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Legislation #: 160222 Introduction Date: 3/24/2016
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the Director of Finance to make mid-year adjustments including appropriating from the Unappropriated Fund Balance in the TIF Special Allocation Debt Fund in the amount of $1,518,248.00; and estimating additional revenues in the General Fund in the amount of $131,148.00.

Legislation History
DateMinutesDescription
3/24/2016 Filed by the Clerk's office
3/24/2016 Referred to Planning, Zoning & Economic Development Committee
3/30/2016 Advance and Do Pass, Debate
3/31/2016 Passed

View Attachments
FileTypeSizeDescription
160222.pdf Authenticated 122K Authenticated
Civic Mall Excess Funds Fact Sheet.pdf Fact Sheet 10K Fact Sheet

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ORDINANCE NO. 160222

 

Authorizing the Director of Finance to make mid-year adjustments including appropriating from the Unappropriated Fund Balance in the TIF Special Allocation Debt Fund in the amount of $1,518,248.00; and estimating additional revenues in the General Fund in the amount of $131,148.00.

 

WHEREAS, the Civic Mall Tax Increment Financing Plan (the “Plan”) was approved by the City Council upon recommendation of the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”) and pursuant to the Real Property Tax Increment Allocation and Redevelopment Act, Section 99.800 to 99.865, as amended (the “TIF Law”) by passage of Committee Substitute for Ordinance No. 941589 on December 8, 1994, and has since been amended seven times by Ordinance Nos. 970236, 980654, 040706, 120659, 120695, 120870, and 130238; and

 

WHEREAS, the Missouri Development Finance Board issued Limited Obligation Leasehold Revenue Bonds (Kansas City, Missouri, Ilus W. Davis Park Project), Series 1995 (the “MDFB Bonds”) in the amount of $8,800,000.00 for the purpose of acquiring the project site, demolition of certain improvements and the construction, improvement and equipping of a public park and pedestrian mall on the project site; and

 

WHEREAS, the Industrial Development Authority of Kansas City (the “Authority”) issued Tax-Exempt Refunding and Improvement Revenue Bonds, (Civic Mall Project), Series 2006C (the “Bonds”) in the amount of $6,085,000.00 to finance improvements in the Plan and refund the MDFB Bonds (the “Project”); and

 

WHEREAS, the Bond Trustee forwarded $1,518,202.84 of excess funds to the City following the final bond maturity date of December 1, 2015; and

 

WHEREAS, the excess funds were composed of $1,387,053.86 of Incremental Tax Revenues and other amounts deposited in the Revenue Account maintained at the Bond Trustee and $131,148.98 of remaining bond proceeds and other funds deposited in the Project Account maintained at the Bond Trustee; and

 

WHEREAS, the City and all taxing jurisdictions have supported through tax increment financing the construction of Ilus Davis Park, the new Federal Courthouse, new and rehabilitated office buildings in the TIF Plan area; and

 

WHEREAS, the City and all taxing jurisdictions will now benefit from designated park land, removed blight and unsanitary conditions detrimental to the well-being of its citizenry; and

 

WHEREAS, the City and all taxing jurisdictions will now benefit from a retained and increased work force, increased assessed valuation and substantial private investment dollars; NOW THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the sum of $1,518,248.00 is hereby appropriated from the Unappropriated Fund Balance of the TIF Special Allocation Debt Fund, Fund No. 5150, to the following account in the TIF Special Allocation Debt Fund:

 

16-5150-129998-901000 Trf to General Fund $ 131,148.00

16-5150-122517-618520 TIF Project Costs – Civic Mall 1,387,100.00

TOTAL $1,518,248.00

 

Section 2. That the revenue in the following account of the General Fund, Fund No. 1000, is hereby re-estimated in the following additional amount:

 

16-1000-120000-505150 Trf from TIF Special Allocation Fund $ 131,148.00

 

Section 3. That the City hereby directs and affirms the Tax Increment Financing Commission’s plan to terminate all projects of the Civic Mall Tax Increment Financing Plan, with the exception of Project 13, and to surplus tax revenues to the appropriate taxing jurisdictions, in accordance with the TIF law.

 

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Randall J. Landes

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Brian T. Rabineau

Assistant City Attorney