 10/2/2006
• In control: Legislature As A Whole
• On agenda: 10/2/2006
• Final action: 10/12/2006
• 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.
• Sponsors: Henry C. Rizzo
• Indexes: ARROWHEAD/KAUFFMAN STADIUM DEVELOPMENT AGREEMENTS, CHIEFS FOOTBALL CLUB, HARRY S TRUMAN DRIVE, Royals Baseball Corporation, SPORTS COMPLEX AUTHORITY, TAX BILLS, TAX CREDIT AGREEMENT
• Related files: 3789, 15797

Date	Ver.	Action By	Action	Result
10/12/2006	0	County Legislature	adopt	Pass
10/11/2006	0	County Legislature	Go To 2nd Meeting	Pass
10/3/2006	0	County Legislature	Go To 1st Meeting	Pass
10/2/2006	0	County Legislature	assign to committee

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 ...