File #: 240602    Version: 1 Name:
Type: Ordinance Status: Referred
File created: 7/16/2024 In control: Finance, Governance and Public Safety Committee
On agenda: 7/30/2024 Final action:
Title: Sponsor: Mayor Quinton Lucas Authorizing the City Manager to solicit credit assistance through the Transportation Infrastructure Finance and Innovation Act ("TIFIA") in an amount not to exceed $65 million to assist with the design and construction of the South Loop Link Project ("the Project"); and directing the Director of Finance to develop a plan of finance.
Sponsors: Quinton Lucas
Attachments: 1. NO docket memo 240602

ORDINANCE NO. 240602

 

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Sponsor:   Mayor Quinton Lucas

 

Authorizing the City Manager to solicit credit assistance through the Transportation Infrastructure Finance and Innovation Act (“TIFIA”) in an amount not to exceed $65 million to assist with the design and construction of the South Loop Link Project (“the Project”); and directing the Director of Finance to develop a plan of finance.

 

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WHEREAS, the Project anticipates the construction of an urban park over Interstate 670 from Wyandotte Street to Grand Boulevard on the south side of the downtown loop to be funded from a variety of federal, state, local, and private sources; and

 

WHEREAS, the City has identified the Transportation Infrastructure Finance and Innovation Act of 1998 (“TIFIA”) program administered by the Department of Transportation’s Build America Bureau (“the Bureau”) as a potential source of financing for the Project; and

 

WHEREAS, the City and the Bureau have executed an Emerging Projects Agreement, dated October 23, 2023, to establish a framework for the City to receive technical assistance from the Bureau to address extensive, complex, multi-modal, and multi-jurisdictional projects; and

 

WHEREAS, the City and the Bureau have reviewed the Project and have determined that the Project is eligible under the relevant Build America Bureau credit program; and

 

WHEREAS, the City needs to evaluate the borrowing costs and fees which may become due if the Project is approved to proceed; and

 

WHEREAS, the City wishes to submit a Letter of Interest to the Bureau to receive formal consideration for funding assistance to begin construction of the Project; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY

 

                     Section 1. That the City Manager is hereby authorized to submit a Letter of Interest to solicit credit assistance through the Transportation Infrastructure Finance and Innovation Act (“TIFIA”) in an amount not to exceed $65 million to assist with the design and construction of the South Loop Link Project (“the Project”).

 

Section 2.  Directing the Director of Finance to develop a financial model to support the proposed financial assistance, including all associated costs and fees.

 

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Approved as to form:

 

 

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Samuel Miller

Assistant City Attorney