KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 160221 Introduction Date: 3/24/2016
Type: Ordinance Effective Date: none
Sponsor: None
Title: Approving the Second Amendment to the Bannister _ I-435 Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
3/24/2016 Filed by the Clerk's office
3/24/2016 Referred to Planning, Zoning & Economic Development Committee
3/30/2016 Advance and Do Pass, Debate
3/31/2016 Passed

View Attachments
FileTypeSizeDescription
160221.pdf Authenticated 184K Authenticated
160221 Amendment.pdf Other 364K Amendment
160221 Staff Report.pdf Staff Report 377K Staff Report
160221 Fact Sheet.pdf Fact Sheet 135K Fact Sheet
Bannister I-435 TIF - 2nd Amendment Ordinance (00185311xA7821).docx Other 27K Bannister & I-435 TIF - Second Amendment

Printer Friendly Version

ORDINANCE NO. 160221

 

Approving the Second Amendment to the Bannister & I-435 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, 1986, 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“Act”), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, and Ordinance No. 100089, passed on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, Ordinance No. 130986, passed on December 19, 2013, and Committee Substitute for Ordinance No. 140823, as amended, passed on June 18, 2015, created and empowered the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”); and

 

WHEREAS, the Commission having been duly constituted, its members appointed, and after all proper notice was given, met in public hearing on September 11, 2013, and, after receiving the comments of all interested persons and taxing districts, approved Resolution No. 9-12-13, recommending to the City Council the approval of the Bannister & I-435 Tax Increment Financing Plan (the “Plan”); and

 

WHEREAS, the City Council accepted the recommendations of the Commission by passage of Committee Substitute for Ordinance No. 130737, approving the Plan; and

 

WHEREAS, a First Amendment to the Plan (the “First Amendment”) was approved by the City Council on August 14, 2014, by passage of Ordinance No. 140594; and

 

WHEREAS, a Second Amendment to the Plan (the “Second Amendment”) has been proposed, which modifies the Redevelopment Schedule to allow for greater flexibility in the sequencing of the commencement and completion of the Project Improvements and Public Improvements located within and adjacent to the Redevelopment Project Areas and (B) sets out the amount of the administrative fee that may be captured by the Commission or the City; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Second Amendment, a copy of which is attached hereto as Exhibit “A”, is hereby approved.

 

Section 2. That all terms used in this ordinance, not otherwise defined herein, shall be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the “Act”).

 

Section 3. That the Council hereby finds that:

 

(a)                Good cause has been shown for amendment of the Redevelopment Plan, and that the previous findings with respect to the Redevelopment Plan are not affected by the Second Amendment and apply equally to the Second Amendment;

 

(b)               The Second Amendment does not alter the Council’s previous finding that the Redevelopment Area is a blighted area, as a whole, and has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan, as amended, and the Second Amendment;

 

(c)                The Second Amendment does not alter the Council’s previous finding that the Redevelopment Area conforms to the FOCUS Plan for the comprehensive development of the City as a whole;

 

(d)               The Second Amendment does not alter the Council’s previous finding that the areas selected for Redevelopment Projects include only those parcels of real property and improvements therein which will be directly and substantially benefited by the Redevelopment Project improvements;

 

(e)                The Second Amendment does not alter the Council’s previous finding that the estimated dates of completion of the respective Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan, as amended, and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area, as amended;

 

(f)                The Second Amendment does not alter the Council’s previous finding that a plan has been developed for relocation assistance for businesses and residences;

 

(g)                The Second Amendment does not alter the Council’s previous finding that a cost benefit analysis showing the economic impact of all projects on each taxing district which is at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act;

 

(h)               The Second Amendment does not include the initial development or redevelopment of any gambling establishment; and

 

(i)                 A blight study has been completed and the findings of such study satisfy the requirements provided under subdivision (1) of Section 99.805, RSMo.

 

Section 4. That the Commission is authorized to issue obligations in one or more series of bonds secured by the Special Allocation Fund established in connection with the Bannister & I-435 Tax Increment Financing Plan to finance Redevelopment Project Costs within the Redevelopment Area, as amended, and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Bannister & I-435 Tax Increment Financing Plan, as amended, pursuant to the power delegated to it in Ordinance No. 54556, as amended by Committee Substitute for Ordinance No. 911076, as amended, and Ordinance No. 100089, Ordinance No. 130986 and Committee Substitute for Ordinance No. 140823, as amended. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 and 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

 

Section 5. That pursuant to the provisions of the Redevelopment Plan, as amended the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited into the Special Association Fund established in connection with the Bannister & I-435 Tax Increment Financing Plan to the payment of Redevelopment Project Costs within the Redevelopment Area, as amended, and authorizes the Commission to pledge such funds on its behalf.

 

____________________________________________

 

 

Approved as to form and legality:

 

 

_____________________________

Brian T. Rabineau

Assistant City Attorney