COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 951469

Accepting the recommendations of the Tax Increment Financing Commission as to the Tower Properties Downtown Redevelopment Tax Increment Financing Plan; approving the Tower Properties Downtown Redevelopment Tax Increment Financing Plan; and designating a Redevelopment Area.

WHEREAS, the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, (the "Act"), authorizes municipalities to undertake redevelopment projects in blighted, conservation, or economic development areas, as defined in the Act; and

WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 54556 adopted on November 24, 1982, amended by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

WHEREAS, said Commission has been duly constituted and its members appointed; and

WHEREAS, said Commission has approved a proposed redevelopment plan entitled the "Tower Properties Downtown Redevelopment Tax Increment Financing Plan" (the "Redevelopment Plan") attached hereto as Exhibit "B", affecting the area described in the Redevelopment Plan; and

WHEREAS, after all proper notice was given, the Commission met in a public hearing on August 9, 1995, and received the comments of all interested parties and taxing districts affected by the Redevelopment Plan; and

WHEREAS, the Redevelopment Plan contemplates 8 separate Redevelopment Projects to be undertaken and completed as market conditions dictate and that each Redevelopment Project be separately approved and Tax Increment Allocation Financing be adopted separately for each; and

WHEREAS, after due deliberation, on August 9, 1995, the Commission adopted its Resolution No. 95-76 (the "Resolution"), attached hereto as Exhibit A, recommending to the City Council that the Redevelopment Plan be approved, that the Redevelopment Area be designated as such, that Redevelopment Projects A through H be approved and that tax increment financing be adopted with respect to each; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendation of the Commission concerning the Redevelopment Plan as set forth in the Resolution attached as Exhibit "A" and incorporated herein by this reference are accepted and the Redevelopment Plan, a copy of which is attached to the Resolution, is hereby approved and adopted as valid and the Redevelopment Projects contained therein are authorized. However, prior to the passage of any ordinance adopting tax increment financing for any taxable real property selected for any Redevelopment Project contained in this Plan, the Council reserves the right to require Tower Properties or its assigns to present evidence concerning reimbursable Redevelopment Project Costs, and pursuant to Section 99.825.1 RSMo., make changes in such reimbursable project costs so long as such changes do not substantially affect the general land uses established in the Plan, or substantially change the nature of the Redevelopment Project.

Section 2. All terms used in this ordinance must be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended.

Section 3. The following described area is designated a Redevelopment Area:

The proposed Redevelopment Area has an irregular boundary and is generally described as being bound by 6th Street Trafficway on the north, Walnut Street on the east, 8th Street on the south, except between Delaware and Walnut where the boundary goes south to 10th Street and includes 911 Walnut Building, and Central Street on the west. The boundaries are more specifically described as follows:

Beginning at the intersection of the center line of 8th Street and Central Street; thence north along the center line of Central Street to the center line of 7th Street; thence east along the center line of 7th Street to the center line of Wyandotte Street; thence north along the center line of Wyandotte Street to the center line of 6th Street Trafficway; thence east along the center line of 6th Street Trafficway to the west right of way line of Main Street; thence northwesterly along the west right of way line of Main Street to the south right of way line of 5th Street; thence easterly along the south right of way line of 5th Street to the east right of way line of Main Street; thence southeasterly along the east right of way line of Main Street to the center line of 6th Street Trafficway; thence east along the center line of 6th Street Trafficway to the northerly extension of the center line of the north-south alley lying between Main Street and Walnut Street; thence southerly along the center line of the north-south alley lying between Main Street and Walnut Street to the center line of 7th Street; thence west along the center line of 7th Street to the northerly extension of the vacated north-south alley lying between Main Street and Walnut Street; thence south along the center line of the vacated north-south alley lying between Main Street and Walnut Street to the center line of 8th Street; thence east long the center line of 8th Street to the center line of Walnut Street; thence south along the center line of Walnut Street to the center line of 9th Street; thence east along the center line of 9th Street to the northerly extension of the center line of the north-south alley lying between Walnut Street and Grand Avenue; thence south along the center line of the north-south alley lying between Walnut Street and Grand Avenue to the intersection of a line 24 feet south of and parallel to the north lot line of Lot 59, Swope's Addition; thence west along a line 24 feet south of and parallel to the north lot line of Lot 59, Swopes Addition, to the center line of Walnut Street; thence south along the center line of Walnut Street to a line 7 4/5 inches north of and parallel to the south lot line of Lot 10, Block 2, Ridge Place; thence west along a line 7 4/5 inches north of and parallel to the south lot line of Lot 10, Block 2, Ridge Place, to the center line of the north-south alley lying between Main Street and Walnut Street; thence south along the center line of the north-south alley lying between Main Street and Walnut Street to a line 26.5 feet south of and parallel to the north lot line of Lot 19, Swopes Addition; thence west along a line 26.5 feet south of and parallel to the north lot line of Lot 19, Swopes Addition, to the center line of Main Street; thence northerly along the center line of Main Street to the center line of 8th Street; thence west along the center line of 9th Street to the west right of way line of Main Street; thence north along the west right of way line of Main Street to a line 16.3 feet north of and parallel to the south lot line of Lot 16, Block 3, TH Swopes 2nd Addition; thence west along a line 16.3 feet north of and parallel to the south lot line of Lot 16, Block 3, TH Swopes 2nd Addition, to the center line of Baltimore Avenue; thence south along the center line or Baltimore Avenue to the center line of 8th Street; thence west along the center line of 8th Street to the Point of Beginning, all included in and a part of the City of Kansas City, Jackson County, Missouri.

Section 4. The City Council finds that:

a. The Redevelopment Area as a whole is a Blighted Area, and has not been

subject to growth or development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan;

b. The Redevelopment Plan conforms to the comprehensive plan for the

development of the City as a whole;

c. The estimated dates of completion of each of the respective Redevelopment

Projects and retirement of obligations incurred to finance respective Redevelopment Project Costs have been stated in the Redevelopment Plan, and are not more than 23 years from the estimated date of adoption of the respective ordinances approving Redevelopment Projects within the Redevelopment Area; and

d. The Redevelopment Plan includes a plan for the relocation assistance of

businesses and residents.

Section 5. That the Commission be and is authorized to enter into all necessary agreements and take all such further action as may from time to time be required to effectuate the purposes of the Redevelopment Plan.

Section 6. The Commission is authorized to issue obligations, in one or more series of bonds secured by the Tower Properties Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area and subject to any constitutional limitations, to acquire by purchase, donation, lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or other property, real or personal, or rights or interests therein, and grant or acquire licenses, easements and options with respect thereto, all in the manner and at such price the Commission determines, to enter into such contracts and take all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan pursuant to the power delegated to it in Ordinance No. 54556. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.

Section 7. Pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds generated from the Redevelopment Plan which are deposited into the Special Allocation Fund to the payment of Redevelopment Project Costs within the Redevelopment Area and each of the areas selected for Redevelopment Projects and authorizes the Commission to pledge such funds on its behalf.

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Approved as to form and legality:

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Assistant City Attorney