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Legislation #: 071297 Introduction Date: 11/29/2007
Type: Ordinance Effective Date: 2/1/2008
Sponsor: COUNCILMEMBER SHARP AND COUNCILMEMBER JOLLY
Title: Accepting the recommendations of the Tax Increment Financing Commission as to the Amended and Restated Three Trails District Tax Increment Financing Plan; approving the Amended and Restated Three Trails District Tax Increment Financing Plan; designating a Redevelopment Area and setting forth conditions for the future amendment of the Redevelopment Plan; authorizing the negotiation of a financing agreement with certain terms and authorizing the submission of an application for state supplemental tax increment financing.

Legislation History
DateMinutesDescription
11/27/2007 Filed by the Clerk's office
11/29/2007 Referred to Finance and Audit Committee
12/5/2007 Hold On Agenda (12/12/2007)
12/12/2007 Advance and Do Pass as a Committee Substitute, Debate
12/13/2007 Passed as Substituted

View Attachments
FileTypeSizeDescription
071297.pdf Authenticated 220K Authenticated
Fact Sheet - EXHIBIT 2.pdf Exhibit 151K Economic Development Project Fact Sheet-Exhibit 2
Fact Sheet - EXHIBIT 1.pdf Exhibit 30K Economic Development Project Fact Sheet-Exhibit 1
Fact Sheet_12112007.pdf Fact Sheet 54K Economic Development Project Fact Sheet
Three Trails TIF Oridinance Fact Sheet- All projects (00090045).XLS Fact Sheet 70K Amended and Restated Three Trails District TIF Plan Ordinance Request
3Trails request for ordinance (00090027).DOC Request for Ordinance 34K Amended and Restated Three Trails District TIF Plan Ordinance Request

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 071297

 

Accepting the recommendations of the Tax Increment Financing Commission as to the Amended and Restated Three Trails District Tax Increment Financing Plan; approving the Amended and Restated Three Trails District Tax Increment Financing Plan; designating a Redevelopment Area and setting forth conditions for the future amendment of the Redevelopment Plan; authorizing the negotiation of a financing agreement with certain terms and authorizing the submission of an application for state supplemental tax increment financing.

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter amended in certain respects by Committee Substitute for 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 Amended and Restated Three Trails District Tax Increment Financing Plan (the Redevelopment Plan) was proposed to the Commission; and

 

WHEREAS, having been duly constituted and its members appointed, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts with respect to the Redevelopment Plan, closed said public hearing on November 7, 2007, adopted its Resolution No. 11-01-07 (the Resolution) recommending to the City Council the approval of the Redevelopment Plan; and

 

WHEREAS, the Redevelopment Plan is a comprehensive program intended to reduce or eliminate blight and enhance the tax base within the Redevelopment Area through the implementation of a number of Redevelopment Project (Redevelopment Project) and the adoption of tax increment financing for the area selected for such Redevelopment Project; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendation of the Commission concerning the Redevelopment Plan as set forth in the Resolution attached hereto as Exhibit "A", is hereby accepted and the Redevelopment Plan, a copy of which is attached hereto as Exhibit "B", is hereby approved and adopted.

 

Section 2. All terms used in this ordinance shall be construed as defined in Sections 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the "Act").

 

Section 3. The following described area is hereby designated a Redevelopment Area:

 

The Redevelopment Area is generally bounded by I-435 on the west, and Kansas City Southern Railroad to the east, 95th Street on the south and 87th Street on the north, although the redevelopment area also includes property bordering the north side of 87th Street, property located on the southeast corner of I-435 and 95th Street, property located at the southwest corner of Bannister Road and Hillcrest Road, and property to the east of the Railroad between 93rd Street and 91st Street extending to Old Santa Fe Road in Kansas City, Jackson County, Missouri 

 

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 a blighted area, to wit:

 

(i) Bannister Malls (Mall) out-of-date design and unsafe conditions due to poor internal circulation and poor exterior signage and site circulation.

 

(ii) An old and obsolete platting of ownership, which makes it difficult to address the problems and needed improvements of the mall in a comprehensive and efficient manner.

 

(iii) Deteriorated and outdated improvements which have reached the end of their useful life dictating the need to replace the roof of the Mall, rework and replace the electrical system for exterior lighting, replace significant portions of the parking lots, replace most of the interior lighting for the Mall, and the construction of an irrigation system to maintain landscaping throughout the Mall site.

 

(iv) A decline in assessed value of nearly 41% over the past five years, with the prospect of sinking lower in the future, unless corrective measures are taken.

 

(v) A decline in small shop occupancy from nearly 75% to less than 50% in the past four years.

 

(vi) The closing of major tenants of the Mall.

 

(b) The Redevelopment Area has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be developed without the adoption of the Redevelopment Plan;

 

(c) The Redevelopment Plan conforms to the Blue Ridge Corridor Plan and FOCUS, together, the comprehensive plan for the development of the City as a whole;

 

(d) The area selected for Redevelopment Project includes only those parcels of real property and improvements thereon which will be directly and substantially benefitted by the Redevelopment Project improvements;

 

(e) The estimated dates of completion of the Redevelopment Project and retirement of obligations incurred to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan, and are not more than 23 years from the adoption of any ordinance approving the Redevelopment Project;

 

(f) A plan has been developed for relocation assistance for businesses and residences;

 

(g) A cost-benefit analysis showing the impact of the Redevelopment Plan on each taxing district at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act; and

 

(h)                The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment.

 

(i) A budget study has been completed and the findings of such study satisfy the requirements of subsection (1) of Section 99.805, RSMo.

 

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the Amended and Restated Three Trails District Tax Increment Financing 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. Pursuant to the provisions of the Redevelopment Plan, the City Council approves the pledge of all funds generated from Redevelopment Project that are deposited into the Amended and Restated Three Trails District 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.

 

Section 7. That the Council hereby states that no amendment to the Redevelopment Plan will be considered unless the following measures have been approved by the appropriate parties:

 

a. A neighborhood improvement and infrastructure plan;

 

b. A small business assistance plan;

 

c. An agreement with the designated redeveloper regarding the ownership and lease of the stadium; and

 

d. An agreement regarding the appropriation of revenues generated within the Redevelopment Area but not captured in accordance with the Act (that is, revenues commonly referred to SuperTIF), which agreement includes performance measures tied to stated projections or other acceptable criteria, and a means of returning surplus revenues to the taxing jurisdictions after bonds are issued and the developer reimbursed.

 

Section 8. In order to meet any conditions for state supplemental tax increment financing, the Council hereby agrees to consider committing, subject to annual appropriation and actual collection, in addition to the revenues available under the Act, the balance of the economic activity taxes generated in the Redevelopment Area to be used for repayment of project costs plus reasonable interest and financing costs as certified by the Commission. The City Manager is authorized to negotiate a financing agreement for presentation to the Council and other appropriate parties for approval.

 

Section 9. That the City Manager is authorized and directed to submit, on behalf of the City, an application for state funds for the Three Trails Tax Increment Financing Project to the Missouri Department of Economic Development, pursuant to Sections 99.800 to 99.865, RSMo.

 

_____________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney