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[COMMITTEE SUBSTITUTE FOR] ORDINANCE NO. 230403

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Sponsor: City Manager

Authorizing the City Manager to execute a Development Agreement with Cas-KC-neda, LLC for a project consisting of the acquisition, purchase, construction and development of a boutique hotel with approximately thirty-five units located at 1108-1110 Grand Ave.

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WHEREAS, Cas-KC-neda, LLC ("Developer") has requested that the City approve a Chapter 100 Industrial Development Plan (the "Plan") for the purpose of carrying out the acquisition, purchase, construction and development of a boutique hotel with approximately thirty-five units located at 1108-1110 Grand Ave., Kansas City (the "Project"); and

WHEREAS, the City Council finds and determines that it is desirable for the economic development of the City and within the public purposes that the City Council to support the Project with financial incentives, including the periodic remittance a portion of the new taxes generated by the project, and subject to future Council approval, ad valorem tax exemption, a sales tax exemption certificate, and funds for the repair and sealing of the existing underground vault in the public right of way; and ; and

WHEREAS, it is desirable that the amount of payments in lieu of taxes paid by the Developer identified in the Plan be clarified and again formally noticed to the taxing jurisdictions in accordance with ? 100.010 et seq. RSMo. before council action on the Plan; and

WHEREAS, the Developer and the City desire to memorialize the other anticipated City funding commitments, such that those expectations can be considered and incorporated in the amended Plan; and

WHEREAS, the City and the Developer wish to further outline their expectations with respect to the Project in a Development Agreement; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. Approval of Development Agreement. The...

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