ORDINANCE NO. 001035

Accepting the recommendations of the Tax Increment Financing Commission approving the First Amendment to the Summit Tax Increment Financing Plan (the Amendment); and designating a larger Redevelopment Area.

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"Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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 Summit Tax Increment Financing Plan was approved by Ordinance No. 951016 on August 31, 1995 (the Plan"); and

WHEREAS, the Commission, having been duly constituted, its members appointed, and after all proper notice was given, met in public hearing on July 12, 2000, and, after receiving the comments of all interested persons and taxing districts, approved Resolution No. 7-12-00 (the "Resolution") recommending to the City Council the approval of the Amendment; and

WHEREAS, the Amendment is a comprehensive program intended to satisfy, reduce or eliminate those conditions, the existence of which qualified the Redevelopment Area as a conservation area, and to enhance the tax base within the Redevelopment Area through the implementation of a series of Redevelopment Projects and the adoption of tax increment financing in such Redevelopment Project Areas; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. The recommendations of the Commission concerning the Amendment as set forth in the Resolution attached hereto as Exhibit "A" are hereby accepted and the Amendment, a copy of which is attached hereto as Exhibit "B," is hereby approved and adopted as valid and the Redevelopment Project(s) contained therein are hereby authorized.

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:

Beginning at the point of intersection of the center line of Broadway and the south right-of-way line of 26th Street; thence west along the south right-of-way line of 26th Street to the east right-of-way line of Interstate 35; thence north along the east right-of-way line of Interstate 35 to the south right-of-way line of 25th Street; thence west along the south right-of-way line of 25th Street to the west right-of-way line of Interstate 35; thence south along the west right-of-way line of Interstate 35 to the center line of 26th Street; thence west and northwesterly along the center line of 26th Street to the to the east line of Lot 59, Block 4,

GATES ADDITION; thence northeasterly along the east lot line of Lots 59 through 48, inclusive, Block 4, GATES ADDITION; thence northwesterly along the northern lot line of Lot 48, Block 4, GATES ADDITION, to the center line of Southwest Boulevard; thence northeasterly 825 feet, more or less, along the center line of Southwest Boulevard to the south right-of-way line of the Kansas City Terminal Railroad; thence southeasterly 50 feet along a straight line; thence northeasterly along a straight line to the northwest corner of Lot 21, Block 3, GATES ADDITION; thence continuing northeasterly along a straight line 725 feet, more or less, to the east right-of-way line of Summit Street; thence south along the east right-of-way line of Summit Street to the north right-of-way line of 25th Street; thence east along the north right-of-way line of 25th Street to a point 171.28 feet west of the west line of Jefferson Street, as said street was established by Ordinance No. 37-077; thence northeasterly along a straight line to a point 9 feet west of the southwest corner of the 4th bridge pillar north of 25th Street on the west side of Interstate 35 bridge; thence northeasterly along a straight line to a point on the south right-of-way line of the Kansas City Terminal 82.52 feet west of the west line of Jefferson Street, said point being on the north lot line of Lot 3, Block 9, A.J. LLOYDS SUBDIVISION; thence east along the north lot line of Lot 3, Block 9, A.J. LLOYDS SUBDIVISION the north lot line of Lot 3, Block 10, A.J. LLOYDS SUBDIVISION, and the extension of said line to the center line of West Pennway; thence south 10 feet, more or less, along the center line of West Pennway to the westerly extension of the north right-of-way line of Pershing Road; thence east 510 feet, more or less, to the west lot line of Lot 9, Block C, JAMESONS SUBDIVISION; thence north along the west lot line of Lots 9 through 6, Block C, JAMESONS SUBDIVISION, to the north lot line of Lot 6, Block C, JAMESONS SUBDIVISION; thence east along the north lot line of Lot 6, Block C, JAMESONS SUBDIVISION, to the center line of Broadway; thence south along the center line of Broadway to the center line of Pershing Road; thence east and northeasterly along the center line of Pershing Road to the center line of Kessler Road; thence south along the center line of Kessler Road to the easterly extension of the south right-of-way line of 26th Street; thence west along the easterly extension of the south right-of-way line of 26th Street to the Point of Beginning, all included in and a part of 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 qualifies as a Conservation Area as evidenced by the following factors:

The Redevelopment Area described in the Amendment has not been subject to growth and development through investment by private enterprise and would not reasonably be anticipated to be redeveloped without the adoption of the Amendment, all as certified to by proposed Redevelopers; all of the structures in the expanded area were constructed more than 35 years ago and conditions such as dilapidation, functionally obsolete structures, deterioration, substandard code compliance, excessive vacancies, excessive coverage and deleterious land use continue to exist.

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 benefited 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 Summit 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 Summit 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:

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Assistant City Attorney