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repealed and amended in certain respects by Committee Substitute for Ordinance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.
Approved as to
form and legality: