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Legislation #: 070996 Introduction Date: 9/20/2007
Type: Ordinance Effective Date: none
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission as to the Third Amendment to the North Oak Tax Increment Financing Plan; approving the Third Amendment to the North Oak Tax Increment Financing Plan.; and designating an expanded redevelopment area.

Legislation History
DateMinutesDescription
9/17/2007 Filed by the Clerk's office
9/20/2007 Referred to Finance and Audit Committee
9/26/2007 Hold On Agenda (10/3/2007)
10/3/2007 Do Pass as a Committee Substitute
10/4/2007 Assigned Third Read Calendar as Substituted
10/11/2007 Passed

View Attachments
FileTypeSizeDescription
070996.pdf Authenticated 189K Authenticated
North Oak Third Amendment 9-28-07 (00088283).PDF TIF Plan 62K reprinted TIF Plan
00084556.PDF TIF Plan 277K TIF Plan
00087743.XLS Fact Sheet 50K Fact Sheet
00087843.DOC Request for Ordinance 21K Request For Ordinance

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 070996

 

Accepting the recommendations of the Tax Increment Financing Commission as to the Third Amendment to the North Oak Tax Increment Financing Plan; approving the Third Amendment to the North Oak Tax Increment Financing Plan.; and designating an expanded 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, on July 20, 2006, the Council approved Ordinance No. 060534, the First Amendment to the North Oak Tax Increment Financing Plan which provided for expansion of the redevelopment area by adding a 32 acre parcel which will be developed into retail space and the change in designation of the Redevelopment Area as a blighted area to a conservation area; and

 

WHEREAS, a second amendment to the Redevelopment Plan entitled the Second Amendment to the North Oak Tax Increment Financing Plan (the Second Amendment) was proposed to the Commission but was never approved; and 

 

WHEREAS, a third amendment to the Redevelopment Plan entitled the Third Amendment to the North Oak Tax Increment Financing Plan (the Third 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 August 15, 2007, adopted Resolution No. 8-10-07 (the Resolution) recommending that the City Council approve the Third Amendment; and

 

WHEREAS, the Third Amendment provides for expansion of the redevelopment area by including the east side of the 4200 block of North Oak Trafficway as Project 2B to be developed into retail space; NOW, THEREFORE, 

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendations of the Commission concerning the Third Amendment to the North Oak Tax Increment Financing Plan as set forth in the Resolution attached hereto as Exhibit A are hereby accepted and the Third Amendment, a copy of which is attached hereto as Exhibit B, is hereby approved and adopted as valid and the Redevelopment Project contained therein is hereby authorized. 

 

Section 2. All terms used in this ordinance, not otherwise defined herein, shall be construed as defined in Section 99.800 to 99.865 of the Revised Statutes of Missouri, as amended (the Act).

 

Section 3. That the area legally described as:

 

4225 N. Oak Trafficway: Greenfield, west 230 feet of Lots 97 and 124 and all of west 230 feet of vacant N.E. 42nd Terrace.

 

is added to the North Oak Tax Increment Financing Plan Redevelopment Area and made a part thereof.

 

Section 4. The Council hereby finds that:

 

(a) Good cause has been shown for amendment of the Redevelopment Plan, and that the findings of the Council in Ordinance No. 050104 and 060534, with respect to the Redevelopment Plan are not affected by the Third Amendment and apply equally to the Third Amendment;

 

(b) The Redevelopment Area, as amended, is a conservation area, as a whole, 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, as amended, and the Third Amendment;

 

(c) The Redevelopment Plan includes a detailed description of benefactors that qualify the Redevelopment Area as a conservation area and an affidavit as required by Section 99.810.1(1), RSMo.

 

(d) The Redevelopment Plan, as amended, confirms to the comprehensive plan for the development of the City as a whole;

 

(e) The areas selected for Redevelopment Projects include only those parcels of real property and improvements therein which will be directly and substantially benefited by the Redevelopment Project improvements;

 

(f) The estimated dates of completion of the respective Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs, have been stated in the Redevelopment Plan, as amended, and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area, as amended;

 

(g) A plan has been developed for relocation assistance for businesses and residences;

 

(h) A cost benefit analysis showing the impact of the Third 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;

 

(i)                  The Third Amendment does not include the initial development or redevelopment of any gambling establishment.

 

(j) A blight study has been completed and the findings of such study satisfy the requirements provided under subdivision (1) of Section 99.805, RSMo.

 

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the North Oak Account of the Special Allocation Fund to finance Redevelopment Project Costs within the Redevelopment Area, as amended, 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 stake all such further actions as are reasonably necessary to achieve the objectives of the Redevelopment Plan, as amended, 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 and 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, as amended the City Council approves the pledge of all funds generated from Redevelopment Projects that are deposited into the North Oak Account of the Special Association Fund to the payment of Redevelopment Project Costs within the Redevelopment Area, as amended, and authorizes the Commission to pledge such funds on its behalf.

 

Section 7. Notwithstanding anything to the contrary in the preceding sections of this ordinance and in accordance with the customary policies and procedures of the City relating to its condemnation processes, no final order for condemnation of any property for any project within the North Oak Tax Increment Financing Plan shall be entered unless and until such time as any necessary private third-party or public financing for the construction of such project as called for in the plan has closed and proceeds from such financing are available for constructing such project.

 

_________________________________________________________

 

Approved as to form and legality:

 

 

____________________________

Heather A. Brown

Assistant City Attorney