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Legislation #: 061326 Introduction Date: 11/30/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER NASH
Title: Expressing the Council’s intent to provide additional tax increment financing for Project 1 of the 39th _ Prospect Tax Increment Financing Plan; authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project.

Legislation History
DateMinutesDescription
11/29/2006 Filed by the Clerk's office
11/30/2006 Referred to Planning, Zoning & Economic Development Committee
12/13/2006 Advance and Do Pass, Debate
12/14/2006 Councilmember Fairfield Move to Amend
12/14/2006 Passed

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061326.pdf Authenticated 63K Authenticated

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ORDINANCE NO. 061326, AS AMENDED

Expressing the Councils intent to provide additional tax increment financing for Project 1 of the 39th & Prospect Tax Increment Financing Plan; authorizing the Director of Finance to enter into a financing agreement to provide such financing for the project.

  WHEREAS, on December 14, 2006, the City Council passed Ordinance No. 061319, accepting the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri, as to and approving the 39th & Prospect Tax Increment Financing Plan (the Redevelopment Plan) and designating the Redevelopment Area therein to be a blighted area; and

  WHEREAS, on December 14, 2006, the City Council passed Ordinance No. 061322 approving Redevelopment Project 1 (consisting of an Aldi grocery store) and adopting tax increment financing therefore; and

WHEREAS, the developer has requested additional tax increment financing for the reimbursement of $625,000,00 of redevelopment project costs, plus interest, for the redevelopment of the project site into an Aldi grocery store; and

  WHEREAS, the City desires to assist in the financing of the Aldi grocery store through the use of additional tax increment financing on a reimbursement basis; NOW, THEREFORE,

  BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

  Section 1. The Council hereby expresses its intent to provide additional financing for the Aldi grocery store (Project 1) by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the TIF statute, a portion of Citys additional economic activity taxes generated by the Aldi grocery store in a total amount not to exceed $625,000 to be used for repayment of project costs as set forth in the financing agreement.

Section 2. The Director of Finance is authorized to execute into a financing agreement providing for the additional financing described herein, in such form as approved by the Director of Finance. 

__________________________________________________

Approved as to form and legality:

   ______________________________ Heather A. Brown Assistant City Attorney