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Legislation #: 070469 Introduction Date: 4/12/2007
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER RILEY
Title: Authorizing the City Manager to enter into an agreement on behalf of the City of Kansas City, Missouri with the Tax Increment Financing Commission of Kansas City whereby the City will loan $3,548,866.92 to the Tax Increment Financing Commission in order for it to reimburse the Community Development Corporation for certified TIF-reimbursement expenses which CDC has expended in connection with Project G of the Southtown Corridor/31st _ Baltimore Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
4/13/2007 Filed by the Clerk's office
4/12/2007 Councilmember Riley Move to Advance
4/12/2007 Passed

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ORDINANCE NO. 070469

 

Authorizing the City Manager to enter into an agreement on behalf of the City of Kansas City, Missouri with the Tax Increment Financing Commission of Kansas City whereby the City will loan $3,548,866.92 to the Tax Increment Financing Commission in order for it to reimburse the Community Development Corporation for certified TIF-reimbursement expenses which CDC has expended in connection with Project G of the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan.

 

WHEREAS, on March 19, 1994, the City Council passed Ordinance No. 940564, wherein the City Council approved the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan (the Plan) and adopted tax increment financing; and

 

WHEREAS, on March 27, 2003, the City Council passed Committee Substitute for Ordinance No. 030259 approving the First Amendment to the Plan; and

 

WHEREAS, on May 4, 2006, the City Council passed Ordinance No. 060470 approving the Second Amendment to the Plan; and

 

WHEREAS, on November 3, 2005, the Council passed Committee Substitute for Ordinance No. 051269 which authorized a contract with Community Development Corporation of Kansas City (CDC-KC) for acquisition and development services for the Citadel Plaza Redevelopment Project in the amount of $1 million; and

 

WHEREAS, on January 5, 2006, the Council passed Ordinance No. 060038 which authorized a contract amendment with CDC-KC to add an additional $200,000.00 for property acquisition for the Projects; and

WHEREAS, on May 4, 2004, the Council passed Ordinance No. 940571 approving Project G of the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan; and

 

WHEREAS, on May 4, 2006, the Council passed Ordinance No. 060470 approving the second amendment of the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan which anticipated TIF revenues from local statutory TIF, City Super-TIF and State-TIF along with private investment to fund project improvements and other redevelopment activities as two redevelopment projects known as Project G and G-1; and

WHEREAS, on February 22, 2007, the City Council passed Ordinance No. 070212, authorizing the City Manager to develop a financing and/or development agreement with Citadel Plaza, LLC and other necessary parties in connection with the issuance of revenue bonds for Project G and G-1 of the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan.

 

WHEREAS, the Council desires to further support the implementation of the Projects by entering into an Agreement with the TIF Commission whereby the City will loan $3,548,866.92 to the TIF Commission in order for it to reimburse CDC for certified TIF-reimbursable expenses which it has expended in connection with Project G of the Southtown Corridor/31st & Baltimore TIF Plan;

 

WHEREAS, the TIF Commission shall repay the City from TIF funds collected from PILOT and EAT payments generated from the Southtown TIF Plan which have been pledged to CDC or with funds generated from the scheduled sale of TIF bonds and/or notes, which the proceeds thereof are intended to assist in the funding and development of Project G and G-1 of the Plan; and

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That a Cooperative Agreement between the Tax Increment Financing Commission of Kansas City, Missouri and the City of Kansas City regarding the repayment of the loan from the Tax Increment Financing Commission is approved.

 

Section 2. That the City Council hereby directs the City Manager to execute the Cooperative Agreements and other related documents.

 

_____________________________________________

 

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.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney