ORDINANCE NO. 000900
Authorizing
four additional projects (Plaza East Project) for the Brush Creek Corridor
Tax Increment Financing Plan.
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No. 54556, passed on November 24, 1982, and thereafter repealed and amended in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 to 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 Brush Creek Corridor Tax Increment Financing Plan as amended (the
"Plan") was approved by the Commission and passed by the City Council
on March 11, 1999, by Ordinance No. 990251 ("the Ordinance"); and
WHEREAS,
an amendment to the Redevelopment Plan entitled "The First Amendment to
the Brush Creek Corridor Tax Increment Financing Plan" ("the First
Amendment") affecting the area described therein was proposed to the
Commission; and
WHEREAS,
on June 8, 2000, the City Council passed Committee Substitute for Ordinance No.
000606, approving the First Amendment to the Brush Creek Corridor Tax Increment
Financing Plan; and
WHEREAS,
the Plan, as amended contemplated the implementation of the Plan through the
Blue Parkway and Plaza Library Projects and the adoption of tax increment
financing in each of the areas selected for such Redevelopment Project but only
authorized five separate Redevelopment Projects; and
WHEREAS,
the Council hereby authorizes four additional projects (Plaza East Project)
to the Plan; NOW, THEREFORE,
BE
IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section
1. The recommendations of the Commission concerning the Plaza East as set
forth in the Resolution attached hereto as Exhibit "A" are hereby
accepted and four separate Redevelopment Project Areas necessary for
implementation of such development are hereby authorized with tax increment
financing for each to be adopted by separate ordinance.
Section
2. The Commission is authorized to issue obligations in one or more series of
bonds secured by the Brush Creek 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
3. Pursuant to the provisions of the Redevelopment Plan, the City Council
approves the pledge of all funds that are deposited into the Brush Creek
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.
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Approved
as to form and legality:
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Assistant
City Attorney