COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 060646
Authorizing the Director of
Finance to enter into a Financing and Cooperative Agreement with the Tax
Increment Financing Commission of Kansas City, Missouri, to provide additional
tax increment financing revenues from Projects 3, 4, 5A, 5B and 6 of the North
Oak Tax Increment Financing Plan for additional improvements in the
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, on February 24, 2005, the City Council passed Committee Substitute for Ordinance No. 050104,
which accepted the recommendations of the Commission as to the North Oak Tax
Increment Financing Plan (the Redevelopment Plan) and designated the
redevelopment area therein to be a blighted area; and
WHEREAS, a first
amendment to the Redevelopment Plan entitled the First Amendment to the North
Oak Tax Increment Financing Plan (the First Amendment) was proposed to 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 April 12, 2006, adopted Resolution No. 4-6-06, recommending that the
City Council approve the First Amendment; and
WHEREAS, the First
Amendment provides for expansion of the redevelopment area by adding a 32 acre
parcel which will be developed into retail space; and
WHEREAS, the Council
approved the First Amendment by passage of Ordinance No. 060534 on June ____,
2006; and
WHEREAS, the Council
desires to make available from certain projects within the redevelopment area
100% of the economic activity taxes generated by those projects; NOW,
THEREFORE,
BE IT ORDAINED BY THE
COUNCIL OF KANSAS CITY:
Section 1. That the
Council hereby expresses its intent to appropriate 100% of the economic
activity taxes, as defined by Section 99.845.3, RSMo, generated by Projects 3,
4, 5A, 5B and 6 of the North Oak Tax Increment Financing Plan for public
infrastructure and improvements in the redevelopment area, in accordance with
the North Oak Corridor Land Use and Development Plan.
Section 2. The
Director of Finance is authorized to enter into a financing and cooperative
Agreement with the Tax Increment Financing Commission of Kansas City, Missouri,
in substantially the form attached to this ordinance as Exhibit A.
_________________________________________________________
Approved as to
form and legality:
___________________________________
Heather A. Brown
Assistant City Attorney