ࡱ> VU L\p Stan Counts Ba==%n8X@"1.Times New Roman1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1( Arial Narrow1.Times New Roman1.Times New Roman1.Times New Roman1.Times New Roman1. Times New Roman1.$Times New Roman1Arial1.Times New Roman1 Arial"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)4/_(* #,##0.0_);_(* \(#,##0.0\);_(* "-"??_);_(@_)0+_(* #,##0_);_(* \(#,##0\);_(* "-"??_);_(@_)"Yes";"Yes";"No""True";"True";"False""On";"On";"Off"                + ) , *           (   (       !     (      (  (   (  !8   (  (  (  !8 !8  (  (  (  (   (  (  (  !8 !  (  !8  (  (  (   (   (   (    (  (  (  ( !8   (  (  !8  (  (    ( ! "8   (  (   (   (   ( !8   (      (     (   (   (  (  (   (  (@  (  ( @  (   (  (  (@@  (@   (@  ( @      (8  (8   (@  (@  (@   (@ !8  (  (    (@  ( %8  (@  (  (@  (    (   (  (  (@  !8@  (@  (@  !8  (@  `General P1_;@ P2_;B  ;8jb(3  @@ NGGENERALOrdinance Fact SheetOrdinance Number Brief TitleApproval DeadlineReasonDetailsPositions/RecommendationsSponsor Programs, Departments, or GroupsAffected Applicants / Applicant ProponentsCity DepartmentOther OpponentsGroups or IndividualsBasis of oppositionStaffRecommendationXForAgainstReason AgainstBoard or CommissionBy No action taken!For, with revisions or conditions#(see details column for conditions)CouncilCommittee ActionsDo passDo pass (as amended)Committee Sub.Without RecommendationHold Do not pass(Continued on reverse side)Policy/Program ImpactPolicy or ProgramChangeNoYes Operational Impact AssessmentFinancesCost & RevenueProjections --Including IndirectCostsFinancial ImpactFund Source (s)and Appropriation Account CodesApplicable Dates: Fact Sheet Prepared by: Reference Numbers Specific AddressTax Increment Financing Com."Tax Increment Financing Commission Resolution Reason for Legislation Reveiwed by:GApproved by TIF Commission on February 8, 2006 by Resolution No. 2-7-06ESecond Amendment to the Southtown TIF Plan, Activiation of Project G1J9 "f r` cc: L $E(3]=7FI  dMbP?_*+%EB&333333?'?(?)?M\\w2goliath\HP 2500C Series PSS oT,,LetterPRIV0''''\KhC&"T,,??U} U} *} }  } } } } *} U} } *} } } }  (@V@@ ?@ @@@ @ @ @ @ @C@@@@@@@@@@@!@@@@@@@ &oR QP      fF" ! !!!!!!!!!!!&"gUVU########### $T $%%%%%%%%%%h ? &' (&)&&&&&&&' iX+,-.-------/jX0 1 + iX0 1  2 + iX0 1  + iX0 1  + iX03 + iX03 n +iq0 4 5 $555"" "6i YC 0 1 XA  +iX03  +iX03 0&iXW0320iX030iXm3 0iXWm30iXWm30iXWm3+klW0 45 $5555555:&kX0320&nt?32;0&jXWWp32;0&jX032;0jXWWp< 0j r>"0<w0&jX0=>x>>>>>>>?D l8N`>*LT8,6,, *\h2@*2@22"T****@> @!@"@#@$@%@&@'@(@)@*@+@,@-@.@/@0@1@2@3@4@5@6@7@8@9@:@;@<@=@>@?@  jX0 1 0!jX0 !1! !@! ! ! 0&"jX0<A#iX0<B # # 0&$iX0<0%iX0< %%0&iX0<&+'iX0<'+(iX0 (4(555555555:)iX0 )1) ) ) ) @) 0*WXWW *1* * B* 0+z+0< +B+ +  + B + +B +C,*",0<0-*-0<D - - 0.*.0< .  . 0/* /0 /4!/555555555:0* 00 01" 0D 0 #0 0 1y"10<02z->?<D 2 $2 03*"30<04*40<D 4 %4 05*50<D 5 &5 06*"60<07*70<D 7 '7 08*"80<09y90<D 9 (9 0:*":0<W0;*";0<W0<*"<0<W0=*"=0<W0>*">0<W0&?7889E8888888889DN l@h*@*@""@jVz0FFF\4@0FF0F0F00000@@A,BJ C@D@E@F@G@H@I@J@K@L@M@N@O@Pu@ Q@R@S@T@U@V@W@X,@Y@Z@[@\@ ]@^@_@ @ @ ) @ &ABBCh!&'CDi D0DEj E0EFi F0FGi G0GHi H0HIi"I0Ji"J0Ki"K0Li"L0Mi"M0Ni"N0Oi"O0Pi P0 P*PQi Q0 Q(+Q&F&&&&&&&'Ri R0 R1,R RHR R G-R G R H>R  R G. R0SkS0IS 0TkT0IT 0UjU0IU 0VjV0IV 0WjW03W 0Xj X0 X4/X"""""5555:Yj Y0 Y10Y 0Zj Z0 Z11Z 0[i[03[ 0\i"\0JKKKKK88889]i"]0;^i"^0;_i _0 _2_D l@*22888880000000FF00000F<<0000`@a@b@c@d@e@f@g@h@i@j@k@l@m@n@o@p@q@ r@s@t@u@v@w@x@y@z@{@|@}hX~```i `0 `(3`&LL&&&&&&'ai a0 a14 aGa0bi b0 b15bb0ci c0 c16cc0did0Id0ei"e0M5N"##"""":fi f0 f17 fGGfOgig0<GGGG g+hih0<h+iii0<i+jij0<j+ki"k0=>--------/li l0 l18ll+mi m0 mI9mm+ni n0 nI:nn+oio0< o o oOpip0<p+qi"q0\\]]^^]]]]_ri"r0``aabbaaaacsi"s0ZZXXYYXXXX[ti"t0ZZXXYYXXXX[&uiXWmZZXXYYXXXX[&viWWmWZZXXYYXXXX[&wiWWmZZXXYYXXXX[&xiWWmZZXXYYXXXX[&yiWWmZZXXYYXXXX[&ziWWmZZXXYYXXXX[&{iWWmZZXXYYXXXX[&|iWWm{unnUUnnnnv}WWWmW } YY &~iWWmZZXXXXXXXX[&sttmuunnnnnnnnvDlF@<<(0B0(((0<<<@(0000********"*@@@Z@@K@@@@,&tttmiXXXXXXXXXXX |;$}~ttnnnnnnnnnnn E"XXXXXXXXXXX&;XXXXXXXXXXX <$;XXXXXXXXXXX&;XXXXXXXXXXX D$;XXXXXXXXXXXXXXXXXXXXXX =; d;Se *6>*6*6 * : " (  r  0k  @  E]`kp % < Approval of the project provides for disposition into the TIF Special Allocation Fund 100% of the PILOTS and 50% of the Economic Activity Taxes generated by the project. The TIF revenue stream will be used to reimburse eligible project costs, such as infrastructure, site acquisition and improvements in the public right of way, as provided for in the Southtown TIF Plan, as amended. <  Dk  @Text 3`]k % e<The Redevelopment Plan Area that includes Project G-1 is generally bounded on the north by 59th Street, along the east side by Bruce R. Watkins Highway, and to 63rd Street on the south, on the west by Prospect Ave north to 60th and by Wabash Ave between 59th and 60th streets, all within the city limits of Kansas City, Jackson County, Missouri (the  City )<*e  DHl  @Text 6 0]Hl %  <Discussion (explain all financial aspects of the proposed legislation, including future implications, any direct/indirect costs, specific account numbers, ordinance references, and budget page numbers.)< B  ;ul   Dl  @Text 9CP ] l %  x<Projected TIF Revenue and sources of other funds: Over the life of the Plan, the total Economic Activity Tax revenues are estimated to be approximately $87,804,302. Of the total additional revenue from taxes imposed by the municipality or other taxing districts and which are generated by economic activities within the Redevelopment Project Areas, as defined in Section 99.845.3, fifty percent (50%), or approximately $43,902,151 over the life of the Plan, will be made available upon annual appropriation, to pay eligible Redevelopment Project Costs. Anticipated PILOTS generated over the 23 year-term are estimated to be $28,517,729. The developer intends to fund the project costs through equity of $7,566,148, a private loan of $35,687,283. A commitment for private financing is included in the Amendment. Equalized Assessed Value: The most recent equalized assessed valuation of the property to be included in Project G and G-1 is $990,821. The current combined tax levy is projected to be $8.6289 per $100 assessed valuation on land and $ 7.8789 per $100 assessed valuation on improvements. Upon completion of Project G and G-1, the assessed valuation of the Project area is estimated to be approximately $45,708,910. When completed, Project G and G-1 will yield an estimated $1, 200,000 in additional real property taxes annually. Land Uses: The current land use for the property is for commercial and residential property. The current zoning is C2 and R2B. The proposed land use is for commercial use for restaurants and retailers. The proposed zoning is Urban Redevelopment District. Existing Condition: This TIF was established as a Conservation area with evidence of dilapidation and deterioration. For South Prospect/Troost area 93% of existing structures are 35 years or older. Since the preparation of the Blight Study, there has not been significant activity to remove dilapidation and deterioration within the G or G-1 project area. Finding the Area Conforms to the City s Comprehensive Plan/Rezoning: The application for Project G and G1 has been received by City Planning and is consistent with the Area Plan and FOCUS KC Comprehensive Plan. The application for rezoning to an Urban Redevelopment District as required has also been submitted. Redevelopment Schedule: The Redevelopment Project shall commence upon the approval of the Amendment. The Redevelopment Area will be completed as two projects with Project G and G-1 to be completed in the fourth quarter of 2007. Relocation Assistance: The majority of projects G and G-1 are owned by the designated developer. There are less than ten sites remaining for acquisition. If relocation is necessary, the developer will follow the TIF guidelines for relocation.<x @1J3 L J ETM s_         @l @Text 10U'b] lP % 0<1Tom coyles, Director City Planning & Development<*0 N   @8m @Text 11@ ] 8m% <City Planning & Development < N   @m @Text 12] m% <City Planning & Development< N   Fm  @Text 13] m% J<KHills Neighborhood Association, Citadel Homeowners Association and the CCO<J  F(n  @Text 14`p5d](n% <Total Redevelopment Costs for the Plan are estimated to be $103,261,475 of which $60,008,045 would be reimbursed from the TIF revenues.