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Legislation #: 090981 Introduction Date: 11/19/2009
Type: Ordinance Effective Date: 1/31/2010
Sponsor: COUNCILMEMBER HERMANN
Title: Establishing the Special Allocation Agency Fund in the records of the City; funding and appropriating a total of $5,581,399.00 in the fund; designating requisitioning authority; stating the intention of the Council to limit the time frame in which the City will make available reported economic activity taxes for reimbursements for redevelopment project costs in new tax increment financing plans and projects and amendments to existing tax increment financing plans and projects; and requesting the Tax Increment Financing Commission of Kansas City, Missouri, to implement this policy.

Legislation History
DateMinutesDescription
11/19/2009 Filed by the Clerk's office
11/19/2009 Referred to Finance and Audit Committee
12/2/2009 Hold On Agenda (12/9/2009)
12/16/2009 Hold On Agenda (1/6/2010)
1/6/2010 Hold On Agenda (1/13/2010)
1/13/2010 Do Pass as a Committee Substitute
1/14/2010 Assigned Third Read Calendar as Substituted
1/21/2010 Passed as Substituted

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090981.pdf Authenticated 97K AUTHENTICATED
090981 cs to org ord-com.docx Advertise Notice 20K compared version-comm sub to org ord
Fact Sheet.pdf Fact Sheet 139K Fact Sheet
Fact Sheet.pdf Fact Sheet 46K Fact Sheet
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090981 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=090981

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 090981

 

Establishing the Special Allocation Agency Fund in the records of the City; directing the City Manager to include in the annual budget submittal a report on the Special Allocation Agency Fund and to create a long term plan to address tax increment financing accounting matters and report back to the Council in six months.

 

WHEREAS, the City desires to use an agency fund to account for TIF, Super-TIF, and other economic activity and property tax redirection and take these expenses off-budget so as to allow for the immediate transfer of these taxes to the proper entity in accordance with state statute and other legal obligations of the City; and

 

WHEREAS, the City desires to establish and utilize the agency fund to receive and thereafter disburse payments in lieu of taxes and economic activity taxes (as each are described by Sections 99.800 to 99.865 of the Revised Statutes of Missouri (the TIF Act”) and collectively referred to in this Ordinance as “TIF Revenues”) generated within Redevelopment Project Areas approved by the City in accordance with the TIF Act and certain other taxes pledged by the City to support Redevelopment Projects funded by tax increment financing, and to characterize such amounts as off budget expenses and to provide for their immediate transfer to the Tax Increment Financing Commission of Kansas City, Missouri (the “TIF Commission”) in accordance with the TIF Act and City ordinances; and

 

WHEREAS, the City intends to capture excess FY 2010 appropriations to fund a TIF/EATs reserve to address future TIF/EATs expenditure needs of the City; and

 

WHEREAS, the City has recorded as a liability on its books since 2001 an amount equal to the estimated TIF Revenue received (the “Historical TIF Liability”); and

 

WHEREAS, the City now desires to resolve the Historical TIF Liability over the next three fiscal years; and

 

WHEREAS, the City desires that the City Manager create a plan to address issues related to this matter; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. There is hereby established in the records of the City a new fund, to be known as Fund No. 6999, the Special Allocation Agency Fund.

 

Section 2. That the Director of Finance is hereby designated as requisitioning authority for Accounts in the Special Allocation Agency Fund.

 

Section 3. That the Council states its intention to capture excess FY 2010 appropriations to fund a TIF/EATs reserve to address future TIF/EATs expenditure needs of the City.

 

Section 4. That the Mayor and Council hereby direct that the City Manager include in the annual budget submittal a report on the Special Allocation Agency Fund.

 

Section 5. That the Mayor and Council direct the City Manager to create a long term plan to address tax increment financing accounting matters and make recommendations to the Council on ways to make the processes more effective, efficient and timely, within six months of the passage of this ordinance.

 

____________________________________________________

Approved as to form and legality:

_______________________________

Heather A. Brown

Assistant City Attorney