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Legislation #: 970685 Introduction Date: 5/15/1997
Type: Resolution Effective Date: 5/22/1997
Sponsor: COUNCILMEMBER ASJES AND COUNCILMEMBER STACKHAUS
Title: Directing the City Manager and City Auditor to cause a study to be made of the impact of Tax Increment Finance projects.

Legislation History
DateMinutesDescription
5/16/1997

Referred Finance & Administration Committee

5/15/1997

Referred Finance & Administration Committee

5/21/1997

Immediate Adoption

5/22/1997

Adopted


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RESOLUTION NO. 970685

 

Directing the City Manager and City Auditor to cause a study to be made of the impact of Tax Increment Finance projects.

 

WHEREAS, City expenditures for Tax Increment Finance projects have grown sharply in recent years and are projected to continue to increase; and

 

WHEREAS, the net general fund transfers for existing projects are projected to grow from about $2,400,000.00 in 1997 to $5,300,000.00 in fiscal year 2000; and

 

WHEREAS, members of the City Council have expressed concern about the effects of Tax Increment Finance; and

 

WHEREAS, a systematic review could provide a context and identify information requirements that would assist decision makers in assessing the impact of future projects; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the City Manager is directed to cause a study or studies of Tax Increment Financing to be made addressing the following issue:

 

a. The effect on the City's revenue stream of funding development through Tax

Increment Finance.

 

Section 2. That the City Auditor is directed to cause a study or studies of Tax Increment Financing to be made addressing the following issues:

 

a. How the actual performance of projects has compared to the projected

performance.

 

b. Identification of ways to improve policies and procedures for reviewing,

approving, monitoring and reporting on projects.

 

Section 3. That the City Manager and City Auditor shall report to the City Council on the progress of the study six months after the passage of this Resolution.

 

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