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Legislation #: 140641 Introduction Date: 8/14/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FORD
Title: Authorizing the execution and delivery of a Financing Agreement among the Tax Increment Financing Commission of Kansas City, Missouri; City of Kansas City, Missouri; Platte County, Missouri; and the Industrial Development Authority of Platte County, Missouri.

Legislation History
DateMinutesDescription
8/13/2014 Filed by the Clerk's office
8/14/2014 Referred to Planning, Zoning & Economic Development Committee
8/20/2014 Advance and Do Pass, Debate
8/21/2014 Passed

View Attachments
FileTypeSizeDescription
140641.pdf Authenticated 146K Authenticated
agreement.DOCX Agreement 42K Financing Agreement

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ORDINANCE NO. 140641

 

Authorizing the execution and delivery of a Financing Agreement among the Tax Increment Financing Commission of Kansas City, Missouri; City of Kansas City, Missouri; Platte County, Missouri; and the Industrial Development Authority of Platte County, Missouri.

 

WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Act, as amended (the “Act”), on March 11, 1999, the City Council of Kansas City, Missouri, by Ordinance No. 990256, approved the KCI Corridor Tax Increment Financing Plan and has thereafter amended the same from time-to-time (the KCI Corridor Tax Increment Financing Plan as amended is collectively referred to as the “Plan”); and

 

WHEREAS, the Plan is a comprehensive program intended to improve an area that had not been subject to growth and development through private enterprise, the existence of which qualified the redevelopment area identified under the Plan as an Economic Development Area as defined in Section 99.805(5) of the Act; and

 

WHEREAS, the Plan identifies the area generally bound by NE 108th Street on the North, Barry Road on the South, Interstate 29 on the West and the Platte-Clay County Line on the East in Kansas City, Platte County, Missouri (the “Redevelopment Area”); and

 

WHEREAS, the Plan further provides for the financing of certain public improvements, as identified under the Plan solely from 50% of the incremental economic activity taxes generated within the Redevelopment Area ("TIF Revenue"); and

 

WHEREAS, the Industrial Development Authority of Platte County, Missouri is issuing its revenue bonds in an amount not to exceed $40,000,000 for purposes of refunding two prior bond series issued by it in connection with the Plan and financing the costs of the public improvements; and

 

WHEREAS, the City desires to assist in refunding the prior bond series and financing the public improvements to be completed in accordance with the Plan; and

 

WHEREAS, it is hereby found and determined that it is necessary and advisable to authorize the execution and delivery of the Financing Agreement for such purposes; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Financing Agreement among the Tax Increment Financing Commission of Kansas City, Missouri; City of Kansas City, Missouri; Platte County, Missouri; and the Industrial Development Authority of Platte County, Missouri is hereby approved in substantial form as attached hereto. The City Manager or such other person as he may designate is hereby authorized to execute and deliver the Financing Agreement with such changes therein as shall be approved by the officials of the City executing the Financing Agreement, such officials’ signatures thereon being conclusive evidence of their approval thereof.

 

Section 2. The Mayor, City Manager, Director of Finance or Director of City Development are hereby authorized and directed to execute and deliver such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this ordinance for and on behalf of and as the act and deed of the City without further City Council approval.

_____________________________________________

 

 

Approved as to form and legality:

 

 

_______________________________ Brian T. Rabineau Assistant City Attorney