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.

_____________________________________________

Approved as to form and legality:

___________________________________

Assistant City Attorney