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Legislation #: 180376 Introduction Date: 5/17/2018
Type: Ordinance Effective Date: none
Sponsor: None
Title: Acknowledging that the 23-year statutory period for the capture of tax increment allocation financing within the Project 1 of the New York Life Tax Increment Financing Plan has expired; terminating the designation of Project 1 of the New York Life Tax Increment Financing Plan as a redevelopment project therein; and directing the Clerk to send a copy of this ordinance to Jackson County, Missouri.

Legislation History
DateMinutesDescription
5/15/2018 Filed by the Clerk's office
5/17/2018 Referred to Planning, Zoning & Economic Development Committee
5/23/2018 Hold On Agenda (6/6/2018)
6/6/2018 Advance and Do Pass, Debate
6/7/2018 Held on Docket (6/14/2018)
6/14/2018 Held on Docket (7/12/2018)
7/12/2018 Passed

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180376.pdf Authenticated 52K Authentication
180376 Fact Sheet.pdf Fact Sheet 65K Fact Sheet

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ORDINANCE NO. 180376

 

Acknowledging that the 23-year statutory period for the capture of tax increment allocation financing within the Project 1 of the New York Life Tax Increment Financing Plan has expired; terminating the designation of Project 1 of the New York Life Tax Increment Financing Plan as a redevelopment project therein; and directing the Clerk to send a copy of this ordinance to Jackson County, Missouri.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and further amended thereafter, created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, the New York Life Building Tax Increment Financing Plan (the “Plan” or “Redevelopment Plan”) was approved by passage of Ordinance No. 941543 on November 21, 1994; and 

 

WHEREAS, Project 1 was approved by passage of Ordinance No. 941544 on February 16, 1995; and

 

WHEREAS, the 23-year statutory period for the capture of tax increment allocation financing within Project 1 of the New York Life Tax Redevelopment Area has expired; and

 

WHEREAS, the Commission, at its April 11, 2018 meeting, recommended termination of the designation of Project 1 of the New York Life Tax Increment Financing Plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council hereby acknowledges that the 23-year statutory period for the capture of tax increment allocation financing within Project 1 of the New York Life Tax Redevelopment Area has expired.

 

Section 2. That the designation of Project 1 of the New York Life Tax Increment Financing Plan as a redevelopment project is hereby terminated.

 

Section 3. That the City Clerk is directed to send a copy of this ordinance to the County Clerk and County Executive of Jackson County, Missouri.

  

________________________________________________

 

Approved as to form and legality:

 

______________________________

Brian T. Rabineau

Assistant City Attorney