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Legislation #: 130125 Introduction Date: 2/28/2013
Type: Ordinance Effective Date: 3/17/2013
Sponsor: COUNCILMEMBER TAYLOR AND COUNCILMEMBER SHARP
Title: Approving additional tax increment financing for the Three Trails District Tax Increment Financing Plan and authorizing the Director of Finance to enter into a Financing Agreement.

Legislation History
DateMinutesDescription
2/14/2013 Filed by the Clerk's office
2/28/2013 Referred to Planning, Zoning & Economic Development Committee
3/6/2013 Advance and Do Pass, Debate
3/7/2013 Passed

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ORDINANCE NO. 130125

 

Approving additional tax increment financing for the Three Trails District Tax Increment Financing Plan and authorizing the Director of Finance to enter into a Financing Agreement.

WHEREAS, the Three Trails District Tax Increment Financing Plan was approved by the City Council of the City (the “City Council”) with passage of Committee Substitute for Ordinance No. 020119 on February 7, 2002; and

WHEREAS, the Three Trails District Tax Increment Financing Plan was subsequently amended by the City Council with passage of Ordinance No. 020855 on July 25, 2002; and

 WHEREAS, the Three Trails District Tax Increment Financing Plan, as amended, was further amended and restated by the Amended and Restated Three Trails District Tax Increment Financing Plan, which was approved by the City Council with passage of Committee Substitute for Ordinance No. 071297 on December 13, 2007, which, among other things, expanded the boundaries of the real property included under the Three Trails District Tax Increment Financing Plan, as amended; and

WHEREAS, the Amended and Restated Three Trails District Tax Increment Financing Plan was further amended by the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan, which was approved by the City Council with the passage of Committee Substitute for Ordinance No. 110364, As Amended, on May 19, 2011 (the Amended and Restated Three Trails District Tax Increment Financing Plan as further amended by the First Amendment to the Amended and Restated Three Trails District Tax Increment Financing Plan is referred to herein as the “TIF Plan”); and

WHEREAS, the TIF Plan designated a redevelopment area (the “Redevelopment Area”) within the meaning of the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 (the “Act”); and

WHEREAS, on May 19, 2011, the City Council referred Ordinance Nos. 110400, 110401, 110402 and 110403 to the Planning, Zoning and Economic Development Committee for consideration and potential recommendation to the City Council to (1) designate and approve Redevelopment Project Areas 1, 2, 3 and 4 (collectively, the “Redevelopment Project Areas”), and (2) authorize tax increment financing within such Redevelopment Project Areas; and

WHEREAS, the TIF Plan provides for the development of a three phased mixed-use office/clean technology business park and retail development consisting of approximately 1,228,500 square feet of mixed use retail and commercial uses, 1,550,000 square feet of office and/or clean technology business park and certain related site improvements (collectively referred to as the “Project Improvements”), and for the reimbursement of certain costs, plus interest and financing costs, as “Reimbursable Project Costs” as defined in the TIF Plan; and

WHEREAS, the TIF Plan is a comprehensive program intended to eliminate blighting conditions and enhance the tax base within the Redevelopment Area through, inter alia, the implementation of the Project Improvements within the Redevelopment Project Areas; and

WHEREAS, the Commission and Trails Properties, II, Inc. (the “Redeveloper”), will enter into an agreement (the “Redevelopment Agreement”), which provides, inter alia, for the implementation of the Project Improvements and for the reimbursement of certain redevelopment project costs, as identified by the TIF Plan, that have been incurred by the Redeveloper and certified, pursuant to the Redevelopment Agreement, by the Commission (the “Certified Costs”), including Eight Million Dollars ($8,000,000) to be utilized to finance a Neighborhood Improvement and Infrastructure Program as contemplated in the TIF Plan and associated ordinances approving the TIF Plan; and

WHEREAS, on May 19, 2011, the City Council, by Committee Substitute for Ordinance No. 110364, As Amended, agreed to provide additional financing for Certified Costs related to the implementation of the Project Improvements by committing, subject to actual appropriation and collection, in addition to the revenues available under the Act, the total additional revenue from taxes which are imposed by the City and generated by economic activities within the Redevelopment Area, which are not subject to capture, in accordance with the Act, and would otherwise be deposited into the City’s general fund to be used for payment of $39,579,512 in Certified Costs, and any additional costs which may otherwise be approved by the City, as set forth in the agreement authorized herein (the “Financing Agreement”); NOW, THEREFORE,

  BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the Council hereby agrees to provide additional financing for the TIF Plan by committing, subject to annual appropriation and subject to actual collection, in addition to the revenues available under the Act, the balance of the taxes generated by economic activities within the Redevelopment Project Area, which are not subject to capture in accordance with the Act and would otherwise be deposited into the City’s general fund, to be used for repayment of $39,579,512 in redevelopment project costs as set forth in the Financing Agreement and any additional costs which may otherwise be approved by the City, and as certified by the Tax Increment Financing Commission of Kansas City, Missouri.

Section 2. That the Director of Finance is authorized to enter into a Financing Agreement providing for the additional financing described herein, in such form as is approved by the Director of Finance.

______________________________________________

Approved as to form and legality:

 

____________________________

Brian T. Rabineau

Assistant City Attorney