ORDINANCE
NO. 180212
Approving the Second Amendment to the Heart of the City
Neighborhood Stabilization 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passed on November 24, 1982, and thereafter repealed and amended in certain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 for Ordinance No. 911076, as amended, passed
on August 29, 1991, Ordinance No. 100089, passed on January 28, 2010, and
Committee Substitute for Ordinance No. 140823, As Amended, passed on June 18,
2015, created the Tax Increment Financing Commission of Kansas City, Missouri (the
“Commission”); and
WHEREAS, the City Council, by passage of Ordinance No.
160979, accepted the recommendations of the Commission, approved the plan, as
modified, and renamed the same to be known as the Heart of the City
Neighborhood Stabilization Tax Increment Financing Plan (the "Plan");
and
WHEREAS, the First Amendment
to the Plan (the "First Amendment") was approved by the Council by
Ordinance No. 170887, which established the parameters of the housing program
provided for by the Plan; and
WHEREAS, the Second
Amendment to the Plan (the “Second Amendment") has been proposed, which
provides for changes to the budget of redevelopment project costs and provides
that the Advisory Committee will make recommendations on the housing program as
well as the commercial façade and improvement program provided for by the Plan;
NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF
KANSAS CITY:
Section 1. That the Second
Amendment, a copy of which is attached hereto, is hereby approved and adopted
as valid.
Section 2. All terms used in this ordinance, not otherwise
defined herein, shall be construed as defined in the Act.
Section
3. The Council hereby finds that:
(a) Good cause has been shown for amendment of the Plan, and
that the findings of the Council in Ordinance No. 160979 with respect to the
Plan are not affected by the First Amendment and apply equally to the Second
Amendment;
(b) The Redevelopment Area is a Conservation 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 Plan and the Second Amendment;
(c) The Plan, as amended by the Second Amendment, confirms to
the comprehensive plan for the development of the City as a whole;
(d) The areas selected for the Redevelopment Project include
only those parcels of real property and improvements therein which will be
directly and substantially benefited by the Redevelopment Project improvements;
(e) The estimated dates of completion of
the Redevelopment Project and retirement of obligations incurred to finance
Redevelopment Project Costs, have been stated in the Plan, as amended by the
Second Amendment, and are not more than 23 years from the adoption of any
ordinance approving a Redevelopment Project within the Redevelopment Area;
(f) A plan has been developed for relocation
assistance for businesses and residences;
(g) A cost benefit analysis showing the economic impact on each
taxing district which is at least partially within the boundaries of the
Redevelopment Area has been prepared in accordance with the Act;
(h) The Second Amendment does not include the initial
development or redevelopment of any gambling establishment; and
(i) A conservation study has been completed and the findings of
such study satisfy the requirements provided under subdivision (1) of Section
99.805, RSMo.
Section 4. That the Commission is authorized to issue obligations in
one or more series of bonds secured by the Heart of the City Neighborhood
Stabilization Tax Increment Financing Plan Account (“Heart of the City TIF”) 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 Plan pursuant to the power delegated
to it by the City. 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 5. That pursuant to the provisions of the Plan, the
City Council approves the pledge of all funds that are deposited into the Heart
of the City TIF Account of the Special Allocation Fund to the payment of
Redevelopment Project Costs identified by the Plan and permitted by the Act and
authorizes the Commission to pledge such funds on its behalf.
____________________________________________
Approved as to form and legality:
_________________________________
Brian T. Rabineau
Assistant City Attorney