The City of Lee's Summit - File #: BILL NO. 18-123

• File #: BILL NO. 18-123
• Type: Ordinance
• Status: Agenda Ready
• File created: 7/30/2018
• In control: City Council - Regular Session
• On agenda: 8/9/2018
• Final action: 8/9/2018
• Title: An Ordinance approving a Memorandum of Understanding by and between the Lee's Summit Parks and Recreation Board and the City of Lee's Summit, Missouri for the Inter-Fund Loan to finance the acquisition of the Longview Recreation Center by the Lee's Summit Parks and Recreation Board and approving Amendment No. 2 to the Budget for the Fiscal Year ending June 30, 2019, as adopted by Ordinance No. 8405, and authorizing the City Manager to take such actions as are necessary to implement the inter-fund loan terms approved herein subject to annual appropriations. (F&BC 8-6-18)
• Sponsors: Law
• Related files: BILL NO. 18-88, BILL NO. 19-32, BILL NO. 19-94, BILL NO. 18-196

Date	Action By	Action	Result
8/9/2018	City Council - Regular Session	for second reading	Pass
8/9/2018	City Council - Regular Session	adopted	Pass
8/6/2018	Finance and Budget Committee	recommended for approval as amended	Pass

Title
An Ordinance approving a Memorandum of Understanding by and between the Lee's Summit Parks and Recreation Board and the City of Lee's Summit, Missouri for the Inter-Fund Loan to finance the acquisition of the Longview Recreation Center by the Lee's Summit Parks and Recreation Board and approving Amendment No. 2 to the Budget for the Fiscal Year ending June 30, 2019, as adopted by Ordinance No. 8405, and authorizing the City Manager to take such actions as are necessary to implement the inter-fund loan terms approved herein subject to annual appropriations.
(F&BC 8-6-18)

Body
Issue/Request:
An Ordinance approving a Memorandum of Understanding by and between the Lee's Summit Parks and Recreation Board and the City of Lee's Summit, Missouri for the Inter-Fund Loan to finance the acquisition of the Longview Recreation Center by the Lee's Summit Parks and Recreation Board.

Key Issues:
· LSPR is requesting an inter-fund loan from the City of Lee’s Summit to finance the purchase of the Longview Recreation Center
· $4.1 million total loan amount
· Interest will be paid to City in the amount of the foregone interest (currently 1.5-1.6%).
· Payback over 5 years using sales tax revenues.

Proposed Council Motion:
FIRST MOTION: I move for second reading of an ordinance approving a Memorandum of Understanding by and between the Lee's Summit Parks and Recreation Board and the City of Lee's Summit, Missouri for the Inter-Fund Loan to finance the acquisition of the Longview Recreation Center by the Lee's Summit Parks and Recreation Board and approving Amendment No. 2 to the Budget for the Fiscal Year ending June 30, 2019, as adopted by Ordinance No. 8405, and authorizing the City Manager to take such actions as are necessary to implement the inter-fund loan terms approved herein subject to annual appropriations.

SECOND MOTION: I move for adoption of an ordinance approving a Memorandum of Understanding by and between the Lee's Summit Parks and Recreation Board and the...