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Legislation #: 121004 Introduction Date: 12/6/2012
Type: Ordinance Effective Date: 12/23/2012
Sponsor: COUNCILMEMBER WAGNER AND COUNCILMEMBER DAVIS
Title: Repealing Committee Substitute for Ordinance No. 120224, approving additional tax increment financing for the Antioch Crossing Tax Increment Financing Plan and authorizing the Director of Finance to execute a financing agreement.

Legislation History
DateMinutesDescription
11/28/2012 Filed by the Clerk's office
12/6/2012 Referred to Planning, Zoning & Economic Development Committee
12/12/2012 Advance and Do Pass, Debate
12/13/2012 Passed

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121004.pdf Authenticated 47K AUTHENTICATED
No Fact Sheet Ordinance.docx Fact Sheet 16K Fact Sheet

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ORDINANCE NO. 121004

 

Repealing Committee Substitute for Ordinance No. 120224, approving additional tax increment financing for the Antioch Crossing Tax Increment Financing Plan and authorizing the Director of Finance to execute a financing agreement.

 

WHEREAS, on April 12, 2012, the City Council passed Ordinance No. 120083, accepting the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri, as to and approving the Antioch Crossing Tax Increment Financing Plan (the “Redevelopment Plan”) and designating the Redevelopment Area therein to be a blighted area; and

 

WHEREAS, on April 12, 2012, the City Council passed Committee Substitute for Ordinance No. 120224, expressing the Council’s intent to provide additional tax increment financing for the reimbursement of redevelopment project costs related to the implementation of the Redevelopment Plan, in a total amount not to exceed $4,733,820.00, subject to annual appropriation and subject to actual collection; and

 

WHEREAS, the City Council subsequently accepted the recommendations of the Tax Increment Financing Commission of Kansas City, as to and approving the First Amendment to the Antioch Crossing Tax Increment Financing Plan, which incorporates certain modifications to the Budget of Redevelopment Project Costs, including an increase in the amount of redevelopment project costs to be reimbursed from additional tax increment financing imposed by the City, which are not captured by the Real Property Tax Increment Allocation Redevelopment Act, but are deposited in the City’s General Fund, in an amount not to exceed $11,536,528.00; and

 

WHEREAS, the City Council desires to increase the amount of additional tax increment financing available for the reimbursement of redevelopment project costs identified by the First Amendment to the Antioch Crossing Tax Increment Financing Plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Committee Substitute for Ordinance No. 120224 is hereby repealed.

 

Section 2. That the Council hereby agrees to provide additional financing for the Antioch Crossing Tax Increment Financing Plan by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the Real Property Tax Increment Allocation Redevelopment Act, the City’s additional economic activity taxes imposed by the City and generated within the Redevelopment Project Areas described by the Antioch Crossing Tax Increment Financing Plan, as amended, up to an amount not to exceed $11,536,528.00. City’s additional economic activity taxes shall be used only for the repayment of those redevelopment project costs for which City has approved their use as set forth more fully in the financing agreement authorized herein, and as certified by the Tax Increment Financing Commission of Kansas City, Missouri.

 

Section 3. That the Director of Finance is authorized to execute a financing agreement providing for the additional financing described herein, in such form as approved by the Director of Finance.

 

___________________________________________

 

Approved as to form and legality:

 

______________________________

Brian Rabineau

Assistant City Attorney