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Legislation #: 140907 Introduction Date: 10/23/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission of Kansas City as to the Fifteenth Amendment to the KCI Corridor Tax Increment Financing Plan; and approving the Fifteenth Amendment to the KCI Corridor Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
10/22/2014 Filed by the Clerk's office
10/23/2014 Referred to Planning, Zoning & Economic Development Committee
10/29/2014 Advance and Do Pass as a Committee Substitute, Debate
10/30/2014 Passed as Substituted

View Attachments
FileTypeSizeDescription
140907.pdf Authenticated 250K Authenticated
140907 Compared.pdf Compared Version 71K Compared Version
140907 cs to ord COMPARED.docx Compared Version 24K 140907 cs to ord Compare Version
140907 Fact Sheet.pdf Fact Sheet 243K Revised Fact Sheet
140907 KCI Corridor TIF - 15th Amendment.pdf TIF Plan 3253K 15th Amendment with Exhibits
KCI Corridor TIF - 15th Amendment (00171423xA7821).pdf Advertise Notice 3253K KCI Corridor TIF Plan - 15th Amendment
KCI Corridor TIF 15th Amendment - Request for Ordinance (00172121xA7821).docx Request for Ordinance 25K KCI Corridor TIF Plan - 15th Amendment

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 140907

 

Accepting the recommendations of the Tax Increment Financing Commission of Kansas City as to the Fifteenth Amendment to the KCI Corridor Tax Increment Financing Plan; and approving the Fifteenth Amendment to the KCI Corridor Tax Increment Financing Plan.

 

WHEREAS, the City Council created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission") pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri (the "Act"); and

 

WHEREAS, the City Council accepted the recommendations of the Commission, approved the KCI Corridor Tax Increment Financing Plan (the “Plan”) and designated a Redevelopment Area in Ordinance No. 990256; and 

 

WHEREAS, the Plan has previously been amended thirteen times; and 

 

WHEREAS, a fifteenth amendment to the Plan (“Fifteenth Amendment”) was proposed to the Commission and the Commission, having been duly constituted and its members appointed, after proper notice was given, met in public hearing, and after receiving the comments of all interested persons and taxing districts, closed the public hearings; and  

 

WHEREAS, the Fifteenth Amendment provides for additional project improvements including road and trail projects and would provide for modifications to the Budget of Redevelopment Projects Costs and was approved by the Commission on September 10, 2014, by adoption of Resolution No. 9-P3B-14; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the recommendations of the Commission concerning the Fifteenth Amendment as set forth in Resolution 9-P3B-14, and modifying the Budget of Redevelopment Projects Costs, are hereby accepted and the Fifteenth Amendment is hereby approved and adopted as valid.

 

Section 2. That all terms used in this ordinance, not otherwise defined herein, shall be construed as defined in the Act.  

 

Section 3. That the City Council hereby finds that good cause has been shown for the amendment of the Plan and that the findings of the Council with regard to each of the previous amendments are not affected by the Fifteenth Amendment and apply equally to the Fifteenth Amendment.  

 

Section 4. That in accordance with the recommendations of the Commission, the City Council hereby finds that: 

 

a. The Redevelopment Area as a whole is an economic development area, as defined in Section 99.805(5) of the Act, 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. The lack of sufficient street improvements, interchanges, and other infrastructure has inhibited the development of the Redevelopment Area.  

 

b. The Fifteenth 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 Fifteenth Amendment and are not more than 23 years from the passage 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 Plan 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 Fifteenth Amendment does not include the initial development or redevelopment of any gambling establishment.

 

h. A study has been completed and the findings of such study satisfy the requirements provided under Section 99.810, RSMo.  

 

Section 5. That the Commission is authorized to issue obligations in one or more series of bonds secured by the KCI Corridor 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. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865 of the Act, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.  

 

Section 6. That the City Council approves the pledge of all funds that are deposited into the KCI Corridor 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.

 

_____________________________________________

 

Approved as to form and legality:

  

 

______________________________

Brian Rabineau

Assistant City Attorney