ORDINANCE NO. 070118
Accepting the recommendations of
the Tax Increment Financing Commission as to the Seventh Amendment to the River
Market Tax Increment Financing Plan; approving the Seventh Amendment to the
River Market Tax Increment Financing Plan.
WHEREAS, the
City Council of Kansas City, Missouri, passed Ordinance No. 54556 on November 24, 1982, which was thereafter amended in certain respects by Committee
Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, creating the Tax Increment Financing Commission of Kansas City, Missouri (the
"Commission"); and
WHEREAS, on December 16, 1999, the City Council adopted Ordinance No. 991556, which accepted the
recommendations of the Commission as to the River Market Tax Increment
Financing Plan ("Redevelopment Plan"), and designated the
Redevelopment Area therein to be a conservation area; and
WHEREAS, on October 4, 2001, the City Council passed Ordinance No. 011388, which accepted the
recommendations of the Commission as to the First Amendment to the River Market
Tax Increment Financing Plan ("Redevelopment Plan"), and
WHEREAS, on October 4, 2001, the City Council passed Ordinance No. 021189, which accepted the
recommendations of the Commission as to the Second Amendment to the
Redevelopment Plan; and
WHEREAS, July 15, 2004, the City Council passed Ordinance No. 040774, which accepted the
recommendations of the Commission as to the Third Amendment to the
Redevelopment Plan; and
WHEREAS, September 16, 2004, the City Council passed Ordinance No. 040992, which accepted the
recommendations of the Commission as to the Fourth Amendment to the
Redevelopment Plan; and
WHEREAS, May 19, 2005, the City Council passed Ordinance No. 050495,
which accepted the recommendations of the Commission as to the Fifth Amendment
to the Redevelopment Plan; and
WHEREAS, September 15, 2005, the City Council passed Ordinance No. 051117, which accepted the recommendations of the
Commission as to the Sixth Amendment to the Redevelopment Plan; and
WHEREAS, an
amendment to the Redevelopment Plan entitled the Seventh Amendment to the River
Market Tax Increment Financing Plan (hereinafter the "Seventh
Amendment") was proposed to the Commission; and
WHEREAS, said
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
said public hearing on January 11, 2007, and adopted Resolution No. 1-14-07 ("Resolution") recommending that the City Council approve the Seventh
Amendment; and
WHEREAS, the Seventh
Amendment provides for budget revisions, subdivision of Project 17 into two
phases and revision of the redevelopment schedule; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. The
recommendation of the Commission concerning the Seventh Amendment to the
Redevelopment Plan as set forth in the Resolution attached hereto as Exhibit
"A", is hereby accepted and the Redevelopment Plan, a copy of which
is attached hereto as Exhibit "B", is hereby approved and adopted.
Section 2. All
terms used in this ordinance shall be construed as defined in Sections 99.800
to 99.865 of the Revised Statutes of Missouri, as amended (the
"Act").
Section 3. In
accordance with the recommendations of the Commission as set forth in the
Resolution, the City Council hereby finds that:
(a)
Good cause has been shown for amendment of the Redevelopment Plan, and that the
findings of the City Council in Ordinance Nos. 991556, 011388, 021189, 040774,
040992, 050495 and 051117 with respect to the Redevelopment Plan, as amended,
are not affected by the Seventh Amendment and apply equally to said Seventh Amendment;
(b) The Redevelopment Area as a whole
is a conservation area;
(c)
The Redevelopment Area 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 Seventh Amendment to the Redevelopment
Plan;
(d)
The Redevelopment Plan as amended conforms to the comprehensive plan for the
development of the City as a whole;
(e)
The areas selected for Redevelopment Projects include only those parcels of
real property and improvements thereon which will be directly and substantially
benefited by the Redevelopment Project improvements;
(f)
The estimated dates of completion of the respective Redevelopment Projects and
retirement of obligations incurred to finance Redevelopment Project Costs, have
been stated in the Redevelopment Plan, and are not more than 23 years from the
adoption of any ordinance approving a Redevelopment Project within the
Redevelopment Area;
(g)
A plan has been developed for relocation assistance for businesses and
residences;
(h)
A cost-benefit analysis showing the impact of the Redevelopment Plan as amended
on each taxing district at least partially within the boundaries of the
Redevelopment Area has been prepared in accordance with the Act; and
(i)
The Redevelopment Plan, as amended, does not include the initial development or
redevelopment of any gambling establishment.
Section 4. The
City and/or the Commission is authorized to issue obligations in one or more
series of bonds secured by the River Market Tax Increment Financing Plan
Account of the Special Allocation Fund to finance Redevelopment Project Costs
within the 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 City and/or the
Commission determines, to enter into such contracts and take all such further
actions as are reasonably necessary to achieve the objectives of the
Redevelopment 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 Redevelopment Plan, the City Council approves
the pledge of all funds generated from Redevelopment Projects that are
deposited into the River Market Account of the Special Allocation Fund to the
payment of Redevelopment Project Costs within the 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