COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 090347
Receiving the
recommendations of the Tax Increment Financing Commission as to the Eighth
Amendment to the 43rd and Main Tax Increment Financing Plan; and approving the
Eighth Amendment to the 43rd and Main Tax Increment Financing Plan, as amended
by the Council.
WHEREAS, the
City Council of Kansas City, Missouri 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, created the Tax
Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS, on
March 24, 1994, the Council passed Committee Substitute for Ordinance No.
940227, which accepted the recommendations of the Commission as to the 43rd and
Main Tax Increment Financing Plan ("Redevelopment Plan") and
designated the Redevelopment Area therein to be a conservation area; and
WHEREAS, the
Council passed Committee Substitute for Ordinance No. 941149, approving the
First Amendment, which expanded the boundaries and increased the size of
Project 2, and designated the Amended Redevelopment Area as a redevelopment
area; and
WHEREAS, the
Council passed Ordinance No. 040345, approving the Second Amendment which
expanded the boundaries and established a grant or loan program for residential
property owners; and
WHEREAS, the
Council passed Ordinance No. 060613, approving the Third Amendment which
provided for revision of the budget items for Design, Engineering, Alternatives
Analysis, Streetscape Plan, Main Street and the addition of a new line item
named Main Street CID, keeping the total budget unchanged; and
WHEREAS, the
Council passed Ordinance No. 061094, approving the Fourth Amendment which
provided for deleting the reference to Walnut Street in the housing program of
the budget, eliminated the budget pertaining to the Broadway Viaduct,
reassigned the reimbursable amount associated with the Broadway Viaduct for
additional public infrastructure funding while keeping the intent of the Plan
unchanged, and designated a Fourth Amended Redevelopment Area; and
WHEREAS, the
Council passed Committee Substitute for Ordinance No. 080007, approving the
Fifth Amendment which provided for (i) expansion of the boundaries of the
Redevelopment Area, as described by the Plan, to include the following parcels:
3835 Main, 3829 Main, 3827 Main, 3821 Main, 2 E. 39th Street, 12-24 East 39th
Street, 3838
Walnut Street, 3830 Walnut Street, and 3828 Walnut Street within Kansas City,
Missouri (ii) the acquisition and demolition of certain property necessary to
construct a 94-115 space parking garage and commercial amenities (iii) the
rehabilitation of the Hawthorn Plaza Building, located at 3835 Main Street in
Kansas City, Missouri (Hawthorn) for mixed use, including, but not limited to,
58 residential units and commercial amenities (iv) improvements to streetscape,
as well as all necessary appurtenances and utilities, (v) certain modifications
to the budget of Redevelopment Project Costs, (vi) updated employment and
construction projections, (vii) an updated cost/benefit analysis, (viii) an
updated But for analysis, and (ix) an update to the conservation study;
and
WHEREAS, an
eighth amendment to the Redevelopment Plan (Eighth Amendment) was proposed to
the Commission; and
WHEREAS, the
Eighth Amendment modifies certain line items within the Plans budget of
redevelopment project costs; and
WHEREAS, after
all proper notice was given, the Commission met in public hearing and after
receiving the comments of all interested parties and taxing districts affected,
closed said public hearing on February 11, 2009, approved its Resolution No.
2-6-09 recommending to the City Council approval of the Eighth Amendment to the
43rd and Main Tax Increment Financing Plan; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. The
recommendations of the Commission concerning the Eighth Amendment to the 43rd
and Main Redevelopment Plan as set forth in the resolution attached hereto as
Exhibit "A", are hereby received and the Eighth Amendment to the 43rd
and Main Tax Increment Financing Plan, as amended by the Council, is hereby
approved and adopted as valid and the Redevelopment Projects contained therein
are hereby authorized. The Commission is hereby directed to amend the text,
attachments, and exhibits of the Redevelopment Plan to provide for the
following:
a. Funding for
the S.M.A.R.T. Housing Program in the amount of $585,000.00, including
administration costs of not more than 10%, with the improvements to be
completed within 36 months of the passage of this ordinance;
b. Funding for
streetscape improvements as described in the Redevelopment Plan in the amount
of $587,402.00, to be completed within 36 months of the passage of this
ordinance;
c. Funding for
sidewalk improvements in the benefit district along 43rd Street in
the amount of $255,074.00, to be completed within 36 months of the passage of
this ordinance; and
d. Funding for
the demolition of the former Naughty But Nice building, the extraction of the
45th Street Tax Increment Financing Plan from the 43rd
and Main Tax Increment Financing Plan, and for the survey of Main Street in the
amount of $125,000.00, with both the demolition and survey to take place within
6 months of the passage of this ordinance; and
e. Existing
and future funds in the Special Allocation Fund which are not budgeted in this
amendment and which have not been previously approved by the Plan will be
declared surplus in accordance with Section 99.850, RSMo.
