KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 070034 Introduction Date: 1/4/2007
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FAIRFIELD
Title: Approving additional tax increment financing for the Briarcliff Tax Increment Financing Plan; authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project.

Legislation History
DateMinutesDescription
1/4/2007 Filed by the Clerk's office
1/4/2007 Referred to Finance and Audit Committee
1/10/2007 Advance and Do Pass, Debate
1/11/2007 Passed

View Attachments
FileTypeSizeDescription
070034.pdf Authenticated 69K Authenticated

Printer Friendly Version

ORDINANCE NO. 070034

Approving additional tax increment financing for the Briarcliff Tax Increment Financing Plan; authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project.

WHEREAS, on May 3, 1990, the City Council passed Ordinance No. 65497, approving the Briarcliff Tax Increment Financing Plan (the Redevelopment Plan) and designated the Redevelopment Area therein to be a blighted area; and

WHEREAS, on August 2, 2001, the City Council passed Ordinance No. 911392, approving Phase IX of the redevelopment project area; and

WHEREAS, on August 2, 2001, the City Council passed Ordinance No. 911391 approving Phase VIII of the redevelopment project area which consists of the Hilltop Office/Hotel Complex; and

WHEREAS, the developer has requested additional tax increment financing for the reimbursement of $15 million for the $90 million Hilltop Office/Hotel Complex; and

WHEREAS, the City desires to assist in the financing of this project through the provision of additional tax increment financing on a reimbursement basis; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The Council hereby agrees to provide as additional financing for the Hilltop Office/Hotel Complex of the Briarcliff Tax Increment Financing Plan, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the TIF statute, a portion of Citys additional economic activity taxes generated by the projects to be used for reimbursement of project costs as set forth in the Financing Agreement.

Section 2. The additional financing will consist of (a) 75% of economic activity taxes generated from Phase IX and (b) 100% of the economic activity taxes from Phase VIII (Hilltop Office/Hotel) for a period of 16 years and no additional TIF will be captured within the Briarcliff Tax Increment Financing Plan Area.

Section 3. The Director of Finance is authorized to enter into a Financing Agreement providing for the additional financing described herein, among others, in such form as approved by the Director of Finance.

_________________________________________________

Approved as to form and legality:

______________________________

Heather A. Brown

Assistant City Attorney