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Legislation #: 970223 Introduction Date: 2/24/1997
Type: Resolution Effective Date: 3/6/1997
Sponsor: COUNCILMEMBER GLOVER
Title: Authorizing an $8.5 million application to the Missouri Development Finance Board (MDFB) for the issuance of tax credits and bonds, secured by an annual appropriation pledge of the City, necessary to complete the redevelopment of the Uptown Theatre and the Valentine Shopping Center.

Legislation History
DateMinutesDescription
2/24/1997

Prepare to Introduce

2/24/1997

Referred Planning, Zoning & Economic Development Committee

3/5/1997

Immediate Adoption

3/6/1997

Adopted


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RESOLUTION NO. 970223

 

Authorizing an $8.5 million application to the Missouri Development Finance Board (MDFB) for the issuance of tax credits and bonds, secured by an annual appropriation pledge of the City, necessary to complete the redevelopment of the Uptown Theatre and the Valentine Shopping Center.

 

WHEREAS, the Council created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"), by Ordinance No. 54556, passed on November 24, 1982, and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991; 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 the public hearing on May 11, 1994, and on that day adopted its resolution recommending to the Council the approval of the Uptown Redevelopment Tax Increment Financing Plan (the "Redevelopment Plan"); and

 

WHEREAS, the Council adopted the Redevelopment Plan and designated the area described in the Redevelopment Plan as a redevelopment area (the "Redevelopment Area") and found it to be blighted in Ordinance No. 940715; and

 

WHEREAS, the Council previously adopted Resolution No. 961609, authorizing an application to the MDFB for financing for the Uptown Theatre, and adopted Committee Substitute for Resolution No. 961542, authorizing an annual appropriation lease and Land Clearance for Redevelopment Authority bond issuance for the Valentine Shopping Center; and

 

WHEREAS, further review and development of the financing for these projects indicates that a different financing approach is needed to secure MDFB participation in the project and may provide financial advantages to the project; and

 

WHEREAS, the City intends to apply to the MDFB for the issuance of its bonds in the amount of $8,500,000.00 to provide funds to complete the Uptown Theatre and Valentine Shopping Center projects; and

 

WHEREAS, the Council intends to provide an annual appropriation generated for the repayment of financing provided by the MDFB; and

 

WHEREAS, the City intends to apply to the MDFB for its authorization of $8,500,000.00 in State Tax Credits to secure the City's annual appropriation pledge on the MDFB bonds; and

 

WHEREAS, the Council intends to support the concept of the Redevelopment Plan; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Council expresses its intention to support the concept of the Redevelopment Plan.

 

Section 2. That the Council states that the Redevelopment Plan is for the benefit of the public health, safety and welfare and constitutes a public purpose.

 

Section 3. That the Council authorizes an application to the MDFB for financing to complete the renovation of the Uptown Theatre and the Valentine Shopping Center.

 

Section 4. That the Council expresses its intent to provide an annual appropriation pledge to the MDFB.

 

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