ORDINANCE NO. 120407

Terminating the Savoy Hotel 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"Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on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, the Council on March 18, 1999, by Ordinance No. 990346 approved the Savoy Hotel Tax Increment Financing Plan to assist in restoration and renovation of the Savoy Hotel, provide surface parking, and build a new hotel with structured parking for both hotels; and

WHEREAS, the Commission has certified and reimbursed all eligible reimbursable costs, states that the redevelopment agreement with the Developer has been terminated and there are no further contractual obligations, and, at its April 11, 2012 meeting, passed Resolution No. 04-15-12 which recommends termination of the Savoy Hotel TIF Plan; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Savoy Hotel Tax Increment Financing Plan is hereby terminated and all surplus funds, less Commission costs and expenses, shall be distributed to the affected taxing jurisdictions in accordance with the Act.

Section 2. That following the distribution of the surplus funds, the special allocation fund for the Savoy Hotel Tax Increment Financing Plan is dissolved.

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Approved as to form and legality:

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Cecilia Abbott

Assistant City Attorney