COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 080938, AS AMENDED
Authorizing the City
Manager to execute a Cooperative Agreement for Plan Financing among the City,
the Tax Increment Financing Commission of Kansas City, Missouri and Citadel Plaza, LLC for the purpose of financing certain redevelopment project costs identified
by the Southtown Urban Life Development Tax Increment
Financing Plan.
WHEREAS, by Ordinance
No. 080923, the City Council of Kansas City, Missouri (the Council), upon the
recommendation of the Tax Increment Financing Commission of Kansas City,
Missouri and in accordance with the Real Property Tax Increment
Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes
of Missouri, as amended (the "Act"), approved
the Southtown Urban Life Tax Development Increment Financing Plan; and
WHEREAS, the Tax
Increment Financing Commission of Kansas City, Missouri, authorized its
Chairman, Vice Chairman or Secretary to execute a Cooperative Agreement for
Plan Financing with the City of Kansas City, Missouri and Citadel Plaza, LLC,
the designated redeveloper of the Southtown Urban Life Tax Increment Financing
Plan, for the purpose of financing certain redevelopment project costs
identified by the Southtown Urban Life Tax Development Increment Financing
Plan; and
WHEREAS, the Council
desires to support the Tax Increment Financing Commission of Kansas City,
Missouri and Citadel Plaza, LLC in financing certain redevelopment project
costs identified by the Southtown Urban Life Development Tax Increment
Financing Plan by entering into a Cooperative Agreement for Plan Financing;
NOW, THEREFORE,
BE IT ORDAINED BY THE
COUNCIL OF KANSAS CITY:
Section
1. The Cooperative Agreement for Plan Financing (Cooperative Agreement), is
hereby approved in substantially the form presented to and reviewed by the City
at this meeting (a copy of which shall be filed in the records of the City),
and the City Manager is hereby authorized to execute and deliver the
Cooperative Agreement with such changes therein as shall be approved by the
City Manager executing the Cooperative Agreement, such officers signature
thereon being conclusive evidence of his approval and the City's approval
thereof, provided that the Cooperative Agreement shall contain the following
terms:
(a)
No costs of the developer under the budget
category Administrative Expenses incurred prior to
the commencement of construction activities (including
environmental remediation and site preparation) following the date of the
passage of this ordinance shall be paid from bond
proceeds.
(b)
No costs of the developer under the budget line items Ground
Breaking and Marketing and public relations shall be paid from bond proceeds.
(c)
No costs of the developer under the budget line item Legal that are not directly related to the approval of the plan, project,
public financing, rezoning, platting, property acquisition,
financing and construction of the project shall be
paid from bond proceeds.
(d)
The developer shall demonstrate that title to each parcel acquired for the project is free from
liens or mortgages prior to reimbursement for
acquisition costs for such parcel.
(e)
The developer shall apply all savings from line items in the budget to the
contingency.
(f) The project
shall include a full service grocery store and shall not include any check
cashing, payday loan, title loan or other short term loan establishments or
pawn shops.
(g) The developer
will make a good faith effort to secure New Market Tax Credits for the project.
(h) All
preconditions for the issuance of the Second Traunche Bonds will be completed
to the satisfaction of the City and Commission prior to June 1, 2009.
________________________________________________________
Approved as to form and legality:
Heather A. Brown
Assistant City Attorney