ORDINANCE NO. 220231

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Approving an Industrial Development Plan for Block 139 Residential, LLC for the purpose of constructing a project for economic development consisting of the purchase of construction materials and the construction of a multifamily residential building with approximately 288-300 residential units and approximately 7,500 square feet of retail space, including the construction of a six-level parking structure with approximately 476 parking spaces (collectively, the "Project") located upon land generally bounded by Walnut Street on the east, East 14th Street on the north, East Truman Road on the south and Main Street on the west in Kansas City, Missouri (the "Project Site"); authorizing and approving various agreements for the purpose of setting forth covenants, agreements and obligations of the City and Block 139 Residential, LLC; authorizing the issuance of taxable industrial revenue bonds in an amount not to exceed One Hundred and Thirty Two Million Dollars and 00/100 ($132,000,000.00); authorizing and approving other documents; authorizing certain other actions in connection with the issuance of said bonds; and directing the City Clerk to provide a copy of this Ordinance to the Director of the Missouri Department of Economic Development.

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WHEREAS, Block 139 Residential, LLC, a Missouri limited liability company (the "Company") anticipates creating 15 full-time employees, plus an additional 1,500 temporary construction jobs, with an anticipated average annual salary of $45,000.00 during construction of the Project and, upon completion, an anticipated average annual salary of $50,000.00; and

WHEREAS, the Project will generate an estimated 391 new residents to Downtown Kansas City and will attract new residents to the City, which will result in attracting sales from outside of the City; and

WHEREAS, Company's resident increase, increase in affordable housing units and investments in City would be econo...

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