<'  Fxn  @Text 15Ulo`]xn% C<DFunding Sources will be Private investment and TIF revenue stream. <C  Fn  @Text 16D]n@% 4<5Stan Counts, Jr., Business Development Officer, EDC <$3 4 N  Fo  @Text 17Xf-[]op% rr  0ho  @/r`| ]`ho% 6<7Is this Ordinance or Resolution Good for the Children?<"6 Nrr  0o  @rz ]`o% <Yes. Proposed project will lead to the development of the of the surrounding area, creation of new jobs and improvement of the quality of life in the City of Kansas City. < N  LD  @Text 14Ue&j]D% <Benefit to City of Kansas City:$6,522,496 Benefit to Kansas City School District: $2,301,568 Benefit to Jackson County: $6,368,384<ll  s *o @]`o% rr  0Dp  @ @/]`Dp% (< The Redevelopment Plan The Second Amendment provides for the (i) 250,000 square feet construction of retail shops, a grocery store, a bank and restaurants (ii) 63rd Street will be rebuilt as a landscaped boulevard with a planted median (iii) Olive Street will become a main entrance to the village center. (iv) New housing to the northwest providing a transition to the Citadel and Blue Hills neighborhoods and (v) a new town fork Creek greenway will be the focus of the new housing and will connect the village center to the City Greenway system. The Project Improvements and other redevelopment activities will be undertaken as two redevelopment projects. <( Kff  c $p  @BP]`p % (<But For Analysis: Robert Miller of Applied Real Estate Analysis, Inc. was retained to undertake the  But For and financial analysis of the Plan. He did an analysis combining cash flows for Projects G and G-1 because of the nature of the projects. For the projects, the IRR with TIF was 16% with the increase in rent which is a reasonable rate of return. The market rate for developers is usually between 15% and 20%. Regarding the IRR without TIF, the entire project would not generate enough revenue to provide a positive cash flow after debt service without the TIF assistance. Cost Benefit Analysis: A Cost Benefit Analysis was completed for the Plan. The Analysis reflects that the City of Kansas City, Mo would have a fiscal impact of $6,522,496, Jackson County would have a fiscal impact of $6,368,384 and Kansas City, MO School District would have a fiscal impact of $2,301,568 over the life of the Plan. These are all positive benefits to the taxing districts.<(^ L{brr  0p  @2>]`p% g<hEstimated Redevelopment Costs and Reimbursable Costs: Estimated Redevelopment Project Costs are to be approximately $103,261,475. The Plan proposes that approximately $60,008,045 in Redevelopment Project Costs be reimbursable from Payments in Lieu of Taxes and Economic Activity Taxes generated by the Redevelopment Project. These costs include a housing component of $4,600,000 and streetscape along Prospect from 59th Street to 63rd Street from Bruce R. Watkins to Troost for $23,000,000. Project G and G-1 will utilize bond financing as well as submitting applications for both State TIF and City TIF funding.< p6 g>@P  ????m@o@p@q"0y#0~#0g0>0Q$04$0$0A/4$0~`%0qq      7 Oh+'0$ PXl  Patti Noll Stan CountsMicrosoft Excel@7O=@ l @ nGX)\ $ -    '' ' h- h h-- @ !-55- @ !5-KK- @ !K-]]- @ !]-- @ !-- @ !-- @ !-- @ !-- @ !-""- @ !"-- @ !-- @ !-- @ !̻- ̻ @ !- h-- @ !-- @ !-Times New Roman- ̻ 2 " 13 2 ; 23 2 L 33 2 43 2 53 2 63 2 73 2 "A3 2 pB3 2 C3 2 .D3 "System-'-̻  Arial- 2 GENERAL Arial--'- K6 %2 6Ordinance Fact Sheet    -'-  Arial-  2 M Brief Title!2 MApproval Deadlinee Arial- -'-  ^#-- -- -- -- --  %2 o%Second Amendment to   +2 %the Southtown TIF Plan,    -2 %Activiation of Project G1   -- -'-  -  2 Details- 2 %Specific Address  -'-  -   @ !\-- @ !-"- @ !-  -- @ !-  -- @ ! @ !\-- @ !-  -"- @ !t"-  @ !{- -'-  -    @ ! @ !-  , -- -'-  -   -- @ !-- @ !-'՜.+,0HP X`hp x  GeneralP1_P2_General!Print_Area  Worksheets Named Ranges  !"#$%&'()*+,-./0123456789:;<=>?@ABCEFGHIJKLNOPQRSTRoot Entry FWorkbooktSummaryInformation(DTDocumentSummaryInformation8M