ORDINANCE NO. 041398

Terminating the Power & Light District Tax Increment Financing Plan.

WHEREAS, the Council of Kansas City, Missouri, by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076 passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and 

WHEREAS, the Power & Light District Tax Increment Financing Plan as amended was approved by the Commission and passed by the City Council on August 28, 1997, by Committee Substitute for Ordinance No. 970992, which was further approved by the public in a referendum passed on February 3, 1998; and

WHEREAS, on June 11, 1997, the Commission granted Centertainment, Inc. the exclusive right to negotiate an agreement with the Commission to implement the plan, which right was assigned to Power & Light District, L.L.C., a wholly-owned subsidiary of Centertainment, Inc., which assignment was approved by the Commission on August 12, 1998, by Resolution #8-9-98; and 

WHEREAS, the Commission, the City and Power & Light District, L.L.C. entered into a redevelopment agreement and other agreements to implement the plan, but all of those agreements have been terminated and the redevelopment rights of all redevelopers in regard to the plan have been terminated; and

WHEREAS, Missouri courts have affirmed the terminations of the redevelopers rights in regard to the plan; and

WHEREAS, the Commission on January 14, 2004, adopted its Resolution No. 01-10-04, recommending to the Council the approval of the 1200 Main/South Loop Tax Increment Financing Plan and the Council accepted the recommendations of the Commission and approved the redevelopment plan by passage of Committee Substitute for Ordinance No. 040154; and 

WHEREAS, the first amendment to the Redevelopment Plan was approved by the Commission on June 9, 2004, by its Resolution No. 06-16-04, recommending to the Council the approval of the First Amendment; and the Council accepted the recommendations of the Commission and approved the first amendment by passage of Ordinance No. 040738; and 

WHEREAS, the boundaries of the Power & Light District Tax Increment Financing Plan and the 1200 Main/South Loop Tax Increment Financing Plan overlap and it is appropriate to terminate the Power & Light District Tax Increment Financing Plan; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Power & Light District Tax Increment Financing Plan and all amendments thereto are hereby terminated.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney