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Legislation #: 120172 Introduction Date: 2/23/2012
Type: Ordinance Effective Date: 3/11/2012
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission as to the Seventh Amendment to the North Oak Tax Increment Financing Plan; and approving the Seventh Amendment to the North Oak Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
2/22/2012 Filed by the Clerk's office
2/23/2012 Referred to Planning, Zoning & Economic Development Committee
2/29/2012 Advance and Do Pass, Debate
3/1/2012 Passed

View Attachments
FileTypeSizeDescription
120172.tiff Authenticated 178K AUTHENTICATED
120172 Fact Sheet.xls Fact Sheet 86K Fact Sheet
00144560.PDF TIF Plan 81K TIF Plan

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ORDINANCE NO. 120172

 

Accepting the recommendations of the Tax Increment Financing Commission as to the Seventh Amendment to the North Oak Tax Increment Financing Plan; and approving the Seventh Amendment to the North Oak Tax Increment Financing Plan.

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”), the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on January 28, 2010, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, on February 24, 2005, the City Council passed Committee Substitute for Ordinance No. 050104, which accepted the recommendations of the Commission as to the North Oak Tax Increment Financing Plan (the “Redevelopment Plan”) and designated the Redevelopment Area therein to be a blighted area; and

 

WHEREAS, on July 20, 2006, the Council approved Committee Substitute for Ordinance No. 060534, the First Amendment to the North Oak Tax Increment Financing Plan which provided for expansion of the redevelopment area by adding a 32 acre parcel for development into retail space and a change in designation of the Redevelopment Area from a blighted area to a conservation area; and

 

WHEREAS, a second amendment to the Redevelopment Plan entitled the Second Amendment to the North Oak Tax Increment Financing Plan (the “Second Amendment”) was proposed to the Commission but was never approved; and 

 

WHEREAS, on October 11, 2007, the Council approved Committee Substitute for Ordinance No. 070996, the Third Amendment to the North Oak Tax Increment Financing Plan which provided expansion of the redevelopment area by including the east side of the 4200 block of North Oak Trafficway as Project 2B to be developed into retail uses; and 

 

WHEREAS, on October 1, 2009, the Council approved Committee Substitute for Ordinance No. 090832, the Fourth Amendment to the North Oak Tax Increment Financing Plan which provided for the creation of a benefit area for the purposes of establishing a housing and infrastructure program and revisions to the budget to include funding the local match for a federal grant to design streetscape improvements and standards; and 

 

WHEREAS, on February 11, 2010, the Council approved Ordinance No. 100083, the Fifth Amendment to the North Oak Tax Increment Financing Plan which provided for revisions to the budget of Redevelopment Project Costs; and 

 

WHEREAS, on September 30, 2010, the Council approved Ordinance No. 100705, the Sixth Amendment to the North Oak Tax Increment Financing Plan which provided for revisions to the budget of Redevelopment Project Costs to allow for additional funds for the local match of the federal grant to be used for streetscape design; and 

 

WHEREAS, a seventh amendment to the Redevelopment Plan entitled the Seventh Amendment to the North Oak Tax Increment Financing Plan (the “Seventh Amendment”) was proposed to the Commission; and 

 

WHEREAS, said Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts, closed said public hearing on February 8, 2012, and adopted a resolution (the “Resolution”) recommending that the City Council approve the Seventh Amendment; and

 

WHEREAS, the Seventh Amendment provides for modifications to the Redevelopment Project Costs and notes that the developer is now seeking commercial bank financing rather than revenue bonds; NOW, THEREFORE, 

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the recommendations of the Commission concerning the Seventh Amendment to the North Oak Tax Increment Financing Plan as set forth in the Resolution attached hereto as Exhibit A are hereby accepted and the Seventh Amendment, a copy of which is attached hereto as Exhibit B, is hereby approved and adopted as valid and the Redevelopment Projects contained therein are hereby authorized. 

 

Section 2. That all terms used in this ordinance, not otherwise defined herein, shall be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”).

 

Section 3. That the Council hereby finds that:

 

(a) Good cause has been shown for amendment of the Redevelopment Plan, and that the findings of the Council in Committee Substitute for Ordinance Nos. 050104, 060534, 070996, and 090832, Ordinance No. 100083 and Ordinance No. 100705 with respect to the Redevelopment Plan are not affected by the Seventh Amendment and apply equally to the Seventh Amendment;

 

(b) The Redevelopment Area, as amended, is a conservation area, as a whole, 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 Redevelopment Plan, as amended, and the Seventh Amendment;

 

(c) The Redevelopment Plan includes a detailed description of benefactors that qualify the Redevelopment Area as a conservation area and an affidavit as required by Section 99.810.1(1), RSMo;

 

(d) The Redevelopment Plan, as amended, conforms to the comprehensive plan for the development of the City as a whole;

 

(e) The areas selected for Redevelopment Projects include only those parcels of real property and improvements therein which will be directly and substantially benefited by the Redevelopment Project improvements;

 

(f) The estimated dates of completion of the respective Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan, as amended, and are not more than 23 years from the passage of any ordinance approving a Redevelopment Project within the Redevelopment Area, as amended;

 

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

 

(h) A cost benefit analysis showing the impact of the Seventh Amendment on each taxing district which is at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act;

 

(i)  The Seventh Amendment does not include the initial development or redevelopment of any gambling establishment; and

 

(j) A study has been completed and the findings of such study satisfy the requirements provided under Section 99.810.1, RSMo.

 

Section 4. That the Commission is authorized to issue obligations in one or more series of bonds secured by the North Oak Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area, as amended, 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 undertake all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan, as amended, 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 through 99.865, RSMo., which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

 

Section 5. That pursuant to the provisions of the Redevelopment Plan, as amended, the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited into the North Oak Account of the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area, as amended, and authorizes the Commission to pledge such funds on its behalf.

 

_________________________________________________

 

Approved as to form and legality:

 

 

____________________________

Cecilia Abbott

Assistant City Attorney