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Legislation #: 120660 Introduction Date: 7/19/2012
Type: Ordinance Effective Date: 8/12/2012
Sponsor: None
Title: 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.

Legislation History
DateMinutesDescription
7/18/2012 Filed by the Clerk's office
7/19/2012 Referred to Planning, Zoning & Economic Development Committee
7/25/2012 Do Pass as a Committee Substitute
7/26/2012 Assigned Third Read Calendar as Substituted
8/2/2012 Passed as Substituted

View Attachments
FileTypeSizeDescription
120660.pdf Authenticated 1610K Authenticated
120660 Fact Sheet.xls Fact Sheet 80K Fact Sheet
22nd Main TIF - 16th Amendment - Request For Ordinance (00150512).DOCX Request for Ordinance 20K 22nd & Main TIF - 16th Amendment
22nd Main TIF - 16th Amend - staff report.pdf Staff Report 94K 22nd & Main TIF - 16th Amendment

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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.

 

_________________________________________________

Approved as to form and legality:

______________________________

Brian T. Rabineau

Assistant City Attorney