ORDINANCE NO. 180145
Accepting the recommendation of
the Tax Increment Financing Commission as to the termination of the Uptown
Theater Tax Increment Financing Plan; terminating the Uptown Theater Tax
Increment Financing Plan and Redevelopment Area; terminating the designation of
redevelopment project areas; declaring as surplus those funds within the
special allocation funds established in connection with the Uptown Theater Tax
Increment Financing Plan; estimating $426,000.00; and
directing the City Clerk to transmit copies of this ordinance.
WHEREAS,
pursuant to the Real Property Tax Increment Allocation Redevelopment Act,
Sections 99.800 to 99.865 of the Revised Statues of Missouri, as amended, (the
“Act”), the City Council created the Tax Increment Financing Commission of
Kansas City, Missouri (the “Commission”); and
WHEREAS, on June
16, 1994, the City Council adopted Ordinance No. 940715 which approved the
Uptown Theater Tax Increment Financing Plan ("Plan") and designated
the Redevelopment Area described therein to be a blighted area; and
WHEREAS, the
Plan was amended 4 times: (1) to expand the Redevelopment Area and add new
projects; (2) to expand the Redevelopment Area and add new projects; (3) to
terminate Projects 3 and 4; and (4) to terminate Project 1D; and
WHEREAS, after
all proper notice was given, the Commission met in public hearing and after
receiving the comments of all interested parties and taxing jurisdictions
affected, closed the public hearing on February 14, 2018, and approved its
Resolution No. 2-14-18 recommending to the City Council that the Plan be
terminated; and
WHEREAS, the
Missouri Development Finance Board (the “Board”) issued its Infrastructure
Facilities Revenue Bonds (Kansas City, Missouri – Uptown Theater Redevelopment
Project) Series 1998 in the original aggregate principal amount of $5,000,000
(the “Series 1998 Uptown Bonds”) to finance and refinance that certain project
authorized by the Uptown Redevelopment Plan (the “Uptown Redevelopment
Project”); and
WHEREAS, the
Board issued its Taxable Infrastructure Facilities Revenue Bonds (Kansas City,
Missouri – Valentine Shopping Center Redevelopment Project) Series 1998 in the
original aggregate principal amount of $3,500,000 (the “Valentine Bonds”) to
finance the acquisition and construction of the Valentine Shopping Center
Redevelopment Project; and
WHEREAS, the
City issued Taxable Special Obligation Refunding Bonds (Kansas City, Missouri
Projects) Series 2010C (the “Series 2010C Bonds”) to provide funds to refund
bonds issued for multiple projects including the Valentine Bonds issued by the
Board; and
WHEREAS, the
City transferred a total of $577,500 from general municipal revenues to the
Uptown Super TIF Fund to pay debt service when Uptown Redevelopment project
revenues were insufficient; and
WHEREAS, the
City transferred a total of $2,064,017 from general municipal revenues to the
Uptown Super TIF Fund and Valentine Super TIF Fund to pay debt service when
Valentine project revenues were insufficient; and
WHEREAS, the
City intends to deposit its share of any surplus TIF Revenue to the General
Fund; NOW, THEREFORE
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the recommendations of the Commission concerning the termination of the Uptown
Theater Tax Increment Financing Plan are hereby accepted and the Uptown Theater
Tax Increment Financing Plan and Redevelopment Plan Area are hereby terminated;
and the designation of the redevelopment projects within the Redevelopment Plan
Area is hereby terminated.
Section 2. That
following the distribution of the surplus funds, the special allocation fund
for the Uptown Theater Tax Increment Financing Plan is dissolved.
Section 3. That
the revenue in the following accounts of the General Fund, No. 1000 is hereby
re-estimated in the following additional amounts:
18-1000-120000-480560 Contribution
– TIF District $410,000.00
18-1000-120000-450980 Surplus
PILOTs 16,000.00
TOTAL $426,000.00
Section 4. That
the City Clerk shall send a copy of this ordinance to the County Clerk and
County Executive of Jackson County, Missouri.
_____________________________________________
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.
___________________________________
Randall
J. Landes
Director
of Finance
Approved
as to form and legality:
___________________________________
Brian
T. Rabineau
Assistant
City Attorney