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Legislation #: 081177 Introduction Date: 11/20/2008
Type: Ordinance Effective Date: none
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission as to the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan; and approving the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
11/19/2008 Filed by the Clerk's office
11/20/2008 Referred to Finance and Audit Committee
12/3/2008 Hold Off Agenda
7/15/2009 Release
7/17/2009 Released

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http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081177 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081177
Economic Development Project Fact Sheet_Hawthorn Plaza.pdf Fact Sheet 74K Economic Development Project Fact Sheet
Comprehensive Analytical Tool (CAT)_Hawthorn Plaza.pdf Other 63K Comprehensive Analytical Tool (CAT)
00105413.PDF TIF Plan 27K 6th Amendment to 43rd & Main (Exhibit)
00105412.PDF TIF Plan 3583K 6th Amendment to 43rd & Main (Amendment)
00104537.DOC Fact Sheet 66K 6th Amendment to 43rd & Main General Fact Sheet
00104535.DOC Request for Ordinance 20K 6th Amendment to 43rd & Main Ordinance Request

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ORDINANCE NO. 081177

 

Accepting the recommendations of the Tax Increment Financing Commission as to the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan; and approving the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on March 24, 1994, the Council passed Committee Substitute for Ordinance No. 940227, which accepted the recommendations of the Commission as to the 43rd and Main Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area therein to be a conservation area; and

 

WHEREAS, the Council passed Committee Substitute for Ordinance No. 941149, approving the First Amendment, which expanded the boundaries and increased the size of Project 2, and designated the Amended Redevelopment Area as a redevelopment area; and

 

WHEREAS, the Council passed Ordinance No. 040345, approving the Second Amendment which expanded the boundaries and established a grant or loan program for residential property owners; and

 

WHEREAS, the Council passed Ordinance No. 060613, approving the Third Amendment which provided for revision of the budget items for Design, Engineering, Alternatives Analysis, Streetscape Plan, Main Street and the addition of a new line item named Main Street CID, keeping the total budget unchanged; and

 

WHEREAS, the Council passed Ordinance No. 061094, approving the Fourth Amendment which provided for deleting the reference to Walnut Street in the housing program of the budget, eliminated the budget pertaining to the Broadway Viaduct, reassigned the reimbursable amount associated with the Broadway Viaduct for additional public infrastructure funding while keeping the intent of the Plan unchanged, and designated a Fourth Amended Redevelopment Area; and

 

WHEREAS, the Council passed Committee Substitute for Ordinance No. 080007, approving the Fifth Amendment which provided for (i) expansion of the boundaries of the Redevelopment Area, as described by the Plan, to include the following parcels: 3835 Main, 3829 Main, 3827 Main, 3821 Main, 2 E. 39th Street, 12-24 East 39th Street, 3838 Walnut Street, 3830 Walnut Street, and 3828 Walnut Street within Kansas City, Missouri (ii) the acquisition and demolition of certain property necessary to construct a 94-115 space parking garage and commercial amenities (iii) the rehabilitation of the Hawthorn Plaza Building, located at 3835 Main Street in Kansas City, Missouri (Hawthorn) for mixed use, including, but not limited to, 58 residential units and commercial amenities (iv) improvements to streetscape, as well as all necessary appurtenances and utilities, (v) certain modifications to the budget of Redevelopment Project Costs, (vi) updated employment and construction projections, (vii) an updated cost/benefit analysis, (viii) an updated But for analysis, and (ix) an update to the conservation study; and

 

WHEREAS, a sixth amendment to the Redevelopment Plan (Sixth Amendment) was proposed to the Commission; and

 

WHEREAS, the Sixth Amendment provides for (i) modifications to the Estimated Payments in Lieu of Taxes and Economic Activity Taxes, (ii) modifications to the budget of Redevelopment Project Costs, including provision for the reimbursement of approximately up to an additional $3 million, (iii) modifications to the structure of the proposed project financing, and (iv) modifications to the proposed lease payment schedule; 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 districts affected, closed said public hearing on October 8, 2008, approved its Resolution No. 10-30-08 recommending to the City Council that the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan be approved and the Sixth Amended Redevelopment Area (Sixth Amended Redevelopment Area) therein be designated as a Redevelopment Area; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendations of the Commission concerning the Sixth Amendment to the 43rd and Main Redevelopment Plan as set forth in the resolution attached hereto as Exhibit "A", are hereby accepted and the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan, which includes the amendments of February 26, 2008, is hereby approved and adopted as valid and the Redevelopment Projects contained therein are hereby authorized.

 

Section 2. All terms used in this ordinance shall be construed as defined in Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act").

 

Section 3. The City Council hereby finds that:

 

(a) Good cause has been shown for the amendment of the Redevelopment Plan, and that the findings of the City Council in Committee Substitute for Ordinance No. 940227, Committee Substitute for Ordinance No. 941149, Ordinance No. 040345, Ordinance No. 060613, Ordinance No. 061094 and Committee Substitute for Ordinance No. 080007 with respect to the Redevelopment Plan, and First Amendment, Second Amendment, Third Amendment, Fourth Amendment and Fifth Amendment are not affected by the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan and apply equally to the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan;

 

(b) The Sixth Amended Redevelopment Area as a whole is a conservation area, and has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan;

 

(c) The Sixth Amendment to the 43rd and Main Tax Increment Financing Plan conforms to the comprehensive plan for the development of the City as a whole;

 

(d) The estimated dates of completion of the respective Redevelopment Projects and retirement of any obligations incurred to finance Redevelopment Project Costs, have been stated in the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Sixth Amended Redevelopment Area;

 

(e) A plan has been developed for relocation assistance for businesses and residences;

 

(f) The Sixth Amendment does not include the development of any gaming establishments; and

 

(g) A cost benefit analysis showing the economic impact of the Sixth Amendment on each affected taxing district has been included.

 

(h) A blight study has been completed and the findings of such study satisfy the requirements of Section 99.805(1), RSMo.

 

Section 4. The Commission is authorized to issue obligations in one or more series of bonds secured by the 43rd and Main Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Sixth Amended Redevelopment Area and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

 

Section 5. Pursuant to the provisions of the Sixth Amendment to the 43rd and Main Tax Increment Financing Plan, the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited into the 43rd and Main Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Sixth Amended Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney