ORDINANCE NO. 230402

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Sponsor(s): Councilmembers; Kevin O'Neill, Andrea Bough and Ryana Parks-Shaw

Authorizing the City Manager to execute a Contract, Wage, and Labor Addendum with Velvet Tech Services, LLC and authorizing City officials to execute additional documents, including a supplemental lease and supplemental trust indenture, in connection with Project Velvet.

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WHEREAS, the City of Kansas City, Missouri, a constitutional charter city and municipal corporation of the State of Missouri (the "City") is authorized pursuant to the provisions of Article VI, Section 27(b) of the Missouri Constitution, as amended, and Sections 100.010 to 100.200, inclusive, of the Revised Statutes of Missouri, as amended, and the City of Kansas City Charter (collectively, the "Act"), to issue its revenue bonds for carrying out a project or projects under the Act, such revenue bonds to be paid solely from revenue received from such project, and to enter into leases of certain property associated with the project to be financed with the proceeds of such revenue bonds with any person, firm or corporation; and

WHEREAS, on April 29, 2021, the City adopted Ordinance No. 210313 approving an Industrial Development Plan for the Golden Plains Technology Park (the "Plan") involving two projects for industrial development under Chapter 100 of the Missouri Revised Statutes, Project Diode and Project Velvet (the "Project"); and

WHEREAS, in Ordinance No. 210313, City Council authorized the City to issue and sell its Taxable Industrial Revenue Bonds (Golden Plains Technology Park Project), in one or more series, in a maximum aggregate principal amount not to exceed $103,796,000,000.00; and

WHEREAS, in Ordinance No. 210313, City Council also authorized the City to enter into a trust indenture, lease agreement, purchase agreement, supplemental lease, and supplemental trust indenture with Velvet Tech Services, LLC ("Developer") for Project Velvet to auth...

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