ORDINANCE NO.
040618
Accepting the recommendations of the Tax Increment
Financing Commission of Kansas City as to the First Amendment to the KCI
Corridor Tax Increment Financing Plan; approving the First Amendment to the KCI
Corridor Tax Increment Financing Plan.
WHEREAS, pursuant to the Real Property Tax
Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the
Revised Statutes of Missouri, 1986, as amended (the "Act"), the City
Council of Kansas City, Missouri, by Ordinance No. 54556 passed on November 24,
1982, and thereafter repealed and amended in certain respects by Committee
Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991,
created the Tax Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS, the Commission has been duly
constituted and its members appointed; and, after all proper notice was given,
the Commission met in public hearing and after receiving the comments of all
interested persons and taxing districts, closed said public hearing on February
10, 1999, and on February 10, 1999, approved Resolution No. 2-1-99 (the
"Resolution") recommending to the City Council the approval of the
KCI Corridor Tax Increment Financing Plan (the Plan"); and
WHEREAS, in Ordinance No. 990256, the Council
accepted the recommendations of the Tax Increment Financing Commission of
Kansas City (Commission) and approved the KCI Corridor Tax Increment
Financing Plan; and
WHEREAS, the first amendment to the Plan,
clarifying the procedures for acquisition of property necessary for
construction of street and intersection improvements (First Amendment), was
approved by the Commission on April 12, 2000, by Resolution No. 04-13-00 and
April 12, 2004; NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. The recommendations of the
Commission concerning the First Amendment as set forth in the Resolution
attached hereto as Exhibit A are hereby accepted and the First Amendment, a
copy of which is attached hereto as Exhibit B, is hereby approved.
Section 2. All terms used in this ordinance,
not otherwise defined herein, shall be construed as defined in the Real
Property Tax Increment Allocation Redevelopment Act, Sections 99,800 to 99.865,
RSMo.
Section 3. The City Council hereby finds that
good cause has been shown for the amendment of the Plan and that the findings
of the Council in Ordinance No. 990256 are not affected by the First Amendment
and apply equally to the First Amendment.
Section 4. In accordance with the
recommendations of the Commission as set forth in the Resolution, the City
Council hereby finds that:
A. The Redevelopment Area as
a whole is an economic development area, as defined in Section 99.805(5) of the
Act and has not been subject to growth and development through investment by
private enterprise. It is undeveloped ground. The lack of sufficient street
improvements and interchanges has inhibited the development of the
Redevelopment Area.
B. The Amendment conforms
to the comprehensive plan for the development of the City as a whole.
C. The areas selected for
Redevelopment Projects include only those parcels of real property and
improvements thereon which will be directly and substantially benefitted by the
Redevelopment Project Improvements.
D. The estimated dates of completion of the Redevelopment
Projects and retirement of obligations incurred to finance Redevelopment
Project Costs have been stated in the Amendment and are not more than 23 years
from the adoption of any ordinance approving a Redevelopment Project within the
Redevelopment Area.
E. The Amendment includes a
plan for relocation assistance for businesses and residences.
F. A cost-benefit analysis
showing the impact of the Amendment on each taxing district which is at least
partially within the boundaries of the Redevelopment Area has been prepared in
accordance with the Act.
G. The Amendment does not
include the initial development or redevelopment of any gambling establishment.
Section 5. The Commission is authorized to
issue obligations in one or more series of bonds secured by the KCI Corridor
Tax Increment Plan 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 6. The City Council approves the pledge
of all funds that are deposited into the KCI Corridor Tax Increment Financing
Plan Account of the Special Allocation Fund to the payment of Redevelopment
Project Costs within the Redevelopment Area and authorizes the Commission to
pledge such funds on its behalf.
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Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant
City Attorney