SECOND COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 991250

Stating the Councils intention regarding additional City financial support for the Union Hill Tax Increment Financing Plan.

WHEREAS, on December 18, 1997, the Council passed Committee Substitute for Ordinance No. 971698, as amended, accepting the recommendations of the Tax Increment Financing Commission of Kansas City approving the Union Hill Tax Increment Financing Plan (the Plan) and designating a redevelopment area; and

WHEREAS, on March 25, 1999, the Council adopted Committee Substitute for Resolution No. 990404, as amended, establishing a policy to provide increased economic incentives to be used in tax increment financing redevelopment areas for public purposes associated with residential development in distressed areas of the City; and

WHEREAS, on March 25, 1999, the Council adopted Committee Substitute for Resolution No. 990405, supporting the use of the incentives outlined in Committee Substitute for Resolution No. 990404 for the Union Hill Tax Increment Financing Redevelopment Area and directing the City Manager to work with economic development agencies to develop a plan for utilizing such incentives; and

WHEREAS, the Council remains in support of this Plan; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council states its intention to encourage all public and neighborhood improvements listed in the Union Hill Tax Increment Financing Plan through the use of bonds or other helpful financing vehicles needed to achieve public objectives in residential and commercial areas. The Council states its intention to cooperate with the Developer of the Plan in obtaining financing of the approved Projects and to further the Plans objectives, except that the City shall decline to participate in using its credit to finance Project Area L (the Fairfield Hotel), Project Area U (the Marriott Residence Inn).

Section 2. The Council states its continued support for and cooperation with the completion of the Plan and its support of the objectives stated in Committee Substitute for Resolution No. 990404 that provides for the use of incentives to support residential development in distressed areas of the City.

Section 3. None of these limitations on use of the Citys credit is intended by the Council to preclude the developer from requesting the use of the credit of the City as to future new Project Areas.

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