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.
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Approved as to form and legality:
___________________________
Brian
T. Rabineau
Assistant
City Attorney