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Legislation #: 140397 Introduction Date: 5/15/2014
Type: Ordinance Effective Date: none
Sponsor: COUNCILMEMBER MARCASON AND COUNCILMEMBER GLOVER
Title: Approving a waiver of certain requirements under the housing program described within the Midtown Tax Increment Financing Plan.

Legislation History
DateMinutesDescription
5/15/2014 Filed by the Clerk's office
5/15/2014 Referred to Planning, Zoning & Economic Development Committee
5/21/2014 Advance and Do Pass, Debate
5/22/2014 Passed

View Attachments
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140397.pdf Authenticated 172K Authenticated
140397 Fact Sheet.pdf Fact Sheet 199K Fact sheet

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ORDINANCE NO. 140397

 

Approving a waiver of certain requirements under the housing program described within the Midtown Tax Increment Financing Plan.

 

WHEREAS, the City Council of Kansas City, Missouri by Ordinance No. 54556 passed on November 24, 1982 and thereafter amended in certain respects by Committee Substitute for Ordinance No. 911076, as amended, passed on August 29, 1991, Ordinance No. 100089, as amended, passed on January 28, 2010 and Ordinance No. 130986, passed on December 19, 2013 created the Tax Increment Financing Commission of Kansas City, Missouri (the "Commission"); and

 

WHEREAS, on December 15, 1992, by Resolution No. 92-68, the Commission recommended to the City Council of Kansas City, Missouri (the “City” or the “Council”) that it approve the Midtown Tax Increment Financing Plan (“the Plan”) and designate a redevelopment area identified therein (the “Redevelopment Area”); and

 

WHEREAS, on April 1, 1993, the Council approved the Plan by Committee Substitute for Ordinance No. 930066, as amended by the First Amendment to the Plan, by Ordinance No. 950731, as amended by the Second Amendment to the Plan, by Committee Substitute for Ordinance No. 991390, and as amended by the Third Amendment to the Plan, by Committee Substitute for Ordinance No. 001466 (collectively “TIF Ordinances”); and

 

WHEREAS, pursuant to the Third Amendment to the Plan, the Council established a Midtown TIF Housing Program (“Housing Program”), for the purpose of providing grants and loans for, inter alia, the construction and rehabilitation of single family homes and multifamily structures in the Redevelopment Area; and

WHEREAS, the Housing Program includes certain guidelines and contains certain restrictions on the use of tax increment financing revenue for the rehabilitation of multifamily units, including a restriction on the use of tax increment financing revenue for multifamily structures that are in excess of twelve (12) units; and

 

WHEREAS, on April 1, 2012, the City and the Commission entered into a Cooperative Agreement for the purpose of implementing the Housing Program pursuant to the guidelines and restrictions contained within the Housing Program; and

 

WHEREAS, the Commission received and accepted, by resolution, a request from the Midtown Housing Committee, an advisory committee established pursuant to the Third Amendment to the Plan, to recommend that the City Council waive the Housing Program requirement (A) that funding of multifamily structures be limited to twelve (12) units or less, so that funding may be made available to certain properties located within the Redevelopment Area, and specifically at or about 2732 Troost, Kansas City, Missouri (the “Subject Property”) and (B) that, in connection with the application for the Subject Property, any amount of matching funds required to be contributed under the Housing Program guidelines by such applicant may be realized by either an equivalent rent abatement or charitable contribution to the existing tenant (Amethyst Place) of the Subject Property; NOW, THEREFORE,

 

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

 

Section 1. The Tax Increment Financing Commission of Kansas City, Missouri is hereby authorized and directed in its implementation of the Housing Program established in connection with the Third Amendment to the Midtown Tax Increment Financing Plan to waive the Housing Program requirement (A) that funding of multifamily structures be limited to twelve (12) units or less, for the exclusive purpose of making funding available to certain properties located within the Redevelopment Area, and specifically at or about 2732 Troost, Kansas City, Missouri, and (B) that, in connection with the application for the Subject Property, any amount of matching funds required to be contributed under the Housing Program guidelines by such applicant may be realized by either an equivalent rent abatement or charitable contribution to the existing tenant (Amethyst Place) of the Subject Property.

 

_____________________________________________

 

Approved as to form and legality:

 

 

________________________________

Brian Rabineau

Assistant City Attorney