COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 120660
Approving the Sixteenth Amendment
to the 22nd & Main Tax Increment Financing Plan; finding that all
Redevelopment Project Costs to be funded from Payments in Lieu of Taxes and
Economic Activity Taxes generated by Redevelopment Project Area 2, with
the exception of remaining and anticipated TIF Commission administrative costs
related to the actions contemplated by this Ordinance; terminating the
designation of Redevelopment Project Area 2, declaring as surplus all
Payments in Lieu of Taxes and Economic Activity Taxes in excess of amounts
required to pay existing and anticipated TIF Commission administrative costs,
distributing such surplus funds to the taxing jurisdictions and dissolving the
special allocation fund for the Redevelopment Project Area.
WHEREAS, the
22nd & Main Tax Increment Financing Plan was approved by the City
Council by passage of Committee Substitute for Ordinance No. 980230 on
March 19, 1998, and has since been amended fourteen (14) times by
Ordinance Nos. 991058, 000751, 000780, 001593, 040445, 060916, 061286,
070229, 070739, 080841, 090718, 100136, 110933 and 120287; and
WHEREAS, the
Sixteenth Amendment provides for: (a) the removal of all references to
Redevelopment Project Area 2 (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 Redevelopment Project Area 2 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
Area 2 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 Redevelopment Project Area 2, have
been certified and paid;
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 Sixteenth Amendment to the 22nd & Main Tax
Increment Financing Plan, terminate the designation of Redevelopment Project
Area 2; declare as surplus all funds within the Special Allocation Fund
established for Redevelopment Project Area 2 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
Sixteenth Amendment to the 22nd & Main 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 2 (the “Redevelopment Project
Area”) by Ordinance No. 991059 is hereby terminated.
Section 3. All funds
within the Special Allocation Fund established for Redevelopment Project
Area 2 that are in excess of existing and anticipated administrative costs
and expenses of the TIF Commission, in connection with processing the
termination of Redevelopment Project Area 2, 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.
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Approved as to form and legality:
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Brian T. Rabineau
Assistant City Attorney