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Legislation #: 120661 Introduction Date: 7/19/2012
Type: Ordinance Effective Date: 8/12/2012
Sponsor: None
Title: Approving the Fourth Amendment to the Grand Boulevard Corridor Tax Increment Financing Plan; terminating Redevelopment Project Areas C1, C2, D, E, F, G, H, I, J, K2 and L2; declaring as surplus those funds within the special allocation fund in excess of amounts required to pay existing and anticipated TIF Commission administrative costs; and authorizing and directing the distribution of such surplus funds to the taxing jurisdictions.

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
120661.pdf Authenticated 1681K Authenticated
120661 Fact Sheet.xls Fact Sheet 78K Fact Sheet
Grand Boulevard Corridor TIF - 4th Amendment - Ordinance Fact Sheet - F (00150541).XLS Request for Ordinance 80K Grand Boulevard Corridor TIF - 4th Amendment
Grand Boulevard Corridor TIF - 4th Amend.pdf Plan 375K Grand Boulevard Corridor TIF - 4th Amendment
Grand Boulevard Corridor TIF - 4th Amend - staff report.pdf Staff Report 105K Grand Boulevard Corridor TIF - 4th Amendment

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 120661

 

Approving the Fourth Amendment to the Grand Boulevard Corridor Tax Increment Financing Plan; terminating Redevelopment Project Areas C1, C2, D, E, F, G, H, I, J, K2 and L2; declaring as surplus those funds within the special allocation fund in excess of amounts required to pay existing and anticipated TIF Commission administrative costs; and authorizing and directing the distribution of such surplus funds to the taxing jurisdictions.

WHEREAS, the Grand Boulevard Corridor Tax Increment Financing Plan was approved by the City Council by passage of Committee Substitute for Ordinance No. 961441 on November 26, 1996, and has since been amended three times by Ordinance Nos. 971516, 021178 as corrected by 030670, and 040517; and

 

WHEREAS, the Fourth Amendment provides for: (a) the removal of all references to Redevelopment Project Areas C1, C2, D, E, F, G, H, I, J, K2 and L2 (the “Redevelopment Project Areas”) as all the improvements contemplated in connection with such Redevelopment Project Areas have been completed and all redevelopment project costs to be funded by tax increment financing generated by such Redevelopment Project Areas 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 Areas 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 the Redevelopment Project Areas, have been certified and paid; and

 

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 Fourth Amendment to the Grand Boulevard Corridor Tax Increment Financing Plan, terminate the designation of Redevelopment Projects Areas, C1, C2, E, F, G, H, I, J, K2 and L2; declare as surplus all funds within the Special Allocation Fund established for Redevelopment Projects Areas, C1, C2, E, F, G, H, I, J, K2 and L2 that are in excess of the existing and anticipated administrative costs and expenses of the TIF Commission, in connection with processing he termination of such Redevelopment Project Areas 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 Fourth Amendment to the Grand Boulevard Corridor 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 Projects contained therein are hereby authorized.

Section 2. The designation of Redevelopment Project Areas C1, C2, D, E, F, G, H, I, J, K2 and L2 (the “Redevelopment Project Areas”) are each hereby terminated.

 

Section 3. All funds within the Special Allocation Fund established for Redevelopment Project Areas C1, C2, D, E, F, G, H, I, J, K2 and L2 that are in excess of existing and anticipated administrative costs and expenses of the TIF Commission, in connection with processing the termination of the Redevelopment Project Areas, 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 R.S.Mo.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________

Brian T. Rabineau

Assistant City Attorney