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Legislation #: 150090 Introduction Date: 2/5/2015
Type: Resolution Effective Date: none
Sponsor: COUNCILMEMBER WAGNER AND COUNCILMEMBER DAVIS
Title: Directing the City Manager to pursue all appropriate funding options for the payment of certain infrastructure costs related to the Arlington Road TIF Plan.

Legislation History
DateMinutesDescription
2/6/2015 Filed by the Clerk's office
2/5/2015 Councilmember Wagner (Second by Ford) Move to Adopt
2/5/2015 Adopted

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RESOLUTION NO. 150090

 

Directing the City Manager to pursue all appropriate funding options for the payment of certain infrastructure costs related to the Arlington Road TIF Plan.

 

WHEREAS, the Arlington Road Tax Increment Financing Plan (the "Plan") was reviewed by the Tax Increment Financing Commission of Kansas City, Missouri ("Commission") on October 8, 2014 and the Commission approved and recommended the City approve the Plan; and

 

WHEREAS, the Council by Committee Substitute for Ordinance No. 140916 approved the Plan on November 6, 2014; and

 

WHEREAS, the Plan provides for certain public improvements, including widening of NE 48th Street and related sewer improvements, to be paid for by Hunt Midwest Real Estate Development Inc. ("HMW" or "Redeveloper") and reimbursed from tax increment financing revenues generated by the Plan or by a separate funding source identified by the City, as set forth in Exhibit 6, Sources and Uses of Funds For All Estimated Redevelopment Project Costs of the Plan; and

 

WHEREAS, the estimated capital costs of these improvements is $5 million and the related reimbursable project interest costs under the Plan are estimated to be $10 million, for a total of $15 million; and

 

WHEREAS, the Commission is considering the approval of a redevelopment agreement between the Commission and the Redeveloper that provides for the possibility of a separate funding agreement between the Commission and the City to fund the widening of NE 48th Street (“Phase 4”) and related sewer improvements (“Phase 8”); and

 

WHEREAS, the redevelopment agreement under consideration includes a redevelopment schedule indicating that Phase 4 is expected to begin in 2024 and be completed by 2030, and that Phase 8 is expected to begin in 2018 and be completed by 2020; and

 

WHEREAS, the North Kansas City School District is asking the Commission and the City for assurances that the City will use its best efforts to implement the Plan by identifying sources of funds to be used to pay costs associated with the construction of Phases 4 and 8 of the Plan, thereby reducing the tax increment reimbursements by approximately $15 million dollars; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

That the City Manager is hereby directed to pursue all appropriate funding options for purposes of funding Phases 4 and 8 of the Plan in accordance with the redevelopment schedule.

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