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Legislation #: 040871 Introduction Date: 7/29/2004
Type: Ordinance Effective Date: none
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission as to and approving the Second Amendment to the 19th Terrace and Central Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
7/29/2004

Prepare to Introduce

7/29/2004

Referred Planning, Zoning & Economic Development Committee

8/4/2004

Advance and Do Pass as a Committee Substitute

8/5/2004

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 040871

 

 

Accepting the recommendations of the Tax Increment Financing Commission as to and approving the Second Amendment to the 19th Terrace and Central Tax Increment Financing Plan.

 

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

WHEREAS, pursuant to the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865 of the Revised Statutes of Missouri, 1986, as amended (the "Act"), the City Council of Kansas City, Missouri, by Ordinance No. 54556, passed on November 24, 1982, and thereafter repealed and amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, created the Tax Increment Financing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, the 19th Terrace and Central Tax Increment Financing Plan was approved by Committee Substitute for Ordinance No. 990702 on June 3, 1999 ("the Plan"); and

 

WHEREAS, the Commission, having been duly constituted, its members appointed, and after all proper notice was given, met in public hearing on March 8, 2000, and, after receiving the comments of all interested persons and taxing districts, approved Resolution No. 3-8-00 (the "Resolution") recommending to the City Council the approval of the First Amendment to the Plan; and

 

WHEREAS, the Council accepted the recommendations of the Commission by passage of Ordinance No. 000778, approving the First Amendment to the Plan; and

 

WHEREAS, the Second Amendment to the Plan (Second Amendment) was presented to the Commission; and

 

WHEREAS, the Commission, having been duly constituted, its members appointed, and after all proper notice was given, met in public hearing on July 14, 2004, and, after receiving the comments of all interested persons and taxing districts, approved Resolution No. 7-7-04 (the "Resolution") recommending to the City Council the approval of the Second Amendment; and

 

WHEREAS, the Second Amendment amends the land use for Project 18 from commercial/residential to commercial/office/retail and amends the budget for Project 18; NOW, THEREFORE,

 

Section 1. The recommendations of the Commission concerning the Second Amendment as set forth in the Resolution attached hereto as Exhibit "A" are hereby accepted and the Second Amendment, a copy of which is attached hereto as Exhibit "B," is hereby approved and adopted as valid and the Redevelopment Project(s) contained therein are hereby authorized.

 

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.

 

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 the amendment of the Redevelopment Plan, and that the findings of the City Council in Ordinance Nos. 990702 and 000778 with respect to the Redevelopment Plan and any subsequent amendments, are not affected by the Second Amendment to the 19th Terrace and Central Tax Increment Financing Plan and apply equally to this amendment.

 

B. The Redevelopment Area, as amended, 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 Second Amendment to the 19th Terrace and Central Tax Increment Financing Plan;

 

C. The Second Amendment conforms to the comprehensive plan for the development of the City as a whole.

 

D. The areas selected for Redevelopment Projects include only those parcels of real property and improvements thereon which will be directly and substantially benefitted by the Redevelopment Project Improvements.

 

E. The estimated dates of completion of the Redevelopment Projects and retirement of obligations incurred to finance Redevelopment Project Costs have been stated in the Second Amendment and are not more than 23 years from the adoption of any ordinance approving a Redevelopment Project within the Redevelopment Area.

 

F. The Second Amendment includes a plan for relocation assistance for businesses and residences.

 

G. A cost-benefit analysis showing the impact of the Second Amendment on each taxing district which is at least partially within the boundaries of the Redevelopment Area has been prepared in accordance with the Act.

 

H. The Second Amendment does not include the initial development or redevelopment of any gambling establishment.

 

Section 5. The Commission is authorized to issue obligations in one or more series of bonds secured by the 19th Terrace and Central Tax Increment 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 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 6. The City Council approves the pledge of all funds that are deposited into the 19th Terrace and Central Tax Increment Financing Plan 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.

 

________________________________________________________________

 

Approved as to form and legality:

 

 

 

__________________________________

Heather A. Brown

Assistant City Attorney