COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 051269
Providing a portion of the
redevelopment financing for Project G of the Southtown Corridor/31st
& Baltimore Tax Increment Financing Plan in a amount not to exceed $1
million; authorizing the Director of City Development to execute a first
amendment to the Project G Acquisition, Legal, and Relocation Agreement;
estimating $1 million in revenue in the General Fund and appropriating it for
the First Amendment; authorizing the Director of City Development to execute a
cooperative agreement providing for repayment of the $1 million; declaring the
intent of the City to reimburse itself; and, recognizing an emergency.
WHEREAS, the
Citadel Plaza Redevelopment Project (Project G or the Project) is an
important commercial redevelopment along the 63rd St. Corridor within the
Southtown Corridor/31st & Baltimore Tax Increment Financing
Redevelopment Area, designated as a redevelopment area by Ordinance No. 940564,
passed on May 19, 1994; and
WHEREAS, this
project is generally located at the NW intersection of 63rd and Prospect and
was approved by Ordinance No. 940571; and
WHEREAS, the
Community Development Corporation of Kansas City (CDC-KC) has been granted
redevelopment rights for Project G for a commercial redevelopment project; and
WHEREAS, CDC-KC
has sought interim financing assistance from several local banks, but
approximately $1 million in additional funding is necessary to keep the Project
on schedule; and
WHEREAS, the
City assisted in the initial property acquisition and relocation efforts for
the Citadel Plaza redevelopment project through Ordinance No. 011293 which was
approved on September 13, 2001, and later proposed to provide community
development block grant funds but did not allocate them for the Project; and
WHEREAS, the City has
previously advanced funds for important City revitalization efforts such as
Shoal Creek Parkway, and River Market area development projects that are being
repaid from TIF revenues; and
WHEREAS, the
City desires to continue in its efforts to assist the Community Development
Corporation of Kansas City with this important redevelopment project along the
63rd Street Corridor; and
WHEREAS, the
City expects the Tax Increment Financing Commission of Kansas City
(Commission) to issue bonds for the Project prior to the end of the fiscal
year if an acceptable plan of financing is approved by the Commission and the
City; NOW, THEREFORE,
BE IT ORDAINED
BY THE COUNCIL OF KANSAS CITY:
Section 1. That
the City of Kansas City desires to assist the Community Development Corporation
of Kansas City in its redevelopment efforts of the Project G by providing a
portion of the redevelopment financing in an amount not to exceed $1 million.
Section 2. That the
Director of City Development is hereby authorized to execute a first amendment
to the Project G Acquisition, Legal, and Relocation Agreement by adding the
$1 million appropriated in this ordinance and extending the term of the
agreement.
Section 3. That
revenue in the following amount is hereby estimated into the following account
of the General Fund:
06-1000-640000-585380 TIF Reimbursement-Citadel Plaza $1,000,000.00
Section 4. That
the sum of $1,000,000.00 is hereby appropriated from the Unappropriated Fund
Balance of the General Fund to the following account in the General Fund:
06-1000-648045-B 63rd
and Prospect Redevelopment $1,000,000.00
Section 5. That the
Director of City Development is hereby authorized to enter into a cooperative
agreement with the Community Development Corporation of Kansas City providing
for the repayment of these funds from future tax increment financing proceeds
or bond issues.
Section 6. That the City declares its intent to
reimburse itself for certain expenditures made within 60 days prior to or on
and after the date of this ordinance from bond proceeds expected to be issued
by the Tax Increment Financing Commission of Kansas City in an approximate par
amount of $1 million.
Section 7. That
this ordinance is recognized as an emergency measure within the provision of
Section 15, Article II of the Charter of Kansas City and shall take effect
immediately upon passage.
_____________________________________________
I hereby certify that
there is a balance, otherwise unencumbered, to the credit of the appropriation
to which the foregoing expenditure is to be charged, and a cash balance,
otherwise unencumbered, in the treasury, to the credit of the fund from which
payment is to be made, each sufficient to meet the obligation hereby incurred.
___________________________________
Wanda
Gunter
Acting
Director of Finance
Approved
as to form and legality:
___________________________________
Heather
A. Brown
Assistant City Attorney