ORDINANCE NO. 061094

Accepting the recommendations of the Tax Increment Financing Commission as to the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan; and approving the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan.

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

WHEREAS, on March 24, 1994, the Council passed Committee Substitute for Ordinance No. 940227, which accepted the recommendations of the Commission as to the 43rd and Main Tax Increment Financing Plan ("Redevelopment Plan") and designated the Redevelopment Area therein to be a conservation area; and

WHEREAS, the Council passed Committee Substitute for Ordinance No. 941149, approving the First Amendment, which expanded the boundaries and increased the size of Project 2, and designated the Amended Redevelopment Area as a redevelopment area; and

WHEREAS, the Council passed Ordinance No. 040345, approving the Second Amendment which expanded the boundaries and established a grant or loan program for residential property owners; and

WHEREAS, the Council passed Ordinance No. 060613, approving the Third Amendment which provided for revision of the budget items for Design, Engineering, Alternatives Analysis, Streetscape Plan, Main Street and the addition of a new line item named Main Street CID, keeping the total budget unchanged; and

WHEREAS, a fourth amendment to the Redevelopment Plan (Fourth Amendment) was proposed to the Commission; and

WHEREAS, the Fourth Amendment provides for deleting the reference to Walnut Street in the housing program of the budget, eliminating the budget pertaining to the Broadway Viaduct, reassigning the reimbursable amount associated with the Broadway Viaduct for additional public infrastructure funding while keeping the intent of the Plan unchanged, and designates a Fourth Amended Redevelopment Area; and

WHEREAS, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested parties and taxing districts affected, closed said public hearing on September 13, 2006, approved its Resolution No. 9-4-06 recommending to the City Council that the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan be approved and the Fourth Amended Redevelopment Area (Fourth Amended Redevelopment Area) therein be designated as a Redevelopment Area; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendations of the Commission concerning the Fourth Amendment to the 43rd and Main Redevelopment Plan as set forth in the resolution attached hereto as Exhibit "A" is hereby accepted and the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan is hereby approved and adopted as valid and the Redevelopment Projects contained therein are hereby authorized.

Section 2. All terms used in this ordinance shall be construed as defined in Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act").

Section 3. The following described area constituting the Fourth Amended Redevelopment Area is hereby designated a Redevelopment Area pursuant to the Act:

Beginning at the center line of 39^th Street and center line of Main Street; thence easterly along 39^th Street to center line of Gillham Road; thence southerly along said center line to West Gillham Road; thence southerly to the intersection with 45^th Street; thence westerly along the center line of 45^th Street to the center line of Oak Street; thence southerly along said center line to the center line of 45^th Street; thence westerly along said center line to the center line of Warwick Street; thence south/southwesterly along said center line to the centerline of 46^th Street; thence westerly along said center line to the east right-of-way line of Kansas City & Westport Belt Railroad right-of-way, and its easterly extension to the easterly right-of-way line of the Kansas City and Westport Belt Railroad; thence proceeding north/northwesterly along said right-of-way line to the center line of 43^rd Street; thence easterly along said center line to the center line of Baltimore Avenue; thence northerly along aid center line to the westerly extension of the north lot line of Lot 17, Stephens Smiths Subdivision; thence easterly along the north lot line of SAID Lot 17 to the east lot line of Lot 18, Stephens Smiths Subdivision; thence northerly along the east lot lines of Lots 18 through 22, Stephen Smiths Subdivision, to a point 40 feet north of the south lot line of said Lot 22; thence westerly along a line 40 feet north of and parallel to the south lot line of aid Lot 22, Stephen Smiths Subdivision, to the center line of Baltimore Avenue; thence north along said center line to the center line of the Vietnam Veterans Memorial Drive; thence easterly along said center line to the center line of Main Street; thence north along said center line to the point of beginning, now all included in a part of Kansas City, Jackson County, Missouri.

Section 4. The City Council hereby finds that:

(a) Good cause has been shown for the amendment of the Redevelopment Plan, and that the findings of the City Council in Committee Substitute for Ordinance No. 940227 and Committee Substitute for Ordinance No. 941149, with respect to the Redevelopment Plan, and First Amendment, Second Amendment and Third Amendment are not affected by the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan and apply equally to the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan;

(b) The Fourth Amended Redevelopment Area as a whole is a conservation area, and has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan;

(c) The Fourth Amendment to the 43rd and Main Tax Increment Financing Plan conforms to the comprehensive plan for the development of the City as a whole;

(d) The estimated dates of completion of the respective Redevelopment Projects and retirement of any obligations incurred to finance Redevelopment Project Costs, have been stated in the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Fourth Amended Redevelopment Area;

(e) A plan has been developed for relocation assistance for businesses and residences;

(f) The Fourth Amendment does not include the development of any gaming establishments; and

(g) A cost benefit analysis showing the economic impact of the Fourth Amendment on each affected taxing district has been included.

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the 43rd and Main Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Fourth Amended Redevelopment Area and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

Section 6. Pursuant to the provisions of the Fourth Amendment to the 43rd and Main Tax Increment Financing Plan, the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited into the 43rd and Main Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Fourth Amended Redevelopment Area and authorizes the Commission to pledge such funds on its behalf.

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Approved as to form and legality:

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Heather A. Brown

Assistant City Attorney