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Legislation #: 081057 Introduction Date: 10/16/2008
Type: Ordinance Effective Date: 11/16/2008
Sponsor: COUNCILMEMBER JOHNSON
Title: Appropriating and transferring $195,625.00 from the Capital Improvements Fund to the Arterial Street Impact Fee Fund; reducing and appropriating a total of $750,000.00 in the Airport Development Impact Fee Zone of the Arterial Street Impact Fee Fund for the purpose of constructing Tiffany Springs Road; stating the intent of the City Council with regards to the use of future revenues generated in the Airport Development Impact Fee Zone; and authorizing the Director of Public Works to execute a public infrastructure funding agreement with the Tax Increment Financing Commission for the construction of street improvements to Tiffany Springs Road.

Legislation History
DateMinutesDescription
10/16/2008 Filed by the Clerk's office
10/16/2008 Referred to Transportation and Infrastructure Committee
10/30/2008 Hold On Agenda (11/6/2008)
11/6/2008 Advance and Do Pass as a Committee Substitute, Debate
11/6/2008 Passed as Substituted

View Attachments
FileTypeSizeDescription
081057.pdf Other 951K Funding Agreement
081057 Funding Agreement.pdf Agreement 1081K Funding Agreement
081057.pdf Authenticated 132K Authenticated
081057 compare cs to ord.doc Other 35K Compared Version Comm Sub to Ord
081057 (fact sheet).xls Fact Sheet 47K Fact Sheet - Arterial St. Impact Fee
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081057 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=081057

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 081057

Appropriating and transferring $195,625.00 from the Capital Improvements Fund to the Arterial Street Impact Fee Fund; reducing and appropriating a total of $750,000.00 in the Airport Development Impact Fee Zone of the Arterial Street Impact Fee Fund for the purpose of constructing Tiffany Springs Road; stating the intent of the City Council with regards to the use of future revenues generated in the Airport Development Impact Fee Zone; and authorizing the Director of Public Works to execute a public infrastructure funding agreement with the Tax Increment Financing Commission for the construction of street improvements to Tiffany Springs Road.

  WHEREAS, the City desires to make improvements to Tiffany Springs Road that runs from Amity Road east to the entrance of Tiffany Hills Park; and

  WHEREAS, this improved three lane street will cost an estimated $2,550,000.00 with $1 million to be provided by Tax Increment Financing, $750,000.00 from the Airport Development Impact Fee Zone and $800,000.00 from the Capital Improvements Fund, Second District Neighborhood Conservation Funds; and

  WHEREAS, as of September 1, 2008, there is an unreserved balance of $554,375.00 in the Airport Development Impact Fee Zone account; and

  WHEREAS, current statutory restrictions in the Arterial Street Impact Fund prohibit the borrowing of funds from one zone to another even when there are idle funds in other districts; and

  WHEREAS, in order to facilitate completion of the project in a timely manner, and as allowed under the City Charter, the Airport Development Impact Fee Zone will borrow up to $195,625.00 from available cash resources in the Capital Improvements Fund at up to a 4% annual interest rate; and

  WHEREAS, all future impact fee revenues collected by City from the Airport Development Impact Fee Zone will be allocated towards the Tiffany Springs Road project until the $195,625.00 borrowed from the Capital Improvements Fund has been fully repaid; and

WHEREAS, the City Council passed Ordinance No. 071364 on December 13, 2007, which authorized a cooperative agreement with Hunt Midwest Real Estate Development, Inc. for design of this street improvement, and it is now time to proceed to the next phase; NOW, THEREFORE,

  BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

  Section 1. That $195,625.00 is appropriated from the Unappropriated Fund Balance of the Capital Improvements Fund to the following account in the Capital Improvements Fund:

 09-3090-129998-X Transfer to Arterial Street Impact Fee Fund $195,625.00

  Section 2. That revenue in the following account of the Arterial Street Impact Fee Fund is estimated in the following amount:

 09-2430-120000-503090 Transfer from CIP Fund $195,625.00

  Section 3. That the appropriation in the following account of the Arterial Street Impact Fee Fund is reduced by the following amount:

 09-2430-897241-B Airport Development Impact $554,375.00

  Section 4. That $750,000.00 is appropriated from the Unappropriated Fund Balance of the Arterial Street Impact Fee Fund (No. 2430) to the following account in the Arterial Street Impact Fee Fund (No. 2430):

 09-2430-897241-B Airport Development Impact Fee Zone $750,000.00

  Section 5. That the City Council states its intent to allocate all future impact fee revenues generated in the Airport Development Impact Fee Zone until the project is fully funded from the Airport Development Impact Fee Zone revenues and the Capital Improvements Fund is fully repaid with interest.

Section 6. That the Director of Public Works is hereby authorized to execute a public infrastructure funding agreement with the Tax Increment Financing Commission for the construction of street improvements to Tiffany Springs Road starting at the intersection of N. Amity Road and Tiffany Springs Road to approximately 2700 feet east to the west boundary of Tiffany Hills Park. The agreement is approved in substantial form as that on file in the office of the Director of Public Works, subject to the receipt of all required approvals, from funds in an amount not to exceed $1,550,000.00, appropriated in Account Nos. 09-2430-897241-B-89008163 ($750,000.00) and 09-3090-898201-B-89007163 ($800,000.00) for the financial obligations contained in the agreement.

___________________________________________________ 


I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

________________________________

Jeffrey A. Yates

Director of Finance

 

Approved as to form and legality:

 

________________________________

Brian T. Rabineau

Assistant City Attorney