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Legislation #: 160416 Introduction Date: 5/26/2016
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FOWLER
Title: Accepting the recommendations of the Tax Increment Financing Commission of Kansas City as to the Sixteenth Amendment to the KCI Corridor Tax Increment Financing Plan; and approving the Sixteenth Amendment to the KCI Corridor Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
5/26/2016 Filed by the Clerk's office
5/26/2016 Referred to Planning, Zoning & Economic Development Committee
6/8/2016 Hold On Agenda (6/15/2016)
6/15/2016 Hold On Agenda (7/6/2016)
7/6/2016 Do Pass
7/7/2016 Assigned to Third Read Calendar
7/14/2016 Passed

View Attachments
FileTypeSizeDescription
160416.pdf Authenticated 154K Authenticated
160416 Plan.pdf TIF Plan 488K Development Plan
160416 Exhibit.pdf Exhibit 1118K Exhibit
160416 Staff Report.pdf Staff Report 318K Staff Report
160416 Fact Sheet.pdf Fact Sheet 414K Fact Sheet
KCI Corridor TIF - 16th Amendment Ord Draft (00186648xA7821).DOCX Request for Ordinance 23K KCI Corridor TIF 16th Amendment Ordinance Draft

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ORDINANCE NO. 160416

 

Accepting the recommendations of the Tax Increment Financing Commission of Kansas City as to the Sixteenth Amendment to the KCI Corridor Tax Increment Financing Plan; and approving the Sixteenth Amendment to the KCI Corridor Tax Increment Financing Plan.

 

WHEREAS, the City Council created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission") pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri (the "Act"); and

 

WHEREAS, the City Council accepted the recommendations of the Commission, approved the KCI Corridor Tax Increment Financing Plan (the “Plan”) and designated a Redevelopment Area in Ordinance No. 990256; and 

 

WHEREAS, the City Council, by its passage of a series of ordinances, has amended the Plan on numerous occasions since it was first approved; and

 

WHEREAS, a sixteenth amendment to the Plan (“Sixteenth Amendment”) was proposed to the Commission and the Commission, having been duly constituted and its members appointed, after proper notice was given, met in public hearing, and after receiving the comments of all interested persons and taxing districts, closed the public hearings; and  

 

WHEREAS, the Sixteenth Amendment provides (a) for a modification to the description of the Redevelopment Area and (b) for the elimination of all improvements contemplated by or funded with tax increment financing generated by Redevelopment Project Area 21 and was approved by the Commission on May 11, 2016, by adoption of Resolution No. 5-3-16; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the recommendations of the Commission concerning the Sixteenth Amendment as set forth in Resolution 5-3-16, and modifying the description of the Redevelopment Area, are hereby accepted and the Sixteenth Amendment is hereby approved and adopted as valid.

 

Section 2. That all terms used in this ordinance, not otherwise defined herein, shall be construed as defined in the Act.  

 

Section 3. That in accordance with the recommendations of the Commission, the City Council hereby finds that: 

 

a.       Good cause has been shown for the amendment of the Plan and that the findings of the Council with regard to each of the previous amendments are not affected by the Sixteenth Amendment and apply equally to the Sixteenth Amendment.

 

b. The Redevelopment Area as a whole is an economic development area, as defined in Section 99.805(5) of the Act, 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 Plan. The lack of sufficient street improvements, interchanges, and other infrastructure has inhibited the development of the Redevelopment Area.  

 

c. The Sixteenth Amendment conforms to the comprehensive plan for the development of the City as a whole.  

 

d. The areas selected for Redevelopment Projects include only those parcels of real property and improvements thereon which will be directly and substantially benefited by the Redevelopment Project Improvements. 

 

e. The estimated dates of completion of the Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs have been stated in the Sixteenth Amendment and are not more than 23 years from the passage of any ordinance approving a Redevelopment Project within the Redevelopment Area.  

 

f. The Amendment includes a plan for relocation assistance for businesses and residences.  

 

g. A cost-benefit analysis showing the impact of the 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. 

 

h. The Sixteenth Amendment does not include the initial development or redevelopment of any gambling establishment.

 

i. A study has been completed and the findings of such study satisfy the requirements provided under Section 99.810, RSMo.  

 

Section 4. That the Commission is authorized to issue obligations in one or more series of bonds secured by the KCI Corridor Tax Increment Financing Plan 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 Plan pursuant to the power delegated to it. Any obligations issued to finance Redevelopment Project Costs shall contain a recital that they are issued pursuant to Sections 99.800 to 99.865 of the Act, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.  

 

Section 5. That the City Council approves the pledge of all funds that are deposited into the KCI Corridor Tax Increment Financing Plan 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:

  

 

______________________________

Brian T. Rabineau

Assistant City Attorney