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Legislation #: 070505 Introduction Date: 4/19/2007
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER RILEY
Title: Estimating $3,548,867.00 in reimbursements from the Southtown/31st _ Baltimore Tax Increment Financing Plan; appropriating $3,548,867.00 from the Unappropriated Fund Balance of the General Fund for the contract with the Tax Increment Financing Commission authorized in Ordinance No. 070469 for reimbursable costs associated with the Citadel Plaza Redevelopment Project; providing for repayment of such costs to the City from bond proceeds; and recognizing an emergency.

Legislation History
DateMinutesDescription
4/20/2007 Filed by the Clerk's office
4/19/2007 Passed

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ORDINANCE NO. 070505

 

Estimating $3,548,867.00 in reimbursements from the Southtown/31st & Baltimore Tax Increment Financing Plan; appropriating $3,548,867.00 from the Unappropriated Fund Balance of the General Fund for the contract with the Tax Increment Financing Commission authorized in Ordinance No. 070469 for reimbursable costs associated with the Citadel Plaza Redevelopment Project; providing for repayment of such costs to the City from bond proceeds; and recognizing an emergency.

 

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the Commission) has authorized the issuance of bonds in a par amount of up to $8 million to finance reimbursable costs associated with the redevelopment activities within the Southtown Corridor/31st & Baltimore Tax Increment Financing Plan; and

 

WHEREAS, these proceeds can be used by the Commission to reimburse the certified costs of the developer, Community Development Corporation of Kansas City (CDC-KC) related to Projects G and G-1; however, the City desires to advance the some funds to the Commission to reimburse CDC-KC for outstanding certified reimbursable costs at this time; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the sum of $1,000,000.00 is hereby appropriated from the Unappropriated Fund Balance of the General Fund to the following account in the General Fund:

07-1000-648045-B 63rd and Prospect Redevelopment $1,000,000.00

Section 2. That revenue in the amount of $3,548,867.00 is hereby estimated in the following account of the General Fund:

08-1000-640000-585380 TIF Reimbursement-Citadel Plaza $3,548,867.00

Section 3. That the sum of $2,548,867.00 is hereby appropriated from the Unappropriated Fund Balance of the General Fund to the following account of the General Fund:

08-1000-648045-B 63rd and Prospect Redevelopment $2,548,867.00

Section 4. That the agreement between the City and the Commission authorized in Ordinance No. 070469, passed April 12, 2007, shall provide that the Commission shall reimburse the City for $4,748,867.00 in funds advanced to the Commission and CDC-KC from the proceeds of bonds issued by the Commission for the 63rd and Prospect Redevelopment Project. The agreement shall further provide that $1,000,000.00 may be paid to the Commission prior to the end of the 2007 Fiscal Year and that the $2,548,867.00 shall be paid to the Commission after the beginning of the 2008 Fiscal Year.

Section 5. That this ordinance is recognized as an emergency measure within the provisions of Section5 03 of the City Charter in that it appropriates money and shall take effect in accordance with that section.

_____________________________________________

 

I hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund from which payment is to be made, each sufficient to meet the obligation hereby incurred.

 

 

___________________________________

Debra R. Hinsvark

Director of Finance

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney