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Legislation #: 001398 Introduction Date: 10/12/2000
Type: Resolution Effective Date: 10/12/2000
Sponsor: None
Title: Making certain determinations regarding the financing plan for the Baltimore Kickoff Phase of the Power _ Light District Tax Increment Financing Plan; requesting certain actions from the Tax Increment Financing Commission; and directing the City Manager to notify the redeveloper of the recommendation.

Legislation History
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10/12/2000

Adopted


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RESOLUTION NO. 001398

 

Making certain determinations regarding the financing plan for the Baltimore Kickoff Phase of the Power & Light District Tax Increment Financing Plan; requesting certain actions from the Tax Increment Financing Commission; and directing the City Manager to notify the redeveloper of the recommendation.

 

WHEREAS, the Power & Light Oversight Committee (the Oversight Committee) was established to review the financing plan proposed by the Redeveloper, to determine if the original business deal points should be modified for implementation of the Baltimore Kickoff Phase of the Power & Light District Tax Increment Financing Plan (the Plan) and to make recommendations regarding these matters; and

 

WHEREAS, the Oversight Committee directed its negotiating team (Negotiating Team) to review, define and analyze the financial and deal points of the Baltimore Kickoff Phase of the Plan; and

 

WHEREAS, the Negotiating Team reviewed leasing considerations, debt considerations, land ownership, pre-development costs, timetable and public participation and discussed these matters with the Redeveloper; and

 

WHEREAS, on October 12, 2000, the Negotiating Team advised the Oversight Committee that it did not have confirmation that required leases conforming to the business deal points were in place at this time; and

 

WHEREAS, the Oversight Committee has determined that the Redeveloper has proposed a financing structure which does not adequately protect the City and that the Redeveloper has rejected requests by the Negotiating Team to offer alternative financing structures which would improve the Citys financial position; and

 

WHEREAS, the Agreement for the Implementation of the Power & Light District Tax Increment Financing Plan dated January 14, 1999, provides that the City and the Tax Increment Financing Commission (the Commission) will determine the appropriate blend of obligations for the projects and that the Redeveloper may withdraw if the blend is unacceptable to the Redeveloper; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council hereby determines that, after consideration of the findings of the Power & Light Oversight Committee, the appropriate blend of obligations for the Baltimore Kickoff Phase of the Power & Light District Tax Increment Financing Plan should include greater security features for the City than the financing structure proposed by the Redeveloper. The Council finds that the Negotiating Team has requested that the Redeveloper consider alternative proposals which would have improved the Citys position in the proposed financing and that the Redeveloper has rejected these proposals.

Section 2. That the Council hereby requests the Tax Increment Financing Commission of Kansas City, Missouri, to review the report of the Oversight Committee and make a recommendation to the Council regarding the appropriate blend of obligations for financing of the Baltimore Kickoff Phase projects within 7 days of the adoption of this resolution.

 

Section 3. That, in the event that the Commission concurs with the Council regarding the financing plan, the Council directs the City Manager to so notify the Redeveloper and request that the Redeveloper withdraw without penalty from the Power & Light District Tax Increment Financing Plan as a whole.

 

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