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Legislation #: 120407 Introduction Date: 4/26/2012
Type: Ordinance Effective Date: 5/13/2012
Sponsor: None
Title: Terminating the Savoy Hotel Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
4/26/2012 Filed by the Clerk's office
4/26/2012 Referred to Planning, Zoning & Economic Development Committee
5/2/2012 Advance and Do Pass, Debate
5/3/2012 Passed

View Attachments
FileTypeSizeDescription
120407.tiff Authenticated 46K AUTHENTICATED
120407 Fact Sheet.xls Fact Sheet 80K Fact Sheet
Savoy TIF - Termination - TIF Resolution.pdf TIF Plan 90K Savoy Hotel TIF - Termination
Savoy TIF - Termination - TIFC Resolution - Mutual Release.pdf TIF Plan 143K Savoy Hotel TIF - Termination
Savoy Hotel TIF - Termination - Staff Report.pdf Staff Report 99K Savoy Hotel TIF - Termination

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ORDINANCE NO. 120407

 

 

Terminating the Savoy Hotel Tax Increment Financing Plan.

 

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, the Council on March 18, 1999, by Ordinance No. 990346 approved the Savoy Hotel Tax Increment Financing Plan to assist in restoration and renovation of the Savoy Hotel, provide surface parking, and build a new hotel with structured parking for both hotels; and

 

WHEREAS, the Commission has certified and reimbursed all eligible reimbursable costs, states that the redevelopment agreement with the Developer has been terminated and there are no further contractual obligations, and, at its April 11, 2012 meeting, passed Resolution No. 04-15-12 which recommends termination of the Savoy Hotel TIF Plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Savoy Hotel Tax Increment Financing Plan is hereby terminated and all surplus funds, less Commission costs and expenses, shall be distributed to the affected taxing jurisdictions in accordance with the Act.

 

Section 2. That following the distribution of the surplus funds, the special allocation fund for the Savoy Hotel Tax Increment Financing Plan is dissolved.

 

_____________________________________________

 

Approved as to form and legality:

 

 

______________________________

Cecilia Abbott

Assistant City Attorney