COMMITTEE SUBSTITUTE
FOR ORDINANCE NO. 060220
Approving additional tax
increment financing for the Antioch Mall Tax Increment Financing Redevelopment
Project and authorizing the Director of Finance to enter into a financing
agreement to provide such financing for the project in connection with the project.
WHEREAS, on March ___, 2006, the
City Council passed Ordinance No. 050833, adopting the Antioch Mall Tax
Increment Financing Plan (the Redevelopment Plan) and designated the
Redevelopment Area therein to be a blighted area; and
WHEREAS, the Redevelopment Plan
provides for the redevelopment of the Antioch Mall located at Vivion Road and
Antioch Road and for the reimbursement of $24,246,649.00 of redevelopment
project costs, plus reasonable interest and financing costs, from tax increment
revenues deposited to the special allocation fund pursuant to the Redevelopment
Plan; and
WHEREAS, the developer has
requested additional tax increment financing for the reimbursement of
$4,241,979.00 of redevelopment project costs, plus reasonable interest and
financing costs; and
WHEREAS, the provision of the
additional tax increment financing is for the public welfare and benefit and
will promote the economic well being and development of Kansas City, Missouri;
NOW, THEREFORE,
BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:
Section 1. The Council hereby
agrees to provide additional financing for the Antioch Mall Tax Increment
Financing Redevelopment Plan by committing, subject to annual appropriation and
subject to actual collection, in addition to the revenues available under Real
Property Tax Increment Allocation Redevelopment Act (the TIF statute), the
balance of the economic activity taxes generated by the Project to be used for
repayment of $4,241,979 in project costs plus reasonable interest and financing
costs as set forth in the Financing Agreement, and as certified by the Tax
Increment Financing Commission of Kansas City, Missouri.
Section 2. The Director of
Finance is authorized to enter into a Financing Agreement providing for the
additional financing described herein, in such form as approved by the Director
of Finance.
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Approved as to form and
legality:
______________________________
Heather
A. Brown
Assistant City Attorney