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.
_____________________________________________
Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant City Attorney