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Legislation #: 180145 Introduction Date: 3/1/2018
Type: Ordinance Effective Date: none
Sponsor: None
Title: Accepting the recommendation of the Tax Increment Financing Commission as to the termination of the Uptown Theater Tax Increment Financing Plan; terminating the Uptown Theater Tax Increment Financing Plan and Redevelopment Area; terminating the designation of redevelopment project areas; declaring as surplus those funds within the special allocation funds established in connection with the Uptown Theater Tax Increment Financing Plan; estimating $426,000.00; and directing the City Clerk to transmit copies of this ordinance.

Legislation History
DateMinutesDescription
2/26/2018 Filed by the Clerk's office
3/1/2018 Referred to Planning, Zoning & Economic Development Committee
3/7/2018 Advance and Do Pass, Debate
3/8/2018 Passed

View Attachments
FileTypeSizeDescription
180145.pdf Authenticated 139K Authenticated
Uptown Theater TIF - Termination powerpoint (00202136xA7821).PPTX Advertise Notice 7248K PowerPoint Presentation
180145 Fact Sheet.pdf Fact Sheet 349K Fact Sheet

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ORDINANCE NO. 180145

 

Accepting the recommendation of the Tax Increment Financing Commission as to the termination of the Uptown Theater Tax Increment Financing Plan; terminating the Uptown Theater Tax Increment Financing Plan and Redevelopment Area; terminating the designation of redevelopment project areas; declaring as surplus those funds within the special allocation funds established in connection with the Uptown Theater Tax Increment Financing Plan; estimating $426,000.00; and directing the City Clerk to transmit copies of this ordinance.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statues of Missouri, as amended, (the “Act”), the City Council created the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and

 

WHEREAS, on June 16, 1994, the City Council adopted Ordinance No. 940715 which approved the Uptown Theater Tax Increment Financing Plan ("Plan") and designated the Redevelopment Area described therein to be a blighted area; and

 

WHEREAS, the Plan was amended 4 times: (1) to expand the Redevelopment Area and add new projects; (2) to expand the Redevelopment Area and add new projects; (3) to terminate Projects 3 and 4; and (4) to terminate Project 1D; and

 

WHEREAS, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested parties and taxing jurisdictions affected, closed the public hearing on February 14, 2018, and approved its Resolution No. 2-14-18 recommending to the City Council that the Plan be terminated; and

 

WHEREAS, the Missouri Development Finance Board (the “Board”) issued its Infrastructure Facilities Revenue Bonds (Kansas City, Missouri – Uptown Theater Redevelopment Project) Series 1998 in the original aggregate principal amount of $5,000,000 (the “Series 1998 Uptown Bonds”) to finance and refinance that certain project authorized by the Uptown Redevelopment Plan (the “Uptown Redevelopment Project”); and

 

WHEREAS, the Board issued its Taxable Infrastructure Facilities Revenue Bonds (Kansas City, Missouri – Valentine Shopping Center Redevelopment Project) Series 1998 in the original aggregate principal amount of $3,500,000 (the “Valentine Bonds”) to finance the acquisition and construction of the Valentine Shopping Center Redevelopment Project; and

 

WHEREAS, the City issued Taxable Special Obligation Refunding Bonds (Kansas City, Missouri Projects) Series 2010C (the “Series 2010C Bonds”) to provide funds to refund bonds issued for multiple projects including the Valentine Bonds issued by the Board; and

 

WHEREAS, the City transferred a total of $577,500 from general municipal revenues to the Uptown Super TIF Fund to pay debt service when Uptown Redevelopment project revenues were insufficient; and

 

WHEREAS, the City transferred a total of $2,064,017 from general municipal revenues to the Uptown Super TIF Fund and Valentine Super TIF Fund to pay debt service when Valentine project revenues were insufficient; and

 

WHEREAS, the City intends to deposit its share of any surplus TIF Revenue to the General Fund; NOW, THEREFORE

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the recommendations of the Commission concerning the termination of the Uptown Theater Tax Increment Financing Plan are hereby accepted and the Uptown Theater Tax Increment Financing Plan and Redevelopment Plan Area are hereby terminated; and the designation of the redevelopment projects within the Redevelopment Plan Area is hereby terminated.

 

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

 

Section 3. That the revenue in the following accounts of the General Fund, No. 1000 is hereby re-estimated in the following additional amounts:

 

18-1000-120000-480560 Contribution – TIF District $410,000.00

18-1000-120000-450980 Surplus PILOTs 16,000.00

TOTAL $426,000.00

 

Section 4. That the City Clerk shall send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

___________________________________

Brian T. Rabineau

Assistant City Attorney