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Legislation #: 120771 Introduction Date: 8/23/2012
Type: Ordinance Effective Date: 9/9/2012
Sponsor: COUNCILMEMBER MARCASON
Title: Estimating $729,000.00 in revenue from the termination of Redevelopment Project Areas 65-A and 65-B of the Civic Mall TIF Plan; appropriating $729,000.00 to provide funding for activities related to the East Village Project; and authorizing the City Manager to execute certain documents.

Legislation History
DateMinutesDescription
8/23/2012 Filed by the Clerk's office
8/23/2012 Referred to Planning, Zoning & Economic Development Committee
8/29/2012 Advance and Do Pass as a Committee Substitute, Debate
8/30/2012 Passed as Substituted

View Attachments
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120771.pdf Authenticated 1454K Authenticated
revised fact sheet.xlsx Fact Sheet 25K revised fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 120771

Estimating $729,000.00 in revenue from the termination of Redevelopment Project Areas 65-A and 65-B of the Civic Mall TIF Plan; appropriating $729,000.00 to provide funding for activities related to the East Village Project; and authorizing the City Manager to execute certain documents.

WHEREAS, the Civic Mall Tax Increment Financing Plan (the “Civic Mall TIF Plan”) was adopted by the Council through Ordinance No. 941589 on December 8, 1994; and

WHEREAS, Redevelopment Project Area 65-A of the Civic Mall TIF Plan was designated and tax increment allocation financing was authorized within such Redevelopment Project Area 65‑A by the Council on December 9, 2004, by Ordinance No. 941604; and

WHEREAS, Redevelopment Project Area 65-B of the Civic Mall TIF Plan was designated and tax increment allocation financing was authorized within such Redevelopment Project Area 65‑B by the Council on December 9, 2004, by Ordinance No. 941603; and

WHEREAS, these redevelopment projects were terminated by the Council on July 26, 2012, with passage of Ordinance No. 120659 and surplus funds from the special allocation fund are available for the East Village Project; and

WHEREAS, Ordinance No. 100588, passed July 29, 2010, authorized execution of a Funding and Acquisition Agreement among the City, the Tax Increment Financing Commission of Kansas City, Missouri, the Planned Industrial Expansion Authority of Kansas City, Missouri, East Village, LLC, and Swope Community Builders for properties within the East Village Project (the “Funding Agreement”); and

WHEREAS, the Funding Agreement provided for the establishment of a trust account for the purpose of guaranteeing the performance of certain obligations relative to the East Village Project; and

WHEREAS, Swope Community Builders, a Missouri not-for-profit corporation, subsequently deposited the sum of $500,000.00 into such account and collaterally assigned and granted to the City a security interest in such funds pursuant to a Pledge Agreement (the “Pledge Agreement”); and

WHEREAS, the termination and release of the Pledge Agreement and amendment of the Funding Agreement to reflect the release of the $500,000.00 deposited by Swope Community Builders is appropriate at this time; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the revenue in the following account of the General Fund is estimated in the following additional amount:

13-1000-120000-480560 Contribution from TIF District $729,000.00

Section 2. That the appropriation in the following account of the General Fund is increased by the following amount:

 

13-1000-129996-X-903455 Transfer to 2008B KCMO Special

Obligation Bond Fund $729,000.00

Section 3. That the revenue in the following account of the 2008B KCMO Special Obligation Bond Fund is estimated in the following amount:

13-3455-120000-592000 Transfer from the General Fund $729,000.00

Section 4. That the appropriation in the following account of the 2008B KCMO Special Obligation Bond Fund is increased by the following amount:

13-3455-648042-B-649996 East Village Contingency $729,000.00

Section 5. That the City Manager is authorized to execute an amendment to the Funding Agreement and termination and release of the Pledge Agreement in a form substantially similar to that which is on file in the office of the Director of City Planning.

______________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

_______________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

_______________________________

Brian T. Rabineau

Assistant City Attorney