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Legislation #: 120898 Introduction Date: 10/11/2012
Type: Ordinance Effective Date: 10/28/2012
Sponsor: COUNCILMEMBER GLOVER
Title: Authorizing the execution and delivery of a Financing Agreement in connection with the Union Hill Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
10/11/2012 Filed by the Clerk's office
10/11/2012 Referred to Finance, Governance & Ethics Committee
10/17/2012 Advance and Do Pass as a Committee Substitute, Debate
10/18/2012 Passed as Substituted

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120898.pdf Authenticated 1411K Authenticated
Union Hill_Fact Sheet_Financing Agreement_120898.pdf Fact Sheet 10K Fact Sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120898 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=120898
120898, no fact sheet.pdf Fact Sheet 10K no fact sheet

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 120898

Authorizing the execution and delivery of a Financing Agreement in connection with the Union Hill Tax Increment Financing Plan.

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) has been created by and is authorized and empowered pursuant to the provisions of the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, inclusive, of the Revised Statutes of Missouri, as amended (the “Act”), to issue bonds for the purpose of providing funds to finance all reasonable or necessary costs incurred or estimated to be incurred in connection with, and any such costs incidental to, a tax increment financing plan or redevelopment projects described therein, to refund any issue of bonds of the Commission theretofore issued for such purpose and to pay certain costs related to the issuance of such bonds; and

Whereas, on December 18, 1997 the City Council adopted Committee Substitute for Ordinance No. 971698, As Amended, which approved the Union Hill Tax Increment Financing Plan (the “Plan”) and designated an area described therein as a redevelopment area ("Redevelopment Area"); and

Whereas, various amendments to the Plan were subsequently approved by the Council (the Plan as collectively amended being referred to herein as the “Amended Plan”); and

WHEREAS, the Amended Plan provides, among other purposes, for the acquisition of properties in the Redevelopment Area, the demolition of structures for blight removal and the making of certain improvements including streetscape improvements; and

WHEREAS, the Commission desires to issue $6,645,000 aggregate principal amount of Tax Increment Refunding and Improvement Revenue Bonds (Union Hill Redevelopment Project) Series 2012 (the “Series 2012 Bonds”), to provide funds to (a) finance, refinance and reimburse certain costs related to certain streetscape and infrastructure improvements and blight remediation activities within the Redevelopment Area in accordance with the Amended Plan, (b) refund the outstanding Tax Increment Revenue Bonds (Union Hill Redevelopment Project‑Phase 1) Series 2002 and Taxable Tax Increment Revenue Bonds (Union Hill Redevelopment Project) Series 2011 (collectively, the “Prior Bonds”) previously issued by the Commission for the payment of redevelopment project costs, (c) fund a debt service reserve fund and (d) pay associated costs of issuance of bonds; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Financing Agreement dated as of the date set forth therein (the “Financing Agreement”), among the City, the Commission, Union Hill Development Company and Commerce Bank is hereby approved in substantially the form presented to the City Council (a copy of which shall be filed in the records of the City), and the City is hereby authorized to execute and deliver the Financing Agreement with such changes therein as shall be approved by the officials of the City executing the Financing Agreement, such officials’ signatures thereon being conclusive evidence of their approval and the City’s approval thereof.

Section 2. That the Mayor, the City Manager, the Director of Finance or the Director of City Development are hereby authorized and directed to execute and deliver the Financing Agreement and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance for and on behalf of and as the act and deed of the City. The City Clerk is hereby authorized and directed to attest to the Financing Agreement and to such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance.

Section 3. That the City shall, and the officials, agents and employees of the City are hereby authorized and directed to, take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance, and to carry out, comply with and perform the duties of the City with respect to the Financing Agreement and the transactions contemplated thereby.

_________________________________________ 

Approved as to form and legality:

 

 

_______________________________

Brian Rabineau

Assistant City Attorney