ORDINANCE NO. 951485
Accepting the recommendations of the Tax Increment
Financing Commission as to the First Amendment to the New York Life Tax
Increment Financing Plan; approving the First Amendment to the New York Life Tax
Increment Financing Plan; and designating an Expanded Redevelopment Area.
WHEREAS, the City Council of Kansas City, Missouri
by Ordinance No. 54556 passed on November 24, 1982 and thereafter 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, said Commission has been duly constituted
and its members appointed; and, after all proper notice was given, the
Commission met in public hearing and after receiving the comments of all
interested persons and taxing districts, closed said public hearing on October
12, 1994 and on October 12, 1994, adopted its Resolution recommending to the
City Council the approval of the New York Life Tax Increment Financing Plan
(the "Redevelopment Plan") and the designation of the area described
therein as a Redevelopment Area (the "Redevelopment Area") under the
Act; and
WHEREAS, on November 21, 1994, the City Council
adopted Ordinance No. 921543, which accepted the recommendations of the
Commission as to the Redevelopment Plan; approved the Redevelopment Plan,
found the Redevelopment Area to be a blighted area; designated the Redevelopment
Area as a Redevelopment Area pursuant to the Act; approved an agreement with
the Commission; and authorized the Commission to take all such actions as may
be needed to effectuate the Redevelopment Plan; and
WHEREAS, said Redevelopment Plan has been
proceeding, and the Redevelopment Project described therein remains necessary
to improve the Redevelopment Area, as amended; and
WHEREAS, an amendment to the Redevelopment Plan
entitled "The First Amendment to the New York Life Tax Increment Financing
Plan" (the "First Amendment") affecting the area described
therein was proposed to the Commission; and
WHEREAS, the intent of the First Amendment is to
expand the boundaries of the Redevelopment Area to include additional area in
which a series of two (2) additional Redevelopment Projects are to be
completed. The additional projects are intended to eliminate or reduce those
conditions, the existence of which support characterizing the Redevelopment
Area, as amended, as a blighted area and to enhance the tax base within such
area but are not intended to have any effect on the Redevelopment Project
described in the Redevelopment Plan; and
WHEREAS, after all proper notice was given, the
Commission met in public hearing and after receiving the comments of all
interested parties and taxing districts affected, closed said public hearings
on October 12, 1995 and on October 12, 1995, approved Resolution No. 95-92 (the
"Resolution") recommending to the City Council that the First Amendment
to the New York Life Tax Increment Financing Plan be approved and the
Redevelopment Area, as amended therein, be designated as a Redevelopment Area;
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 accepted and the First Amendment, a copy of which
is attached hereto as Exhibit "B", is hereby approved and adopted as
valid and the Redevelopment Projects contained therein are authorized.
Section 2. All terms used in this ordinance will be
construed as defined in Section 99.800 to 99.865 of the Revised Statutes of
Missouri, as amended (the "Act").
Section 3. The following described area
constituting the Redevelopment Area, as amended, is designated as a
Redevelopment Area pursuant to the Act:
Commencing at the intersection of the north
right-of-way of 9th Street and the east right-of-way line of Baltimore Avenue;
thence north along the east right-of-way line of Baltimore Avenue to the
south right-of-way line of 8th Street; thence east along the south
right-of-way line of 8th Street to the west right-of-way line of Main Street;
thence south along the west right-of-way line of Main Street to the north
right-of-way line of 9th Street; thence west along the north right-of-way
line of 9th Street to the point of beginning all included in and a part of
Kansas City, Jackson County, Missouri.
Section 4. The City Council 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 No. 941543, with respect to the
Redevelopment Plan, are not affected by the
First Amendment and apply equally to
the First Amendment; and
(b) The Redevelopment Area, as amended, is a
blighted 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
Redevelopment Plan, as amended;
(c) The Redevelopment Plan, as amended, conforms to
the comprehensive plan for the development of the City as a whole;
(d) The estimated dates of completion of the
respective Redevelopment Projects and retirement of obligations
incurred to finance Redevelopment Project Costs, have been
stated in the First Amended Redevelopment Plan
and are not more than 23 years
from the adoption of any ordinance approving a
Redevelopment Project within the
Redevelopment Area, as amended;
(e) A plan has been developed for relocation assistance
for businesses and residences.
Section 5. The Commission is authorized to issue
obligations in one or more series of bonds secured by the New York Life Account
of the Special Allocation Fund to finance Redevelopment Project Costs within
the Redevelopment Area, as amended, 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
First Amendment 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 of the
Revised Statutes of Missouri, which recital shall be conclusive evidence of
their validity and of the regularity of their issuance.
Section 6. Pursuant to the provisions of the First
Amendment, the City Council approves the pledge of all funds generated from
Redevelopment Projects that are deposited into the New York Life Account of the
Special Allocation Fund to the payment of Redevelopment Project Costs within
the Redevelopment Area, as amended, 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