ORDINANCE NO. 921438

Accepting the recommendations of the Tax Increment Financing Commission as to the Americana Hotel Tax Increment Financing Plan; approving the Americana Hotel Tax Increment Financing Plan and designating a Redevelopment Area.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, said 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, closed said public hearing on September 24, 1992 and on September 24, 1992 adopted its resolution recommending to the City Council the approval of the Americana Hotel Tax Increment Financing Plan (the "Redevelopment Plan"); and

WHEREAS, the Redevelopment Plan is a comprehensive program intended to reduce or eliminate blight and enhance the tax base within the Redevelopment Area through the implementation of three separate Redevelopment Projects and the adoption of tax increment financing in each of the areas selected for such Redevelopment Projects; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendation of the Commission concerning the Redevelopment Plan as set forth in the resolution attached hereto as Exhibit "A" are hereby accepted and the Redevelopment Plan, a copy of which is attached hereto as Exhibit "B", is hereby approved and adopted as valid and the Redevelopment Projects contained therein are hereby authorized.

Section 2. All terms used in this ordinance shall be construed as defined in Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 3. The following described area is hereby designated a Redevelopment Area:

Beginning at the northwest corner of Lot 36, Block 7, REID'S ADDITION; thence east along the north lot line of Lot 36, Block 7, REID'S ADDITION to the northeast corner of said Lot 36; thence south along the east lot lines of Lots 33 through 36, inclusive, to the southeast corner of Lot 33, Block 7, REID'S ADDITION; thence east along the projection of the south lot line of Lot 33, Block 7, REID'S ADDITION and the south lot line of Lot 4, Block 7, REID'S ADDITION to the southeast corner of Lot 4, Block 7, REID'S ADDITION; thence south along the east lot lines of Lots 5 through 12, Block 7, REID'S ADDITION, and the east lot line of Lot 1, Block F, 2ND RESURVEY OF REID'S ADDITION, to the southeast corner of Lot 1, Block F, 2ND RESURVEY OF REID'S ADDITION; thence west along the south lot lines of Lots 1 through 12, inclusive, Block F, 2ND RESURVEY OF REID'S ADDITION, to the southwest corner of Lot 12, Block F, 2ND RESURVEY OF REID'S ADDITION; thence north along the west lot line of Lot 12, Block F, 2ND RESURVEY OF REID'S ADDITION, and the west lot line of Lots 25 through 36, Block 7, REID'S ADDITION, inclusive, to the point of beginning all included in and a part of the City of Kansas City, Jackson County, Missouri.

Section 4. The City Council hereby finds that:

(a) The Redevelopment Area as a whole is a blighted area, and has not been subject to growth and development through

investment by private enterprise and would not reasonably

be anticipated to be developed without the adoption of

the Redevelopment Plan;

(b) The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole;

(c) The estimated dates of completion of the respective Redevelopment Projects and retirement of obligations

incurred to finance Redevelopment Project Costs, have

been stated in the Redevelopment Plan and are not more

than 23 years from the adoption of any ordinance

approving a Redevelopment Project within the

Redevelopment Area;

(d) A plan has been developed for relocation assistance for businesses and residences.

Section 5. The Commission is authorized to issue obligations in one or more series secured by the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556.

Section 6. Pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds generated from Redevelopment Projects required by the Act and the Redevelopment Plan which are deposited into the Americana Hotel Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

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Approved as to form and legality:

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Assistant City Attorney