ORDINANCE NO. 991464

Accepting the recommendations of the Tax Increment Financing Commission as to the First Amendment to the Power and Light District Tax Increment Financing Plan approving the First Amendment to the Power and Light District 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"Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556 passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute to Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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 Power & Light District Tax Increment Financing Plan as amended (the "Plan") was approved by the Commission and passed by the City Council on August 28, 1997, by Committee Substitute for Ordinance No. 970992 ("the Ordinance"), which was further approved by the public in a referendum passed on February 3, 1998; and

WHEREAS, an amendment to the Redevelopment Plan entitled "The First Amendment to the Power and Light District Tax Increment Financing Plan" ("the First Amendment") affecting the area described therein was proposed to 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 on September 15, 1999, and after receiving the comments of all interested persons and taxing districts, and approved Resolution No. 9-13-99 (the "Resolution") recommending to the City Council the approval of the First Amendment; and

WHEREAS, the Amendment does not alter the exterior boundaries of the Redevelopment Area of the Plan, affect the general land uses established by the Plan, nor change the general nature of the redevelopment projects; the Amendment does not affect any of the findings made by the City Council when approving the Plan; the areas selected for Redevelopment Projects in the Amendment include only those parcels of real property and improvements thereon which will be substantially benefitted by the Redevelopment Project improvements; the Amendment does not provide for the initial establishment or redevelopment of any gambling institution; and

WHEREAS, the Amendment provides for the preservation of the historic President Hotel and the TWA Building, increases the amount of retail, theater, entertainment and office space, improves parking configuration, reduces the percentage of City-backed financing, increases the number of projects from nine to twenty-two and changes the eminent domain provisions to conform to statutory changes; 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 and adopted as valid and the Redevelopment Projects contained therein are hereby authorized, tax increment financing for each to be adopted by separate ordinance.

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.

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

All of or part of Blocks 7, 8, 10, and 14, REIDS ADDITION and all of or part of Blocks 2, 5, 6, 7, 8, 9, 12, 13, 14 and 15, McGEES ADDITION, and all of or part of Blocks E, L, and K, 2nd RESURVEY OF REIDS ADDITION, all subdivisions, according to the recorded plats thereof, including alleys and vacated alleys and also including parts of the following streets and avenue: 12th Street, 13th Street, 14th Street, Main Street, Wyandotte Street and Baltimore Avenue, as said streets and avenue are all now established, all in Section 5, Township 49, Range 33 in Kansas City, Jackson County, Missouri, being more particularly described as follows:

Beginning at the point of intersection of the South right-of-way line of 13th Street with the West right-of-way line of Baltimore Avenue, as said street and avenue are now both established; thence North along the Northerly prolongation of said West right-of-way line, a distance of 194.50 feet to a point of intersection with the Westerly prolongation the centerline of a East-West vacated alley; thence East along said Westerly prolongation and along said vacated alley centerline, a distance of 116.44 feet to a point of intersection with the centerline of a North-South vacated alley; thence South along said vacated alley centerline, a distance of 24 feet to a point of intersection with the Westerly prolongation of the North line of the South 22 feet of Lot 70, Block 5 of said McGEES ADDITION; thence East along said Westerly prolongation and along the North line of the South 22 feet of said Lot 70, a distance of 138.25 feet to a point on the West right-of-way of Main Street, as now established; thence South along said West right-of-way and its Southerly prolongation a distance of 170.50 feet to the Northeast corner of Lot 73, Block 6 of said McGEES ADDITION, being also a point of intersection of the South right-of-way line of said 13th Street with the West right-of-way line of said Main Street; thence East along the Easterly prolongation of the North line of said Lot 73 and along the North line of Lots 82 and 91, Block 7 of said McGEES ADDITION and the Easterly prolongation of the North line of said Lot 91 and along the North line of Lots 100 and 109, Block 8, McGEES ADDITION and its Easterly prolongation of the North line of said Lot 109 and along the South right-of-way line of said 13th Street, a distance of 728 feet to the point of intersection with the East right-of-way line of Grand Avenue, as now established, being also the Northwest corner of Lot 118, Block 9 of said McGEES ADDITION; thence North along Northerly prolongation of the East line of said Block 9, a distance of 49.5 feet to the Northeast corner of Block 2 of said McGEES ADDITION, being also a point of intersection of the North right-of-way line of said 13th Street with the West right-of-way line of said Grand Avenue; thence North along the East line of said Block 7, a distance of 408.01 feet to the Northwest corner of said Block 2, being also a point of intersection of the East right-of-way of said Grand Avenue with the South right-of-way line of 12th Street, as now established; thence East along said South right-of-way line and the North line of said Block 2, a distance of 247.5 feet to the Northeast corner thereof, being also a point of intersection of the South right-of-way line of said 12th Street with the West right-of-way line of McGee Street, as now established; thence South along said West right-of-way line and along the East line of said Block 2 and its Southerly prolongation and along the East line of Blocks 9 and 12 of said McGEES ADDITION and along said West right-of-way line, a distance of 1151.46 feet to Southeast corner of Lot 158 of said Block 12, being also a point intersection with the North right-of-way of U.S. Interstate Highway Route No. 35 (Truman Road), as now established; thence West along said North right-of-way line, the following courses and distances; thence West, 1109.50 feet to a jog therein; thence North along said jog, a distance of 0.50 feet; thence West along said North right-of-way line, a distance of 200.19 feet to a point on the West right-of-way line of said Baltimore Avenue; thence North along said West right-of-way line and along the North right-of-way of said U.S. Interstate Highway Route No. 35, a distance of 33 feet; thence continuing West along said North right-of-way line the following courses and distances; thence West, 138.50 feet; thence North, 24 feet; thence West, 142 feet to a point on the West line of Lot 15, Block 10 of said REIDS ADDITION; thence North along the West line of said Block 10 and its Northerly prolongation and along the West line of Block K of said 2nd RESURVEY OF REIDS ADDITION and its Northerly prolongation and along the West line of Block F of said 2nd RESURVEY OF REIDS ADDITION; and its Northerly prolongation and along the West line of Block 7 of said REIDS ADDITION, a distance of 510 feet to the Southwest corner of Lot 1, CORRECTED PLAT OF HAYES HEIGHTS, a subdivision in said City, County and State, according to the recorded plat thereof; thence East along the South line of said Lot 1, a distance of 158 feet to a point on the West line of Lot 7 of Block 7 of said REIDS ADDITION; thence North along the West line of Lots 7, 6, 5, 4, 3, 2 and 1 of said Block 7, a distance of 175 feet to the Northwest corner of said Lot 1; thence East along the North of said Lot 1 and along the South right-of-way of said 13th Street a distance of 202 feet to the Point of Beginning. Containing 29.556 acres, more or less.

Section 4. In accordance with the recommendations of the Commission as set forth in the Resolution, or in Resolution No. 6-1-97 of the Commission, the City Council hereby finds that:

A. The Redevelopment Area is a blighted area and 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, as amended, and the First Amendment.

B. The Amendment conforms to FOCUS, 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 Power and Light District 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 that are deposited into the Power and Light 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.

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Approved as to form and legality:

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Assistant City Attorney