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.
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Approved
as to form and legality:
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Heather
A. Brown
Assistant City Attorney