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Legislation #: 060220 Introduction Date: 2/23/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER HERMANN
Title: 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.

Legislation History
DateMinutesDescription
2/23/2006 Filed by the Clerk's office
2/23/2006 Referred to Planning, Zoning & Economic Development Committee
3/1/2006 Advance and Do Pass as a Committee Substitute, Debate
3/2/2006 Passed as Substituted

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060220.pdf Authenticated 68K Authenticated

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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.

 

__________________________________________________

Approved as to form and legality:

 

 

______________________________

Heather A. Brown

Assistant City Attorney