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Legislation #: 120248 Introduction Date: 3/8/2012
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FORD AND COUNCILMEMBER REED
Title: Approving additional tax increment financing for the 39th _ Prospect Tax Increment Financing Plan; and repealing Section 1 of Ordinance No. 061326, as amended, establishing a cap on additional tax increment financing for this Plan.

Legislation History
DateMinutesDescription
3/9/2012 Filed by the Clerk's office
3/8/2012 Referred to PZ&E and Finance & Governance
3/21/2012 Advance and Do Pass, Debate
3/22/2012 Assigned to Third Read Calendar
3/29/2012 Passed

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ORDINANCE NO. 120248

 

Approving additional tax increment financing for the 39th & Prospect Tax Increment Financing Plan; and repealing Section 1 of Ordinance No. 061326, as amended, establishing a cap on additional tax increment financing for this Plan.

 

WHEREAS, on December 14, 2006, the City Council passed Ordinance No. 061319, accepting the recommendations of the Tax Increment Financing Commission of Kansas City, Missouri, as to and approving the 39th & Prospect Tax Increment Financing Plan (the “Redevelopment Plan”) and designating the Redevelopment Area therein to be a blighted area; and

 

WHEREAS, on December 14, 2006, the City Council passed Ordinance 061326, as amended, expressing the Council’s intent to provide additional tax increment financing for reimbursement for the redevelopment of a project site within the Redevelopment Area into an Aldi grocery store, in a total amount not to exceed $625,000.00, subject to annual appropriation and subject to actual collection; and

 

WHEREAS, on April 5, 2007, the City Council passed Ordinance No. 070335, approving Project Area No. 1 and adopting tax increment financing therefore; and

 

WHEREAS, the provision of additional tax increment financing is for the public welfare and benefit, will promote the economic well-being and development of Kansas City, Missouri, and a cap of $625,000.00 is no longer appropriate; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That Section 1 of Ordinance No. 061326, as amended, is hereby repealed.

 

Section 2. That the Council hereby agrees to provide additional financing for the 39th & Prospect Tax Increment Financing Plan by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the Real Property Tax Increment Allocation Redevelopment Act, the balance of the City’s additional economic activity taxes generated by the Aldi grocery store in Project Area No. 1 to be used for repayment of project costs as set forth in either a financing agreement or the TIF Plan, including any amendments thereto, and as certified by the Tax Increment Financing Commission of Kansas City, Missouri.

 


Section 3. That the Director of Finance is authorized to execute a financing agreement providing for the additional financing described herein, in such form as approved by the Director of Finance.

 

_____________________________________________

 

Approved as to form and legality:

 

___________________________________

Cecilia Abbott

Assistant City Attorney