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Legislation #: 990391 Introduction Date: 3/18/1999
Type: Ordinance Effective Date: 4/11/1999
Sponsor: None
Title: Authorizing the Director of City Development to execute an agreement with MD Management, Inc., the developer of the Barry Towne TIF Project, and the owners of a portion of the redevelopment area to provide for payment of contributions for a portion of certain public improvements in the redevelopment area.

Legislation History
DateMinutesDescription
3/18/1999

Prepare to Introduce

3/18/1999

Referred Planning, Zoning & Economic Development Committee

3/24/1999

Do Pass

3/25/1999

Assigned to Third Read Calendar

4/1/1999

Passed


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ORDINANCE NO. 990391

 

Authorizing the Director of City Development to execute an agreement with MD Management, Inc., the developer of the Barry Towne TIF Project, and the owners of a portion of the redevelopment area to provide for payment of contributions for a portion of certain public improvements in the redevelopment area.

 

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri, (the TIF Commission) recommended the approval of the Barry Towne Tax Increment Financing Plan (the Barry Towne TIF Plan) to the Council on January 10, 1996; and

 

WHEREAS, the Council passed Committee Substitute for Ordinance No. 960307 on June 6, 1996, approving the Barry Towne TIF Plan; and

 

WHEREAS, MD Management was selected by the TIF Commission as the redeveloper of the Barry Towne Tax Increment Financing Project (Barry Towne TIF Project) to implement the Barry Towne TIF Plan; and

 

WHEREAS, the owners of a certain portion of the redevelopment area (the Encumbered Property) described in the contribution agreement referred to in this ordinance (the Contribution Agreement) desire to subject the Encumbered Property to the provisions of the Contribution Agreement, to provide funds for a certain portion of public improvements to be initially funded with tax increment financing revenues and to set out other arrangements with respect to the funding of certain public improvements; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is authorized to execute on behalf of the City the Contribution Agreement with MD Management, Inc. (the Developer); and M-T Investment Company; Robert J. OHalloran, as trustee; Gary A. Pittman, as trustee; MGB Family Partnership, L.P.; SERF Company; D-M-F Company, L.P.; MD-GSI Associates, L.L.C.; and BTK Development, L.L.C. (the Owners) to provide, among other things, for:

 

(a) payment of contributions for a portion of certain public improvements for the Barry Towne TIF Project by the Developer and the Owners (the Contributions) to the City;

 

(b) application by the City of the Contributions toward notes issued by the Missouri Development Finance Board in connection with the construction of public improvements in Phase I of the Barry Towne TIF Project;

 

(c) payment by the City of certain tax increment financing revenues (50% of total revenues generated by economic activities in the Barry Towne TIF redevelopment area) to the MD Management, Inc. for redevelopment project costs; and

 

 


(d) the agreement of the City to annually appropriate an amount equal to 50% of the total revenues generated by economic activities in the Barry Towne TIF redevelopment area to reimburse the Developer for redevelopment project costs legally eligible for reimbursement in the event that such revenues are not available for certain reasons.

 

___________________________________________

 

Approved as to form and legality:

 

 

 

___________________________

Assistant City Attorney