Section 2. All
terms used in this ordinance shall be construed as defined in Section 99.800 to
99.865 of the Revised Statutes of Missouri, as amended (the
"Act").
Section 3. The
City Council hereby finds that:
(a) Good cause has been shown for the amendment of the Redevelopment
Plan, and that the findings of the City Council in Committee Substitute for
Ordinance No. 940227, Committee Substitute for Ordinance No. 941149, Ordinance
No. 040345, Ordinance No. 060613, Ordinance No. 061094 and Committee Substitute
for Ordinance No. 080007 with respect to the Redevelopment Plan, and First
Amendment, Second Amendment, Third Amendment, Fourth Amendment and Fifth
Amendment are not affected by the Eighth Amendment to the 43rd and Main Tax
Increment Financing Plan and apply equally to the Eighth Amendment to the 43rd
and Main Tax Increment Financing Plan;
(b) The Eighth Amended Redevelopment Area as a whole is a conservation
area, and has not been subject to growth and development through investment by
private enterprise and would not reasonably be anticipated to be developed
without the adoption of the Eighth Amendment to the 43rd and Main Tax Increment
Financing Plan;
(c) The Eighth Amendment to the 43rd and Main Tax Increment Financing
Plan conforms to the comprehensive plan for the development of the City as a whole;
(d) The estimated dates of completion of the respective Redevelopment
Projects and retirement of any obligations incurred to finance Redevelopment
Project Costs, have been stated in the Eighth Amendment to the 43rd and Main
Tax Increment Financing Plan and are not more than 23 years from the adoption
of any ordinance approving a Redevelopment Project within the Eighth Amended
Redevelopment Area;
(e) A plan has been developed for relocation assistance for businesses
and residences;
(f) The Eighth Amendment does not include the development of any gaming
establishments; and
(g) A cost benefit analysis showing the economic impact of the Eighth
Amendment on each affected taxing district has been included.
(h) A conservation study has been completed and the findings of such
study satisfy the requirements of Section 99.805(3), RSMo.
Section 4. The
Commission is authorized to issue obligations in one or more series of bonds
secured by the 43rd and Main Account of the Special Allocation Fund to finance
Redevelopment Project Costs within the Eighth Amended Redevelopment Area and
subject to any constitutional limitations, to acquire by purchase, donation,
lease or eminent domain, own, convey, lease, mortgage, or dispose of, land or
other property, real or personal, or rights or interests therein, and grant or
acquire licenses, easements and options with respect thereto, all in the manner
and at such price the Commission determines, to enter into such contracts and
take all such further actions as are reasonably necessary to achieve the
objectives of the Eighth Amendment to the 43rd and Main Tax Increment Financing
Plan pursuant to the power delegated to it in Ordinance No. 54556. Any
obligations issued to finance Redevelopment Project Costs shall contain a
recital that they are issued pursuant to Sections 99.800 to 99.865, which
recital shall be conclusive evidence of their validity and of the regularity of
their issuance.
Section 5.
Pursuant to the provisions of the Eighth Amendment to the 43rd and Main Tax
Increment Financing Plan, the City Council approves the pledge of all funds
generated from Redevelopment Projects that are deposited into the 43rd and Main
Account of the Special Allocation Fund to the payment of Redevelopment Project
Costs within the Eighth Amended Redevelopment Area and authorizes the
Commission to pledge such funds on its behalf.
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Approved as to form and legality:
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Heather A. Brown
Assistant City Attorney