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Legislation #: 051209 Introduction Date: 9/29/2005
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER RILEY AND COUNCILMEMBER SCHUMACHER
Title: Authorizing a successor tax revenue distribution agreement with the Raytown Consolidated School District No. 2, the Tax Increment Financing Commission of Kansas City, Missouri, and the City, Winchester Ventures II, and Hearst-Argyle Stations, Inc.

Legislation History
DateMinutesDescription
9/29/2005 Filed by the Clerk's office
9/29/2005 Referred to Operations Committee
10/5/2005 Advance and Do Pass, Debate
10/6/2005 Passed

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ORDINANCE NO. 051209

 

Authorizing a successor tax revenue distribution agreement with the Raytown Consolidated School District No. 2, the Tax Increment Financing Commission of Kansas City, Missouri, and the City, Winchester Ventures II, and Hearst-Argyle Stations, Inc.

 

WHEREAS, the City previously authorized a tax distribution agreement in connection with the industrial development plan of Hearst-Argyle Stations, Inc. (KMBC) which contemplated the issuance and sale of industrial revenue bonds in an amount not to exceed $18,000,000.00 KMBC would use the proceeds of such bonds to construct and equip an office building and broadcasting facilities at 6455 Winchester Avenue (the Project); and

WHEREAS, KMBC has determined not to proceed with the issuance of the bonds but rather has decided to utilize tax increment financing for the Project; and

 

WHEREAS, this decision necessitates changes to the tax distribution agreement, previously authorized by Second Committee Substitute for Ordinance No. 040218; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of Finance is hereby authorized to execute a successor tax revenue distribution agreement with the Raytown Consolidated School District No. 2, the Tax Increment Financing Commission of Kansas City, Missouri, and the City, Winchester Ventures II, and Hearst-Argyle Stations, Inc. The successor agreement is approved in substantial form as that on file in the office of the Director of Finance and supercedes the tax revenue distribution agreement authorized by Ordinance No. 040218.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney