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Legislation #: 120224 Introduction Date: 3/1/2012
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER WAGNER AND COUNCILMEMBER DAVIS
Title: Approving additional tax increment financing for the Antioch Crossing Tax Increment Financing Redevelopment Project and authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project in connection with the project.

Legislation History
DateMinutesDescription
3/1/2012 Filed by the Clerk's office
3/7/2012 Hold On Agenda (3/14/2012)
3/14/2012 Hold On Agenda (4/11/2012)
3/1/2012 Referred to PZ&E and Finance & Governance
4/11/2012 Advance and Do Pass as a Committee Substitute, Debate
4/12/2012 Passed as Substituted
4/12/2012 Passed as Substituted

View Attachments
FileTypeSizeDescription
120224.pdf Authenticated 995K Authenticated
No Fact Sheet Ordinance.docx Fact Sheet 16K Fact Sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 120224

 

Approving additional tax increment financing for the Antioch Crossing Tax Increment Financing Redevelopment Project and authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project in connection with the project.

 

WHEREAS, on April 12, 2012, the City Council passed Ordinance No. 120083, adopting the Antioch Crossing Tax Increment Financing Plan (the “Redevelopment Plan”) and designated the Redevelopment Area therein to be a blighted area; and

 

WHEREAS, the Redevelopment Plan provides for the redevelopment of the Antioch Mall and portions of the surrounding area located at Vivion Road and Antioch Road and for the reimbursement of $18,515,866.00 for redevelopment project costs, plus reasonable interest and financing costs, from tax increment revenues deposited to the special allocation fund pursuant to the Redevelopment Plan; and

 

WHEREAS, the developer has requested additional tax increment financing for the reimbursement of $4,733,820.00 of redevelopment project costs, plus reasonable interest and financing costs; and

 

WHEREAS, the provision of the additional tax increment financing is for the public welfare and benefit and will promote the economic well being and development of Kansas City, Missouri; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council hereby agrees to provide additional financing for the Antioch Crossing Tax Increment Financing Redevelopment Plan by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under Real Property Tax Increment Allocation Redevelopment Act (the “TIF statute”), the balance of the economic activity taxes generated by the Project to be used for repayment of $4,733,820.00 in project costs plus reasonable interest and financing costs as set forth in the Financing Agreement, and as certified by the Tax Increment Financing Commission of Kansas City, Missouri. This additional financing is contingent upon mutually acceptable provisions within the redevelopment contract providing for neighborhood improvements and a completion schedule therefor.

 

Section 2. That the Director of Financing is authorized to enter into a Financing Agreement providing for the additional financing described herein and the timely completion of the neighborhood improvements, in such form as approved by the Director of Finance.

 

 

Approved as to form and legality:

 

____________________________

Cecilia Abbott

Assistant City Attorney