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Legislation #: 030847 Introduction Date: 7/31/2003
Type: Ordinance Effective Date: 8/17/2003
Sponsor: None
Title: Accepting the recommendations of the Tax Increment Financing Commission of Kansas City as to the First Amendment to the Pershing Road Redevelopment Tax Increment Financing Plan; approving the First Amendment to the Pershing Road Redevelopment Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
7/31/2003

Prepare to Introduce

7/31/2003

Referred Planning, Zoning & Economic Development Committee

8/6/2003

Advance and Do Pass as a Committee Substitute

8/7/2003

Passed as Substituted


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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 030847

 

Accepting the recommendations of the Tax Increment Financing Commission of Kansas City as to the First Amendment to the Pershing Road Redevelopment Tax Increment Financing Plan; approving the First Amendment to the Pershing Road Redevelopment Tax Increment Financing Plan.

 

WHEREAS, in Ordinance No. 030401, as amended by Second Committee Substitute for Ordinance No. 030674, the Council accepted the recommendations of the Tax Increment Financing Commission of Kansas City (Commission) and approved the Pershing Road Tax Increment Financing Plan (Plan); and

 

WHEREAS, the first amendment to the Plan, reflecting an increase in redevelopment costs from approximately $333 million to $359 million and an increase in reimbursable project costs from approximately $110 million to $125 million, and including a revised financial analysis report projecting a 15% internal rate of return with the assistance of TIF and an estimated return of 6.4% without TIF assistance (First Amendment), was proposed to the Commission; and

 

WHEREAS, after all proper notice was given, the Commission met in public hearing regarding the First Amendment on July 9, 2003, at which time, after receiving the comments of all interested persons and taxing districts, the Commission approved Resolution No. 7-02-03 ("Resolution") recommending to the City Council the approval of the First Amendment; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The recommendations of the Commission concerning the First Amendment as set forth in the Resolution attached hereto as Exhibit A are hereby accepted and the First Amendment, a copy of which is attached hereto as Exhibit B, is hereby approved.

 

Section 2. All terms used in this ordinance, not otherwise defined herein, shall be construed as defined in the Real Property Tax Increment Allocation Redevelopment Act, Sections 99,800 to 99.865, RSMo.

 

Section 3. The City Council hereby finds that good cause has been shown for the amendment of the Plan and that the findings of the Council in Ordinance No. 030401, as amended by Second Committee Substitute for Ordinance No. 030674, are not affected by the First Amendment and apply equally to the First Amendment.

 

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Approved as to form and legality:

 

 

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Assistant City Attorney