ORDINANCE NO. 230494

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Sponsor: Councilmember Andrea Bough

Approving a modification of the incentivized project construction timeline for the Hyatt House Hotel Project, located at 900 Broadway Boulevard.

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WHEREAS, the City Council initially approved the Central Business District Urban Renewal Plan ("The Plan") by Ordinance No. 36287 on January 17, 1969, to eliminate and prevent the spread, development and recurrence of the blighted conditions within the Central Business District Urban Renewal Area ("Plan Area"); and

WHEREAS, the Plan has been modified at least 14 times, most recently on February 26, 2015, with Committee Substitute for Ordinance No. 150116; and

WHEREAS, pursuant to Land Clearance Redevelopment Authority ("LCRA") Resolution No. 11-1-18 dated November 28, 2018, the LCRA selected Pedersen Development Redeveloper, L.L.C., (the "Original Redeveloper") for a project located at 900 Broadway ("Project Area") and approved a tax incentive package to include sales tax exemption on construction materials and a fifteen year abatement of the increase in property taxes at 100% abatement in years 1-10 and 37.5% abatement in years 11-15; and

WHEREAS, pursuant to LCRA Resolution No. 6-1-19, on October 9, 2019, the LCRA issued its Land Clearance for Redevelopment Authority of Kansas City, Missouri Taxable Industrial Revenue Bond (Hyatt House Hotel Project), Series 2019, in the original principal amount of $38,000,000.00 (the "Bond") to fund a redevelopment project at the Project Area consisting of acquisition and construction of a multi-story, extended-stay hotel with approximately 154 guest rooms, approximately 2,500 square feet of meeting space, and approximately 6,000 square feet of common area that will be available to hotel guests and the public, along with other related improvements in the Plan Area (the "Project"); and

WHEREAS, on June 2, 2020, the Original Redeveloper notified the L...

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