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Legislation #: 080938 Introduction Date: 9/18/2008
Type: Ordinance Effective Date: 10/5/2008
Sponsor: COUNCILMEMBER RILEY
Title: 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.

Legislation History
DateMinutesDescription
9/12/2008 Filed by the Clerk's office
9/11/2008 Referred to Finance and Audit Committee
9/17/2008 Hold On Agenda (9/24/2008)
9/24/2008 Advance and Do Pass as a Committee Substitute, Debate
9/25/2008 Councilmember Sharp Move to Amend
9/25/2008 Passed as Substituted and Amended

View Attachments
FileTypeSizeDescription
080938 Cooperative Agreement.pdf Agreement 2978K Executed Cooperative Agreement
080938.pdf Authenticated 107K Authenticated
080938 Compare as amended to cs.doc Other 33K Compared Version As Amended to Comm Sub
080938 Compare cs to ord.doc Other 31K Compared Version Comm Sub to Orig Ord
http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=080938 Video Link 0K http://kansascity.granicus.com/ViewSearchResults.php?view_id=2&keywords=080938
agreement.DOC Advertise Notice 723K agreement

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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