RESOLUTION NO. 970276

Expressing support for an amendment to HCS HB 589 concerning Tax Increment Financing to include all economic activity taxes.

WHEREAS, HCS HB 589 is currently pending before the Missouri General Assembly; and

WHEREAS, Section 99.800, et seq., Revised Statutes of Missouri, currently provide for payments in lieu of taxes and for fifty percent (50%) of net revenues from certain economic activity taxes to be deposited in a special fund to be used for the payment of redevelopment costs and obligations; and

WHEREAS, an amendment is proposed to such bill for the purpose of including sales taxes generated by a project for inclusion in the Special Allocation Fund for the purpose of financing redevelopment; and

WHEREAS, the City supports the concept of the use of all economic activity tax revenue to finance the actual costs of redevelopment; NOW, THEREFORE,

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

That the Council hereby expresses its support for an amendment to HCS HB 589 which would include all economic activity taxes generated by a redevelopment project as a source for inclusion in the Special Allocation Fund to finance redevelopment costs and obligations.

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