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Legislation #: 120695 Introduction Date: 7/26/2012
Type: Ordinance Effective Date: 8/12/2012
Sponsor: COUNCILMEMBER GLOVER
Title: Approving the Fifth Amendment to the Civic Mall Tax Increment Financing Plan; terminating Redevelopment Project Area 66; declaring as surplus those funds within the special allocation fund in excess of amounts required to pay existing and anticipated TIF Commission administrative costs; and authorizing and directing the distribution of such surplus funds to the taxing jurisdictions.

Legislation History
DateMinutesDescription
7/26/2012 Filed by the Clerk's office
7/26/2012 Referred to Planning, Zoning & Economic Development Committee
8/1/2012 Advance and Do Pass, Debate
8/2/2012 Passed

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120695.pdf Authenticated 1435K Authenticated
120695 Fact Sheet.xls Fact Sheet 76K Fact Sheet

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ORDINANCE NO. 120695

 

Approving the Fifth Amendment to the Civic Mall Tax Increment Financing Plan; terminating Redevelopment Project Area 66; declaring as surplus those funds within the special allocation fund in excess of amounts required to pay existing and anticipated TIF Commission administrative costs; and authorizing and directing the distribution of such surplus funds to the taxing jurisdictions.

 

WHEREAS, the Civic Mall Tax Increment Financing Plan was approved by the City Council by passage of Committee Substitute for Ordinance No. 941589 on December 8, 1994, and has since been amended three times by Ordinance Nos. 970236, 980854 and 040706; and

 

WHEREAS, the Fifth Amendment provides for: (a) the removal of all references to Redevelopment Project Area 66 (the “Redevelopment Project Area”) as all the improvements contemplated in connection with such Redevelopment Project Area have been completed and all redevelopment project costs to be funded by tax increment financing generated by such Redevelopment Project Area have been paid and (b) certain other modifications to conform with existing Commission policies and procedures; and

 

WHEREAS, there are no contractual obligations of the TIF Commission which are outstanding under any Redevelopment Agreement for the Redevelopment Project Areas and all eligible reimbursable costs submitted for certification to the Commission, which are to be reimbursed from Payments in Lieu of Taxes and Economic Activity Taxes generated from the Redevelopment Project Areas, have been certified and paid; and

 

WHEREAS, said Commission having 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, closed said public hearing and adopted its Resolution recommending that the City Council approve the Fifth Amendment to the Civic Mall Tax Increment Financing Plan, terminate the designation of Redevelopment Project Area 66, declare as surplus all funds within the Special Allocation Fund established for Redevelopment Project Area 66 that are in excess of the existing and anticipated administrative costs and expenses of the TIF Commission, in connection with processing the termination of such Redevelopment Project Area and remit all 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 Fifth Amendment to the Civic Mall Tax Increment Financing Plan, a copy of which is attached hereto as Exhibit “A”, is hereby approved and adopted as valid and the modifications to the Redevelopment Project contained therein are hereby authorized.

Section 2. The designation of Redevelopment Project Area 66 (the “Redevelopment Project Area”) is hereby terminated.

 

Section 3. All funds within the Special Allocation Fund established for Redevelopment Project Area 66 that are in excess of existing and anticipated administrative costs and expenses of the TIF Commission, in connection with processing the termination of the Redevelopment Project Area, are hereby declared as surplus.

 

Section 4. The TIF Commission is hereby authorized and directed to remit all such surplus funds identified by Section 3 to the affected taxing districts in accordance with Section 99.850, RSMo.

 

__________________________________________________

 

Approved as to form and legality:

 

 

_________________________________

Brian T. Rabineau

Assistant City Attorney