ORDINANCE NO. 940715

Accepting the recommendations of the Tax Increment Financing Commission as to the Uptown Theater Tax Increment Financing Plan; approving the Uptown Theater Tax Increment Financing Plan; and designating a Redevelopment Area.

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, said Commission has been duly constituted and its members appointed; and, after all proper notice was given, the Commission met in public hearing and after receiving the comments of all interested persons and taxing districts, closed said public hearing on May 11, 1994 and on May 11, 1994, adopted its resolution recommending to the City Council the approval of the Uptown Theater Tax Increment Financing Plan (the "Redevelopment Plan"); and

WHEREAS, the Redevelopment Plan is a comprehensive program intended to reduce or eliminate those conditions, the existence of which qualified the Redevelopment Area as a Conservation Area and enhance the tax base within the Redevelopment Area through the implementation of five (5) separate Redevelopment Projects and the adoption of tax increment financing in each of the areas selected for such Redevelopment Projects; 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 as valid and the Redevelopment Projects contained therein are hereby authorized.

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

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

Beginning at the intersection of the center line of Broadway Avenue and the center line of Knickerbocker Place; thence west along the centerline of Knickerbocker Place 247.5 feet; thence south along a straight line 247.5 feet west of and parallel to the center line of Broadway Avenue to the south lot line of Lot 18, VINEWOOD ADDITION; thence west along the south lot line of Lot 18, VINEWOOD ADDITION to the center line of Pennsylvania Avenue; thence southerly along the centerline of Pennsylvania Avenue to the centerline of Valentine Road; thence east along the centerline of Valentine Road to the northerly extension of the centerline of Washington Street; thence south along the centerline of Washington Street to the westerly extension of a line 75 feet north of and parallel to the south lot line of Lot 7, MCGEE PLACE IN WESTPORT; thence east 132.6 feet along a line 75 feet north of and parallel to the south lot line of Lot 7, MCGEE PLACE IN WESTPORT; thence south along a line 132.6 feet east and parallel to the east right-of-way line of Washington Street to the south lot line of Lot 25, MCGEE PLACE IN WESTPORT; thence west along the south lot line Lot 25, MCGEE PLACE IN WESTPORT to the centerline of Washington Street; thence south along the centerline of Washington Street to the westerly extension of the south lot line of Lot 24, MCGEE PLACE IN WESTPORT; thence east along the south lot line of Lot 24, MCGEE PLACE IN WESTPORT and its extension to a point 13 feet west of and parallel to the west lot line of Lot 12, MCGEE PLACE IN WESTPORT; thence south along a line 13 feet west of and parallel to the west lot line of Lot 12, MCGEE PLACE IN WESTPORT, to the south lot line of Lot 23, MCGEE PLACE IN WESTPORT; thence east along the south lot line of Lot 23, MCGEE PLACE IN WESTPORT to the west lot line of Lot 12, MCGEE PLACE IN WESTPORT; thence south along the west lot line of Lots 13, 14 and 15, MCGEE PLACE IN WESTPORT to the south line of said Lot 15, MCGEE PLACE IN WESTPORT; thence east along the south lot line of Lot 15, MCGEE PLACE IN WESTPORT to the center line of Broadway Avenue; thence north along the centerline of Broadway Avenue to the POINT OF BEGINNING, all included in and a part of Kansas City, Jackson County, Missouri.

Section 4. The City Council hereby finds that:

(a) The Redevelopment Area as a whole is a conservation 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;

(b) The Redevelopment Plan conforms to the comprehensive plan for the development of the City as a whole;

(c) The estimated dates of completion of the respective Redevelopment Projects and retirement of any 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 a Redevelopment Project within the

Redevelopment Area;

(d) A plan has been developed for relocation assistance for businesses and residences.

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the Uptown Theater 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 Projects that are deposited into the Uptown Theater 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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Acting City Attorney