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Legislation #: 981428 Introduction Date: 12/10/1998
Type: Ordinance Effective Date: 1/8/1999
Sponsor: COUNCILMEMBER BLACKWOOD
Title: Approving a Redevelopment Agreement between the Tax Increment Financing Commission of Kansas City, Missouri, the City of Kansas City, Missouri, and Power _ Light District, L.L.C., for the implementation of the Power _ Light District Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
12/10/1998

Prepare to Introduce

12/10/1998

Referred Finance & Administration Committee

12/16/1998

Hold On Agenda

12/29/1998

Advance and Do Pass

12/29/1998

Held on Docket

12/29/1998

Passed


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ORDINANCE NO. 981428

 

Approving a Redevelopment Agreement between the Tax Increment Financing Commission of Kansas City, Missouri, the City of Kansas City, Missouri, and Power & Light District, L.L.C., for the implementation of the Power & Light District Tax Increment Financing Plan.

 

WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 54556 passed on November 24, 1982, and thereafter amended in certain respects by Ordinance No. 911076 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, the Ordinance directs the Commission to notify the City Clerk when it has reached agreement with a developer containing certain provisions; and

 

WHEREAS, on June 11, 1997, the Commission granted Centertainment, Inc. the exclusive right to negotiate an agreement with the Commission to implement the Plan, which right was assigned to Power & Light District, L.L.C., a wholly-owned subsidiary of Centertainment, Inc., which assignment was approved by the Commission on August 12, 1998, by Resolution #8-9-98; and

 

WHEREAS, the City Clerk has received notice from the Commission that the Commission and Power & Light District, L.L.C. have entered into a Redevelopment Agreement which provides for the implementation of the Plan and contains the provisions called for by the Ordinance, and such Agreement has been presented for approval, the City of Kansas City being a party to the Agreement; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Redevelopment Agreement, a copy of which is attached hereto as Exhibit "A," is hereby approved and adopted.

 

Section 2. The City Manager is hereby authorized and directed to execute the Agreement on behalf of the City and is further authorized, upon advice of counsel, to make such technical amendments as may be necessary to correct minor inaccuracies which do not change the substance of the Agreement without further approval of the Council.

 

_____________________________________________________

 

Approved as to form and legality:

 

_____________________________

Assistant City Attorney