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Legislation #: 061266 Introduction Date: 11/9/2006
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER FAIRFIELD
Title: Authorizing the City Manager to negotiate a Development Agreement regarding the Gailoyd Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
11/9/2006 Filed by the Clerk's office
11/9/2006 Referred to Planning, Zoning & Economic Development Committee
11/15/2006 Advance and Do Pass, Debate
11/16/2006 Passed

View Attachments
FileTypeSizeDescription
061266.pdf Authenticated 62K Authenticated
Exhibit A.DOC Advertise Notice 72K Revised Exhibit A
Exhibit A Gailoyd_Ordinance No. 061266.DOC Advertise Notice 72K Exhibit A
FACT SHEET - Gailoyd for Ordinance No. 061266 111406.xls Advertise Notice 33K Fact Sheet

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ORDINANCE NO. 061266

 

Authorizing the City Manager to negotiate a Development Agreement regarding the Gailoyd Tax Increment Financing Plan.

 

WHEREAS, the Council approved the Gailoyd Tax Increment Financing Plan (the Plan) by passage of Ordinance No.030260 on March 27, 2003; and

 

WHEREAS, on March 27, 2003, the Council adopted Resolution No. 030337, expressing the intent of the Council to approve super TIF financing for the construction of public parking facilities developed in support of the Gailoyd Redevelopment Project; and

 

WHEREAS, the Council approved the First Amendment to the Gailoyd Tax Increment Financing Plan by passage of Committee Substitute for Ordinance No. 060015 on January 26, 2006; and

 

WHEREAS, the Plan, as amended, contemplates the redevelopment and renovation of the historic Power & Light Building into office space, construction of a parking garage, retail space, a residential condominium development, and the development and construction of an office building with an additional parking garage; and

 

WHEREAS, the Council through adoption of Resolution No. 030527 on May 8, 2003, authorized the development of financing to provide for the issuance of one or more series of revenue bonds in an approximate principal amount not to exceed $32,769,347.00 for the construction of a 700-space public parking garage for the Gailoyd Redevelopment Project; and

 

WHEREAS, the City and the Redeveloper have been working on a feasible financial and redevelopment plan; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. That the Mayor and Council hereby authorize the City Manager to negotiate a development agreement which encompasses substantially the terms set forth in Exhibit A hereto, for presentation to and consideration by the Mayor and Council.

 

_________________________________________

 

Approved as to form and legality:

 

 

___________________________________

Heather A. Brown

Assistant City Attorney