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Legislation #: 110394 Introduction Date: 5/19/2011
Type: Resolution Effective Date: 6/6/2011
Sponsor: COUNCILMEMBER MARCASON
Title: Requesting the Tax Increment Financing Commission to reconsider the Ninth Amendment to the River Market Tax Increment Financing Plan and incorporate certain desired provisions.

Legislation History
DateMinutesDescription
5/19/2011 Filed by the Clerk's office
5/19/2011 Referred to Plans, Zoning & Economic Development Committee
5/25/2011 Immediate Adoption as a Committee Substitute
5/26/2011 Adopted as Substituted

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COMMITTEE SUBSTITUTE FOR RESOLUTION NO. 110394

 

Requesting the Tax Increment Financing Commission to reconsider the Ninth Amendment to the River Market Tax Increment Financing Plan and incorporate certain desired provisions.

WHEREAS, upon the recommendation of the Tax Increment Financing Commission of Kansas City, Missouri (“Commission”), the City Council, by Committee Substitute for Ordinance No. 110270, as amended (the “Eighth Amendment Ordinance”), approved the Eighth Amendment to the River Market Tax Increment Financing Plan (the “Eighth Amendment”); and

 

WHEREAS, the Commission, by Resolution No. 04-16-11, approved the Ninth Amendment to the River Market Tax Increment Financing Plan (“Ninth Amendment”) and recommended that the City Council approve the same; and

 

WHEREAS, the Eighth Amendment Ordinance set out the City Council’s intent with respect to certain desired provisions to be included within the Ninth Amendment, which are as follows: (a) that fifty percent (50%) of the Payments in Lieu of Taxes generated within Redevelopment Project Areas 5 - 7, 9 - 10, and 12 - 15 be declared as surplus and distributed to the taxing jurisdictions in accordance with the Real Property Tax Increment Allocation Act, Sections 99.800 to 99.865 of the Missouri Revised Statutes (the “TIF Act”), (b) that Exhibit V of the Ninth Amendment include a line item for reimbursable Redevelopment Project Costs in the amount of $825,000.00 that relate to River Market Area Improvements and (c) that Redevelopment Project Areas 5 - 7, 9 - 10, and 12 - 15 terminate no later than 2020 (collectively, the “Desired Provisions”); and

 

WHEREAS, the Ninth Amendment recommended by the Commission to the City Council neither contained, nor contemplated, the Desired Provisions; and

 

WHEREAS, the Desired Provisions, which are neither contained in, nor contemplated by, the Ninth Amendment, as recommended by the Commission to the City Council, are substantial changes and the City Council desires that the Commission reconsider the Ninth Amendment during a public hearing, as provided by Sections 99.825 and 99.830 of the TIF Act, incorporate the Desired Provisions in a modified Ninth Amendment and recommend such modified Ninth Amendment to the City Council; NOW, THEREFORE,

 

BE IT RESOLVED BY THE COUNCIL OF KANSAS CITY:

 

That the Council hereby requests the Tax Increment Financing Commission of Kansas City, Missouri, to:

 

(1) Provide all notices required by Section 99.830 of the TIF Act for a public hearing to reconsider a modified Ninth Amendment that incorporates the following desired provisions:

 

(a) that fifty percent (50%) of the Payments in Lieu of Taxes generated within Redevelopment Project Areas 5 - 7, 9 - 10, and 12 - 15 be declared as surplus and distributed to the taxing jurisdictions in accordance with the Real Property Tax Increment Allocation Act, Sections 99.800 to 99.865 of the Missouri Revised Statutes (the “TIF Act”);

 

(b) that Exhibit V of the Ninth Amendment include a line item for reimbursable Redevelopment Project Costs in the amount of $825,000 that relate to River Market Area Improvements; and

 

(c) that Redevelopment Project Areas 5 - 7, 9 - 10, and 12 - 15 terminate no later than 2020 (collectively, the “Desired Provisions”).

 

(2) Close such public hearing; and

 

(3) Recommend that the City Council approve a modified Ninth Amendment that incorporates the Desired Provisions.

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