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Legislation #: 140617 Introduction Date: 7/31/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER TAYLOR AND COUNCILMEMBER SHARP
Title: Repealing Committee Substitute for Ordinance No. 130776, approving additional tax increment financing for the Bannister _ I-435 Tax Increment Financing Plan and authorizing the Director of Finance to execute a financing agreement.

Legislation History
DateMinutesDescription
7/30/2014 Filed by the Clerk's office
7/31/2014 Referred to Planning, Zoning & Economic Development Committee
8/13/2014 Advance and Do Pass, Debate
8/14/2014 Councilmember Circo (Second by Sharp) Move To Hold On Docket
8/14/2014 Held on Docket (8/21/2014)
8/21/2014 Passed

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140617.pdf Authenticated 258K Authenticated
fact sheet.xls Fact Sheet 76K fact sheet

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ORDINANCE NO. 140617

Repealing Committee Substitute for Ordinance No. 130776, approving additional tax increment financing for the Bannister & I-435 Tax Increment Financing Plan and authorizing the Director of Finance to execute a financing agreement.

  WHEREAS, the City Council passed Committee Substitute for Ordinance No. 130737, accepting the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri (the “Commission”), as to and approving the Bannister & I-435 Tax Increment Financing Plan and designating the Redevelopment Area therein to be a blighted area; and

 WHEREAS, the City Council passed Committee Substitute for Ordinance No. 130776, expressing the Council’s intent to provide additional tax increment financing for the reimbursement of up to $288,632,658.00 in redevelopment project costs, $2,000,000.00 to be utilized to finance a Neighborhood Improvement and Infrastructure Plan (the “Neighborhood Program”) and $6,000,000.00 to be utilized to finance the Hickman Mills Education, Professional Studies and Innovation Program (the “Educational Program”), all subject to annual appropriation and subject to actual collection; and

 WHEREAS, the City Council subsequently accepted the recommendations of the Commission, as to and approving the First Amendment to the Bannister & I-435 Tax Increment Financing Plan, which incorporates certain modifications to the Budget of Redevelopment Project Costs, including an increase in the amount of redevelopment project costs to be reimbursed from additional tax increment financing imposed by the City, which are not captured by the Real Property Tax Increment Allocation Redevelopment Act (the “TIF Act”), in an amount not to exceed $317,158,055.00; and

WHEREAS, the City Council desires to increase the amount of additional tax increment financing available for the reimbursement of redevelopment project costs identified by the Bannister & I-435 Tax Increment Financing Plan as amended by the First Amendment to the Bannister & I-435 Tax Increment Financing Plan (collectively the “TIF Plan”); and

WHEREAS, the funding for the Neighborhood Program and Educational Program remains unchanged; NOW, THEREFORE,

 BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 Section 1. That Committee Substitute for Ordinance No. 130776 is hereby repealed.

 Section 2. That the Council hereby agrees to provide additional financing for the TIF Plan by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the TIF Act, the City’s additional economic activity taxes imposed by the City and generated within the Redevelopment Project Areas described by the TIF Plan, to the extent permitted by law, up to an amount not to exceed Three Hundred Seventeen Million One Hundred Fifty-Eight Thousand Fifty-Five Dollars ($317,158,055.00). City’s additional economic activity taxes shall be used only for the repayment of those redevelopment project costs for which City has approved their use as set forth more fully in the financing agreement authorized herein, and as certified by the Commission.

Section 3. That the Council hereby agrees to provide additional financing for the Neighborhood Program and the Educational Program by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the TIF Act, the balance of the taxes generated by economic activities within the Redevelopment Area and which are not subject to capture, to the extent permitted by law, to be used for payment of Eight Million Dollars ($8,000,000.00) in costs, Two Million Dollars ($2,000,000.00) of which shall be allocated to finance the Neighborhood Program and Six Million Dollars ($6,000,000.00) of which shall be allocated to finance the Educational Program.

Section 4. That the advisory committee established to advise the Economic Development Corporation of Kansas City, Missouri on the use of the Two Million Dollars ($2,000,000.00) allocated to finance the Neighborhood Program shall include seven (7) members, each member being appointed by the Mayor and each of which shall serve until replaced by the Mayor. The appointments shall include one representative each from the South Kansas City Alliance, the Southern Communities Coalition, the Fairlane Homes Association, the Hillcrest Heights Neighborhood Association, and such other organizations as the Mayor may deem appropriate. The organizations specifically listed herein may elect to submit one or more names for consideration to the Mayor, provided however that those individuals to be appointed shall be determined by the Mayor. The Mayor may make, but shall not be required to make, the appointments from those names submitted to him and may require that one or more alternate candidates be submitted for his consideration.

 Section 5. That the advisory committee established to advise the Economic Development Corporation of Kansas City, Missouri on the use of the Six Million Dollars ($6,000,000.00) allocated to finance the Educational Program shall include three members, consisting of (i) a representative of the Hickman Mills C-1 School District, (ii) a representative of Cerner Corporation, or if Cerner or an affiliate of Cerner is not the occupant of the largest portion of the office space located within the Redevelopment Area, then a representative of the entity which is the occupant of the largest portion of the office space located within the Redevelopment Area, and (iii) a City Council member for the City Council District in which the Redevelopment Area is located. Each member shall be appointed by the Mayor and shall serve until replaced by the Mayor. Hickman Mills C-1 School District and Cerner Corporation, or such other entity as may be entitled to be represented on the advisory committee in lieu of Cerner Corporation, may elect to submit one or more names for consideration to the Mayor, provided however that those individuals to be appointed shall be determined by the Mayor. The Mayor may make, but shall not be required to make, the appointments from those names submitted to him and may require that one or more alternate candidates be submitted for his consideration.

Section 6. That the Director of Finance is authorized to execute a financing agreement providing for the additional financing described herein, in such form as approved by the Director of Finance.

___________________________________________

Approved as to form and legality:

 

______________________________

Brian Rabineau

Assistant City Attorney