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Legislation #: 041399 Introduction Date: 12/9/2004
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER NASH
Title: Authorizing the City Manager to submit on behalf of the City an application for state supplemental TIF revenues for the 1200 Main/South Loop Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
12/9/2004 Filed by the Clerk's office
12/9/2004 Immediate Adoption
12/9/2004 Adopted as Amended

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041399.pdf Authenticated 60K Authenticated

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RESOLUTION NO. 041399, AS AMENDED

 

Authorizing the City Manager to submit on behalf of the City an application for state supplemental TIF revenues for the 1200 Main/South Loop Tax Increment Financing Plan.

 

WHEREAS, under the Real Property Tax Increment Redevelopment Act, certain qualified redevelopment plans and projects may be eligible to receive funding of up to fifty percent (50%) of new state income tax revenue in addition to the local taxes and the local economic activity taxes currently available; and

WHEREAS, under Section 99.845.6, RSMo, new state revenues will not be available unless and until an appropriation by the General Assembly has been made from the General Revenue Fund for the appropriate purpose; and

WHEREAS, under Section 99.845.6, RSMo, no municipality shall commit any new state revenues prior to the appropriation being made for that given project; and

WHEREAS, the initial appropriation of the new state revenues authorized pursuant to Section 99.845.4, RSMo, and Section 99.845.5, RSMo, shall not be made to or distributed by the Department of Economic Development to a municipality until the Director of the Department of Economic Development and the Commissioner of the Office of Administration have approved a tax increment financing application made by the municipality for the appropriation of the new state revenues; and

WHEREAS, the appropriation of new state revenues is necessary for the 1200 Main/South LoopTax Increment Financing Plan Projects 2 and 7; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Manager is authorized and directed to submit, on behalf of the City, an application for state funds for the 1200 Main/South Loop Tax Increment Financing Plan Projects 2 and 7 to the Missouri Department of Economic Development, pursuant to Sections 99.800 to 99.865, RSMo.

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