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Legislation #: 061103 Introduction Date: 10/5/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER COOPER
Title: Approving an Amended and Restated Redevelopment Contract between the City of Kansas City, Missouri and Rivergate Redevelopment Corporation to provide for additional tax abatement for the project.

Legislation History
DateMinutesDescription
10/5/2006 Filed by the Clerk's office
10/5/2006 Referred to Planning, Zoning & Economic Development Committee
10/11/2006 Hold On Agenda (10/25/2006)
10/25/2006 Advance and Do Pass as a Committee Substitute, Debate
10/26/2006 Passed as Substituted

View Attachments
FileTypeSizeDescription
Contract information is on file in the City Clerk.doc Contracts 20K contract
061103 Exhibit A.pdf Exhibit 1693K Exhibit A
061103.pdf Authenticated 69K Authenticated
rivergate_factsheet1.xls Fact Sheet 62K Revised Fact Sheet
Reports 0K Economic/Tax Impact Analysis For Rivergate Business Center on file in the City Clerk's Office

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COMMITTEE SUBSTITUTE FOR ORDINANCE NO. 061103

Approving an Amended and Restated Redevelopment Contract between the City of Kansas City, Missouri and Rivergate Redevelopment Corporation to provide for additional tax abatement for the project.

WHEREAS, the City Council of Kansas City, Missouri, by Ordinance No. 941629 passed on December 15, 1994, approved the development plan submitted by Rivergate Redevelopment Corporation, declared the area included in the plan generally located at the Southwest corner of 6th Street and Broadway, a blighted area and its redevelopment necessary for the preservation of the public peace, prosperity, health, safety, morals and welfare; and authorizing the Director of Finance to enter into a contract (the Redevelopment Contract) with Rivergate Redevelopment Corporation; and authorizing certain tax abatement within the Project Area; and

WHEREAS, the Redevelopment Contract was executed and became effective on May 2, 1997; and

WHEREAS, in furtherance of the above-referenced plan it is necessary to amend the Redevelopment Contract to provide for additional tax abatement for the project; NOW, THEREFORE;

BE IT ORDAINED BY THE COUNCL OF KANSAS CITY:

Section 1. The Amended and Restated Redevelopment Contract between the City and Rivergate Redevelopment Corporation, a copy of which is attached hereto as Exhibit A, is hereby approved. The new contract increases the tax abatement on the property for the remainder of the contract from 50% to 82% (by changing the basis for assessment of the property from 50% of the true value to 18% and requires the developer to make after hours parking available to the public for the a 20 year period upon the request of the City Manager.

Section 2. The Director of Finance is hereby authorized to execute the Amended and Restated Redevelopment Contract with Rivergate Redevelopment Corporation on behalf of the City and is further authorized, upon advice of counsel, to make such technical amendments as may be necessary to correct minor inaccuracies which do not change the substance of the amendment without further approval of the Council.

__________________________________________

Approved as to form and legality:

 

 

___________________________

Heather A. Brown

Assistant City Attorney