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Legislation #: 050226 Introduction Date: 2/24/2005
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER SCHUMACHER
Title: Authorizing the execution of a Tax Revenue Distribution Agreement with the Raytown Consolidated School District No. 2 in relation to the Blue Ridge Mall Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
2/24/2005 Filed by the Clerk's office
2/24/2005 Passed

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ORDINANCE NO. 050226

 

Authorizing the execution of a Tax Revenue Distribution Agreement with the Raytown Consolidated School District No. 2 in relation to the Blue Ridge Mall Tax Increment Financing Plan.

 

  WHEREAS, the City of Kansas City, Missouri, a constitutional charter city and municipal corporation of the State of Missouri (the "City") is authorized and empowered pursuant to enter into agreements with other political subdivisions pursuant to Section _ of the Revised Statutes of Missouri; and

 

WHEREAS, on February __, 2005 pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri (the Act), the City Council of the City of Kansas City, Missouri (the City Council), passed Committee Substitute for Ordinance No. 041238 designating the Blue Ridge Mall Redevelopment Area (the Redevelopment Area) which is located in the City and within the boundaries of the District and approving the Blue Ridge Mall Tax Increment Financing Plan (the TIF Plan) for the Redevelopment Area; and

 

WHEREAS, pursuant to the Act and the TIF Plan, the City Council intends to approve six redevelopment projects (the Redevelopment Projects) and adopt tax increment financing (TIF) for each of the redevelopment project areas (the Redevelopment Project Areas) selected for the Redevelopment Projects; and

 

WHEREAS, the District is affected by the approval of the TIF Plan and the Redevelopment Projects and the adoption of TIF for the Redevelopment Project Areas by foregoing ad valorem real property taxes (District PILOTs) that the District would otherwise receive due to the increased assessed value of the property within the Redevelopment Project Area and increased capital costs of the District in connection with the construction of the Redevelopment Projects, which District PILOTs will be paid to a special allocation fund (the Special Allocation Fund) for the purpose of paying a portion of the costs (Project Costs) of the Redevelopment Projects in accordance with the TIF Plan; and

 

WHEREAS, the City anticipates that the Redevelopment Projects will generate a substantial amount of earnings tax, sales tax, food and beverage tax and utility tax revenues (City Revenues) that will not be redirected to the Special Allocation Fund to pay Project Costs; and

 

WHEREAS, the District has agreed to support the TIF Plan, the Redevelopment Projects and the adoption of TIF for the Redevelopment Project Areas, provided that the City enters into the Tax Revenue Distribution Agreement, in substantially the form attached to this Ordinance as Exhibit A (the Agreement), to make annual capital contribution payments to the District, as described in the Agreement for the purpose of offsetting some of the costs the District anticipates it will incur as a result of the approval of TIF pursuant to the TIF Plan, until the TIF Plan and TIF for the Redevelopment Project Areas is terminated; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

  Section 1. That the City Manager is authorized and directed to execute the Tax Revenue Distribution Agreement in substantially the form attached to this Ordinance as Exhibit A, with such changes and clarifications determined necessary by the City Manager. 

 

Section 2. That the Council hereby finds and determines that the TIF Plan and the adoption of TIF for the Redevelopment Project Areas, together with the payment of the Capital Contribution Payments to the District, will promote the economic well-being and development of Kansas City, Missouri. 

 

_______________________________________________

 

  Approved as to form and legality:

 

 

__________________________________

Heather A. Brown

Assistant City Attorney