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Legislation #: 140133 Introduction Date: 2/20/2014
Type: Ordinance Effective Date: none
Sponsor: None
Title: Authorizing the execution of a Financing Agreement among Kansas City, Missouri, the Tax Increment Financing Commission of Kansas City, Missouri, the Industrial Development Authority of the City of Kansas City, Missouri, Plaza Colonnade, LLC, and Commerce Bank.

Legislation History
DateMinutesDescription
2/19/2014 Filed by the Clerk's office
2/20/2014 Referred to Planning, Zoning & Economic Development Committee
2/26/2014 Advance and Do Pass, Debate
2/27/2014 Passed

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140133.pdf Authenticated 222K Authenticated
140133 Fact Sheet.pdf Fact Sheet 24K Fact Sheet

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ORDINANCE NO. 140133

 

Authorizing the execution of a Financing Agreement among Kansas City, Missouri, the Tax Increment Financing Commission of Kansas City, Missouri, the Industrial Development Authority of the City of Kansas City, Missouri, Plaza Colonnade, LLC, and Commerce Bank.

 

WHEREAS, pursuant to the Real Property Tax Increment Financing Allocation Act, Section 99.800 RSMo, et seq., as amended (the “TIF Act”), on February 10, 1999, the Tax Increment Financing Commission (the “Commission”) recommended approval of the plan for redevelopment known as the “Brush Creek Corridor Tax Increment Financing Plan” (the “Original Redevelopment Plan”) for an area designated therein as the Redevelopment Area (the “Redevelopment Area”) by Resolution No. 2-2-99; and

 

WHEREAS, on March 11, 1999, the City Council of Kansas City, Missouri (the “Council”) passed Ordinance No. 990251 approving the Original Redevelopment Plan and finding the Redevelopment Area to be a blighted area; and

 

WHEREAS, on February 9, 2000, the Commission recommended approval of the “First Amendment to Brush Creek Corridor Tax Increment Financing Plan” (the Original Redevelopment Plan, as amended, shall hereinafter be referred to as the “Plan”) by Resolution No. 2-1-00; and

 

WHEREAS, on June 8, 2000, the Council passed Committee Substitute for Ordinance No. 000607, authorizing and designating the Plaza Library Project as a redevelopment project and adopting tax increment financing therein; and

 

WHEREAS, the Plaza Library Project provides for the financing and construction of an approximately 283,774 square-foot office building (the “Office Tower”), 8,600 square-feet of retail space (the “Retail Space”), the reconstruction of a 51,522 square-foot branch of the Kansas City Public Library (the “Library”) and a 1,290 space parking garage (the “Parking Garage”), of which 200 spaces will be devoted to public use associated with the Library (the “Library Parking”) (the Library and the Library Parking herein collectively, as the “Project”); and

 

WHEREAS, the Plan further provides for the financing of certain public improvements, including the Project, as identified under the Plan, from economic activity tax revenues and payments in lieu of taxes generated within the redevelopment project site; and

 

WHEREAS, on October 9, 2003, the City Council of Kansas City, Missouri, by Committee Substitute for Ordinance No. 031093, created a neighborhood improvement district, pursuant to the Neighborhood Improvement District Act, Sections 67.453 to 67.475 inclusive, of the Revised Statutes of Missouri, as amended (the “NID Act”), known as the “Plaza Colonnade Project” for the purpose of financing the construction of the Project (the “NID District”). The property comprising the NID District includes the Office Tower, the Retail Space, the Parking Garage and certain adjacent property; and

 

WHEREAS, on November 6, 2003, the City Council, by Committee Substitute for Ordinance No. 031212 ordered the Project be constructed; and

 

WHEREAS, the City, as authorized in Ordinance No. 031299, executed a Cooperative Agreement among the parties regarding the collection of the special assessment in the NID District, the transfer of the tax increment, and the issuance of IDA bonds; and

 

WHEREAS, a new Financing Agreement is needed in anticipation of a bond refunding by IDA; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. Authorization and Approval of Financing Agreement. The Financing Agreement (the "Financing Agreement"), among Kansas City, Missouri (the "City"), the Tax Increment Financing Commission of Kansas City, Missouri, the Industrial Development Authority of the City of Kansas City, Missouri, Plaza Colonnade, LLC, and Commerce Bank is hereby approved in substantially the form attached to this Ordinance (a copy of which documents shall be filed in the records of the City), and the Director of Finance is hereby authorized to execute and deliver the Financing Agreement with such changes therein as shall be approved by the officials of the City executing the Financing Agreement, such officials’ signatures thereon being conclusive evidence of their approval and the City’s approval thereof.

 

Section 2. Execution of Financing Agreement. The Mayor, City Manager, Director of Finance or the Director of City Development are hereby authorized and directed to execute and deliver the Financing Agreement and such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance for and on behalf of and as the act and deed of the City.

 

Section 3. Further Authority. The City shall, and the officials, agents and employees of the City are hereby authorized and directed to, take such further action, and execute such other documents, certificates and instruments as may be necessary or desirable to carry out and comply with the intent of this Ordinance, and to carry out, comply with and perform the duties of the City with respect to the Financing Agreement and the transactions contemplated thereby.

_____________________________________________

 

Approved as to form and legality:

 

 

________________________________

Brian Rabineau

Assistant City Attorney