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Legislation #: 120730 Introduction Date: 8/16/2012
Type: Ordinance Effective Date: 9/2/2012
Sponsor: None
Title: Accepting the recommendation of the Tax Increment Financing Commission of Kansas City, Missouri, as to the Third Amendment to the Uptown Tax Increment Financing Plan, and approving the same.

Legislation History
DateMinutesDescription
8/15/2012 Filed by the Clerk's office
8/16/2012 Referred to Planning, Zoning & Economic Development Committee
8/22/2012 Advance and Do Pass as a Committee Substitute, Debate
8/23/2012 Passed as Substituted

View Attachments
FileTypeSizeDescription
120730.pdf Authenticated 1148K Authenticated
120730 Fact Sheet.docx Fact Sheet 33K Fact Sheet
3rd Amendment Uptown Project Areas 3 4 Request for Ordinance (00151182).DOCX Request for Ordinance 21K Third Amendment Uptown Request for Ordinance
Chatham and Uptown TIF Plan Map (00151432).PDF Maps 222K Third Amendment Uptown Map

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 120730

Accepting the recommendation of the Tax Increment Financing Commission of Kansas City, Missouri, as to the Third Amendment to the Uptown Tax Increment Financing Plan, and approving the same.

WHEREAS, the City Council, by Ordinance Nos. 970086 and 970087, approved and designated Redevelopment Projects 3 and 4 of the Uptown Tax Increment Financing Plan (“Plan”); and

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (“Commission”) has certified and reimbursed all eligible reimbursable costs for these projects and, at its June 13, 2012 meeting, passed Resolution No. 6-11-2012 which recommends termination of Redevelopment Projects 3 and 4 of the Uptown TIF Plan; and

WHEREAS, the Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts with respect to the Redevelopment Plan, closed said public hearing on June 13, 2012, and adopted its Resolution No. 6-11-2012 (the “Resolution”) recommending to the City Council the approval of the Third Amendment to the Plan, as follows:

(1)               Terminate the designation of Redevelopment Project Areas 3 and 4 of the Plan,

(2)               If the Special Allocation Fund contains any funds, declare all funds within the Special Allocation Fund established for Redevelopment Project Areas 3 and 4 that are in excess of existing and anticipated administrative costs and expenses of the Commission, in connection with processing the termination of the Redevelopment Project Areas, and

(3)               Remit any such surplus funds to the affected taxing districts in accordance with Section 99.850 RSMo; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Third Amendment to the Uptown Tax Increment Financing Plan is hereby approved and the designation of Redevelopment Projects 3 and 4 as project areas of the Uptown Tax Increment Financing Plan is hereby terminated.


Section 2. All surplus funds, less the administrative costs and expenses of the Commission, shall be distributed to the affected taxing jurisdictions in accordance with the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, RSMo.

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Approved as to form and legality:

 

 

______________________________

Brian T. Rabineau

Assistant City Attorney