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Legislation #: 001438 Introduction Date: 10/19/2000
Type: Ordinance Effective Date: 11/12/2000
Sponsor: COUNCILMEMBER NASH
Title: Authorizing a cooperative agreement among the City, the Tax Increment Financing Commission, the Convention and Visitors Bureau and Marcus Hotels, Inc. in connection with the project costs for the Hotel Phillips Tax Increment Financing Redevelopment Plan; directing the City Clerk to file the agreement with the Secretary of State.

Legislation History
DateMinutesDescription
10/25/2000

Hold On Agenda

10/19/2000

Referred Finance and Audit Committee

11/1/2000

Advance and Do Pass

11/2/2000

Passed


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001438 from 2000.pdf Authenticated 314K Authenticated

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ORDINANCE NO. 001438

 

Authorizing a cooperative agreement among the City, the Tax Increment Financing Commission, the Convention and Visitors Bureau and Marcus Hotels, Inc. in connection with the project costs for the Hotel Phillips Tax Increment Financing Redevelopment Plan; directing the City Clerk to file the agreement with the Secretary of State.

 

WHEREAS, the Tax Increment Financing Commission of Kansas City, Missouri (the Commission) has recommended the approval of the Hotel Phillips Tax Increment Financing Redevelopment Plan (the Redevelopment Plan) and the Council has accepted the recommendations of the Commission in regard to the Redevelopment Plan by the passage of Ordinance No. 000382; and

 

WHEREAS, the Council has determined that the Redevelopment Plan meets the Councils criteria set forth in Committee Substitute for Resolution No.941748, As Further Amended, making it eligible for the annual appropriation of 100% of the total additional revenue from taxes, penalties and interest which are imposed by the City or taxing districts and which are generated by economic activities within the areas selected for the Redevelopment Projects (50% as set forth in the Real Property Tax Increment Allocation Redevelopment Act, Sections 99.800 to 99.865, RSMo and 50% to annually appropriated by the City) ( 100% EATs); and

 

WHEREAS, the Convention and Visitors Bureau of Greater Kansas City (the Bureau) has supported the development of other hotel projects which were eligible for 100% EATs by assisting in the funding for debt service on the bonds issued for those other projects, and has agreed to assist in the funding for the project costs of the Redevelopment Plan (the Improvements); and

 

WHEREAS, the Commission has agreed to provide certain services in connection with the construction, completion and financing of the Improvements; and

 

WHEREAS, Marcus Hotels, Inc.(the Redeveloper) has agreed to construct or cause the construction and/or completion of the Improvements; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Director of City Development is authorized to execute, on behalf of the City, a cooperative among the Commission, the Bureau and the Redeveloper setting out the terms and conditions of Citys contribution of the Additional EATs, the Bureaus contribution of a certain amount of its allocation of the hotel/motel tax, and the rights and obligations of the Commission and the Redeveloper, all in regard to the construction and/or completion and financing of the Improvements. The cooperative agreement is approved in substantial form as the attachment to this ordinance.

 

Section 2. That the City Clerk is directed to file the cooperative agreement with the Secretary of State upon receipt of the executed agreement from the parties.

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Approved as to form and legality:

 

 

 

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Assistant City Attorney