COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 120224
Approving additional tax
increment financing for the Antioch Crossing Tax Increment Financing
Redevelopment Project and authorizing the Director of Finance to enter into a
financing agreement to provide such financing for the project in connection
with the project.
WHEREAS, on April
12, 2012, the City Council passed Ordinance No. 120083, adopting the Antioch
Crossing Tax Increment Financing Plan (the “Redevelopment Plan”) and designated
the Redevelopment Area therein to be a blighted area; and
WHEREAS, the
Redevelopment Plan provides for the redevelopment of the Antioch Mall and
portions of the surrounding area located at Vivion Road and Antioch Road and
for the reimbursement of $18,515,866.00 for redevelopment project costs, plus
reasonable interest and financing costs, from tax increment revenues deposited
to the special allocation fund pursuant to the Redevelopment Plan; and
WHEREAS, the
developer has requested additional tax increment financing for the
reimbursement of $4,733,820.00 of redevelopment project costs, plus reasonable
interest and financing costs; and
WHEREAS, the
provision of the additional tax increment financing is for the public welfare
and benefit and will promote the economic well being and development of Kansas
City, Missouri; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the Council hereby agrees to provide additional financing for the Antioch Crossing
Tax Increment Financing Redevelopment Plan by committing, subject to annual
appropriation and subject to actual collection, in addition to the revenues
available under Real Property Tax Increment Allocation Redevelopment Act (the “TIF
statute”), the balance of the economic activity taxes generated by the Project
to be used for repayment of $4,733,820.00 in project costs plus reasonable
interest and financing costs as set forth in the Financing Agreement, and as
certified by the Tax Increment Financing Commission of Kansas City, Missouri.
This additional financing is contingent upon mutually acceptable provisions
within the redevelopment contract providing for neighborhood improvements and a
completion schedule therefor.
Section 2. That
the Director of Financing is authorized to enter into a Financing Agreement
providing for the additional financing described herein and the timely
completion of the neighborhood improvements, in such form as approved by the
Director of Finance.
Approved as to form and legality:
____________________________
Cecilia
Abbott
Assistant City
Attorney