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Legislation #: 140237 Introduction Date: 3/20/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Directing the City Manager or his designee to execute an acknowledgement that the City, through its Board of Parks and Recreation Commissioners, waives its right to additional reimbursements from the Southtown Corridor/31st _ Baltimore Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
3/20/2014 Filed by the Clerk's office
3/20/2014 Referred to Planning, Zoning & Economic Development Committee
3/26/2014 Hold On Agenda (4/9/2014)
4/9/2014 Do Pass as a Committee Substitute
4/10/2014 Assigned Third Read Calendar as Substituted
4/17/2014 Passed as Substituted

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 140237

Directing the City Manager or his designee to execute an acknowledgement that the City, through its Board of Parks and Recreation Commissioners, waives its right to additional reimbursements from the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan.

WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Act, Section 99.100 RSMo. 1988, et seq., as amended (“Act”), on May 19, 1994, the City Council of Kansas City, Missouri (the “Council”), by way of Ordinance No. 940564, approved the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan, which has been amended from time to time (the “TIF Plan”); and

WHEREAS, the TIF Plan provides, among other things, for certain improvements within and adjacent to Penn Valley Park, The Just Off Broadway Theatre and Liberty Memorial (the “Public Improvements”); and

WHEREAS, on September 26, 2008, the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) and the City, through its Board of Parks and Recreation Commissioners, entered into the Redevelopment Agreement, which obligates the City to complete the Public Improvement and obligates the Commission to reimburse certain costs related thereto; and

 

WHEREAS, the City has completed the Public Improvements and the Commission has reimbursed costs related thereto in the amount of $2,825,964.01 (the “Certified Amount”); and

WHEREAS, the City agrees to forfeit its right under the Redevelopment Agreement to be reimbursed for any and all amounts in excess of $2,825,964.01 that may become and due and owing under the Redevelopment Agreement, which are currently estimated to be $801,896.52; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Manager or his designee is hereby directed to execute an acknowledgement to the Commission that the City waives its right, under the Redevelopment Agreement with the Commission to implement improvements to Penn Valley Park, The Just Off Broadway Theatre and Liberty Memorial in accordance with the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan, as amended


 

(the “Redevelopment Agreement”), to be reimbursed for any and all amounts in excess of $2,825,964.01 that may become and due and owing under the Redevelopment Agreement.

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Brian Rabineau

Assistant City Attorney