| | | | | | | | | City of Independence | | AGENDA ITEM COVER SHEET |
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| | | | | | | | Agenda Title:
23-093 1R An ordinance approving the issuance of tax increment and special districts revenue bonds (HUB Drive Redevelopment Project), series 2023, in an aggregate principal amount not to exceed $16,000,000, by the Industrial Development Authority of the City of Independence, Missouri and authorizing certain other actions and documents in connection therewith. |
| | | | | | | | Recommendations:
Staff recommends approval. |
| | | | | | | | Executive Summary:
Approval of this ordinance authorizes the issuance by the Industrial Development Authority of tax increment and special districts revenue bonds in connection with the Hub Drive redevelopment project. Authorization of this ordinance in no way obligates the City to commit or provide any form of debt service support towards repayment of the bonds or other financing tools in connection with the project. The bonds are payable only from tax increment financing, community improvement district and transportation development district revenues generated by the project. The City’s role is to transfer such revenues that it receives to the bond trustee.
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| | | | | | | | Previous Activity:
June 20, 2023: City Council approval of Hub Drive TIF Redevelopment Plan
June 20, 2023: City Council approval of Hub Drive Community Improvement District
June 20, 2023: City Council approval of plan for an Industrial Development Project and issuance of Industrial Revenue Bonds.
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| | | | | | | | | Department: City Manager's Office | Contact Person: Adam Norris |
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| REVIEWERS: | | Department | Action | | City Managers Office | Approved | | Finance Department | Approved | | City Managers Office | Approved | | City Clerk Department | Approved |
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| Council Action: | Council Action: |
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