KC Skyline

City Clerk Web Search

Search the Ordinances:

Legislation #: 001459 Introduction Date: 10/26/2000
Type: Ordinance Effective Date: 11/12/2000
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission as to the New England National Bank Building Tax Increment Financing Redevelopment Plan approving the New England National Bank Building Tax Increment Financing Redevelopment Plan; designating a Redevelopment Area; and making certain findings in connection with the Plan.

Legislation History
DateMinutesDescription
10/26/2000

Prepare to Introduce

10/26/2000

Referred Planning, Zoning & Economic Development Committee

11/1/2000

Advance and Do Pass

11/2/2000

Passed as Amended

11/2/2000

Amended


View Attachments
FileTypeSizeDescription
No attachment(s) found

Printer Friendly Version

 

ORDINANCE NO. 001459

 

Accepting the recommendations of the Tax Increment Financing Commission as to the New England National Bank Building Tax Increment Financing Redevelopment Plan approving the New England National Bank Building Tax Increment Financing Redevelopment Plan; designating a Redevelopment Area; and making certain findings in connection with the Plan.

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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, the 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 October 11, 2000 and on October 11, 2000, approved Resolution No. 10-8-00 (the "Resolution") recommending to the City Council the approval of the New England National Bank Building Tax Increment Financing Plan (the "Redevelopment Plan"); and

 

WHEREAS, the Redevelopment Plan is a comprehensive program intended to satisfy, reduce or eliminate those conditions, the existence of which qualified the Redevelopment Area as a conservation area, and to enhance the tax base within the Redevelopment Area through the implementation of a single Redevelopment Project and the adoption of tax increment financing in said Redevelopment Project Area; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendations of the Commission concerning the Redevelopment Plan as set forth in the Resolution attached hereto as Exhibit "A" are 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 Project contained therein are hereby authorized.

 

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

 

Section 3. The following_described tract is hereby designated a Redevelopment Area:

 

The north 80 feet of Lots 1, 2, and 3, Block 10, ASHBURNS ADDITION, a subdivision of land in Kansas City, Jackson County, Missouri.

 

Section 4. In accordance with the recommendations of the Commission as set forth in the Resolution, the City Council hereby finds that:

 


A. The Redevelopment Area qualifies as a Conservation Area as evidenced by the following factors:

 

1. The Redevelopment Area is an improved area located within the territorial limits of Kansas City, Missouri.

 

2. Fifty percent or more of the structures in the Redevelopment Area have an age of thirty_five years or more.

 

3. The Redevelopment Area is not yet a blighted area, but is detrimental to the public health, safety, morals, or welfare and may become a blighted area because of any one or more of the following factors:

 

a. Dilapidation; obsolescence; deterioration. The property has not been kept up by the former owners and is in a general state of disrepair and dilapidation. Without substantial restoration, the property will continue to depreciate further. The exterior wall surfaces and existing roof structure leak water and thereby cause a deterioration in the load-bearing capability of the internal structure of the building. Lack of maintenance, water seeping into the building and lack of exterior maintenance could cause exterior of brick and mortar to become dangerous to pedestrians.

 

b. Presence of structures below minimum code standards; excessive vacancies; lack of ventilation, light or sanitary facilities; inadequate utilities; excessive land coverage; deleterious land use or layout; depreciation of physical maintenance; land of community planning. Existing site improvements are inadequate for the functioning capability of the building. Window wells, door, entrance ways and other facilities are closed, broken, in a general state of disrepair and incapable of functioning. Without substantial rehabilitation, the components of the building will continue to decline and may ultimately require demolition, thus becoming totally nonfunctional.

 

B. The Redevelopment Area 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 tax increment financing, as evidenced by the following factors:

 

The proposed redevelopment contemplates an investment of approximately $4,296, 136.00 over the life of the Plan. Without the recapture of the economic activity taxes available under the Act, the proposed redevelopment does not meet the standard internal rate of return, typically 11.75% to 17.0% for downtown office/retail developments. The rate of return without tax increment financing is 9.37%. With tax increment financing, the rate of return rises to approximately 14.67%.

 

C. An affidavit, signed by the redeveloper or redevelopers and submitted with the Redevelopment Plan, attesting to a detailed description of the factors that qualify the Redevelopment Area as a Conservation Area and that the Redevelopment Area 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, is attached as Exhibit 10 to the Redevelopment Plan.

 

D. The Redevelopment Plan, conforms to the Downtown 2000 Area Development Plan (approved by the City Council in 1983) and with FOCUS, together, 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 thereon which will be directly and substantially benefitted by the Redevelopment Project Improvements.

 

F. The estimated dates of completion of the Redevelopment Projects and retirement of 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.

 

G. The Redevelopment Plan includes a plan for relocation assistance for businesses and residences.

 

H. A cost_benefit analysis showing the impact of the Redevelopment 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.

 

I. The Redevelopment Plan does not include the initial development or redevelopment of any gambling establishment.

 

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the New England National Bank Building 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 that are deposited into the Hotel Phillips 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:

 

 

 

___________________________________

Assistant City Attorney