COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 120659
Approving the Fourth Amendment to
the Civic Mall Tax Increment Financing Plan; finding that all Redevelopment
Project Costs to be funded from Payments in Lieu of Taxes and Economic Activity
Taxes generated by Redevelopment Project Areas 64B, 65A and 65B, with the
exception of remaining and anticipated TIF Commission administrative costs
related to the actions contemplated by this Ordinance; terminating the
designation of Redevelopment Project Areas 64B, 65A and 65B,
declaring as surplus all Payments in Lieu of Taxes and Economic Activity Taxes
in excess of amounts required to pay existing and anticipated TIF Commission
administrative costs, distributing such surplus funds to the taxing
jurisdictions and dissolving the special allocation fund for those Redevelopment
Project Areas.
WHEREAS, the Civic
Mall Tax Increment Financing Plan was approved by the City Council by passage
of Committee Substitute for Ordinance No. 941589 on December 8, 1994, and
has since been amended three times by Ordinance Nos. 970236, 980854 and 040706;
and
WHEREAS, the Fourth
Amendment provides for: (a) the removal of all references to
Redevelopment Project Areas 64B, 65A and 65B (the “Redevelopment Project
Areas”) as all the improvements contemplated in connection with such
Redevelopment Project Areas have been completed and all redevelopment project
costs to be funded by tax increment financing generated by such Redevelopment
Project Areas have been paid and (b) certain other modifications to
conform with existing Commission policies and procedures; and
WHEREAS,
there are no contractual obligations of the TIF Commission which are
outstanding under any Redevelopment Agreement for the Redevelopment Project
Areas and all eligible reimbursable costs submitted for certification to the
Commission, which are to be reimbursed from Payments in Lieu of Taxes and
Economic Activity Taxes generated from the Redevelopment Project Areas, have
been certified and paid;
WHEREAS, said
Commission having 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 and adopted its Resolution recommending that the City Council
approve the Fourth Amendment to the Civic Mall Tax Increment Financing Plan,
terminate the designation of Redevelopment Projects Areas 64B, 65A and
65B, declare as surplus all funds within the Special Allocation Fund
established for Redevelopment Projects Areas 64B, 65A and 65B that are in
excess of the existing and anticipated administrative costs and expenses of the
TIF Commission, in connection with processing the termination of such
Redevelopment Project Areas and remit all such surplus funds to the affected
taxing districts in accordance with Section 99.850 RSMo; NOW, THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. That the
Fourth Amendment to the Civic Mall Tax Increment Financing Plan, a copy of
which is attached hereto as Exhibit “A”, is hereby approved and adopted as
valid and the modifications to the Redevelopment Projects contained therein are
hereby authorized.
Section 2. The
designation of Redevelopment Project Areas 64B, 65A and 65B (the
“Redevelopment Project Areas”) by the following respective Ordinances Nos.
941605, 941604, and 941603 are each hereby terminated.
Section 3. All funds
within the Special Allocation Fund established for Redevelopment Project Areas 64B,
65A and 65B that are in excess of existing and anticipated administrative costs
and expenses of the TIF Commission, in connection with processing the
termination of the Redevelopment Project Areas, are hereby declared as surplus.
Section 4. The TIF
Commission is hereby authorized and directed to remit all such surplus funds
identified by Section 3 to the affected taxing districts in accordance with
Section 99.850, RSMo.
__________________________________________________
Approved
as to form and legality:
_________________________________
Brian
T. Rabineau
Assistant
City Attorney