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Legislation #: 071342 Introduction Date: 11/29/2007
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER GOTTSTEIN
Title: Requesting information from the Tax Increment Financing Commission regarding the 45th Street Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
11/29/2007 Filed by the Clerk's office
11/29/2007 Referred to Finance and Audit Committee
12/5/2007 Hold On Agenda (12/12/2007)
12/12/2007 Hold On Agenda (1/2/2008)
1/9/2008 Hold On Agenda (1/16/2008)
1/16/2008 Hold On Agenda (1/30/2008)
1/30/2008 Hold On Agenda (2/13/2008)
2/13/2008 Hold On Agenda (2/20/2008)
2/20/2008 Hold On Agenda (2/27/2008)
2/27/2008 Hold On Agenda (3/12/2008)
3/12/2008 Hold On Agenda (3/26/2008)
3/26/2008 Hold On Agenda (4/30/2008)
4/30/2008 Hold Off Agenda
1/20/2010 Release
1/21/2010 Released

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RESOLUTION NO. 071342

 

Requesting information from the Tax Increment Financing Commission regarding the 45th Street Tax Increment Financing Plan.

 

WHEREAS, the 45th Street Tax Increment Financing Plan (the Plan) was approved by the Council on December 14, 2006, and amended on April 26, 2007; and

 

WHEREAS, the 2007 Annual Report of the Tax Increment Financing Commission describes the status of the Plan as starting up; and

 

WHEREAS, the economic development and incentive policy adopted by the Council emphasizes monitoring and evaluation of incentive plans as well as thorough review of proposals and agreements; and

 

WHEREAS, full disclosure is essential to the monitoring and evaluation of incentive plans; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council hereby requests the Tax Increment Financing Commission (the Commission) to provide the following information regarding the 45th Street Tax Increment Financing Plan:

 

a. The history of the ownership of the Redevelopment Project and/or Redeveloper since the approval of the Plan and the current members of the redevelopment team.

 

b. Whether the Redevelopment Project, the Redevelopment Area, the Redeveloper or the Redevelopers assets have been sold, transferred or refinanced since the approval of the Plan. If so, the terms, (including consideration for the transfer and disposition of any proceeds) of the sale, transfer or refinancing, whether Commission approval was required under the redevelopment contract, whether approval was given and the basis (including any documentation provided by the Redeveloper) for the approval.

 

c. Status of the Redevelopment Project, including financing and a description of all redevelopment activities in progress or completed to date.

 

d. Changes proposed by the Redeveloper, whether such changes are deemed minor or major, and whether neighborhood input has been solicited.

 

e. The Redevelopers most recent schedule and budget, including all sources and uses of funds.

 

f. MBE/WBE participation and prevailing wage information to date.

 

g. A list of tenants with signed letters of intent or reservations.

 

h. All revenues generated in the Redevelopment Area and expenditures incurred for the Redevelopment Project to date.

 

i. A detailed description of any proposed amendments to the Plan and the proposed schedule in submitting such amendments to the Commission and Council.

 

The Commission is requested to provide such information to the Council within 30 days of the adoption of this resolution.

 

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